Civic Intelligence

Food Specialization Redevelopment Corporation

990 • Fiscal year 2018 • EIN 82-2457148

Jan 01, 2018 to Dec 31, 2018 • Filed on May 22, 2019

Organization ProfileN/A
745 Lebanon RoadMillville, NJ 08332

(856) 825-3700

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Up

$11,523,131

Up $11,523,130 (+1152313000%) from 2017

Net Assets

-$118,475

No earlier filing loaded for comparison.

Liabilities

Up

$11,641,606

Up $11,641,606 from 2017

Revenue And Expenses

Revenue

Up

$432

Up $432 from 2017

Expenses

Up

$118,907

Up $118,907 from 2017

Net Income

Down

-$118,475

Down $118,475 from 2017

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$15M$10M$5.0M$0-$5.0MAssets 2017: $1Liabilities 2017: $02017Assets 2018: $11,523,131Liabilities 2018: $11,641,606Net Assets 2018: -$118,4752018Assets 2019: $10,255,380Liabilities 2019: $10,500,097Net Assets 2019: -$244,7172019Assets 2020: $10,233,330Liabilities 2020: $10,500,095Net Assets 2020: -$266,7652020Assets 2021: $10,222,750Liabilities 2021: $10,500,095Net Assets 2021: -$277,3452021Assets 2022: $10,175,333Liabilities 2022: $10,500,020Net Assets 2022: -$324,6872022Assets 2023: $9,508,087Liabilities 2023: $10,500,020Net Assets 2023: -$991,9332023Assets 2024: $9,220,166Liabilities 2024: $10,500,020Net Assets 2024: -$1,279,8542024

Highlighted filing

2018

Assets$11,523,131
Liabilities$11,641,606
Net Assets-$118,475
Open 2018 Filing

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$600K$400K$200K$0-$200K-$400KRevenue 2017: $0Expenses 2017: $0Net Income 2017: $02017Revenue 2018: $432Expenses 2018: $118,907Net Income 2018: -$118,4752018Revenue 2019: $93,048Expenses 2019: $219,290Net Income 2019: -$126,2422019Revenue 2020: $185,666Expenses 2020: $207,714Net Income 2020: -$22,0482020Revenue 2021: $185,560Expenses 2021: $196,140Net Income 2021: -$10,5802021Revenue 2022: $185,529Expenses 2022: $232,871Net Income 2022: -$47,3422022Revenue 2023: $185,522Expenses 2023: $473,453Net Income 2023: -$287,9312023Revenue 2024: $185,517Expenses 2024: $473,438Net Income 2024: -$287,9212024

Highlighted filing

2018

Revenue$432
Expenses$118,907
Net Income-$118,475
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
May 22, 2019
Return Version
2018v3.1
Gross Receipts
$432
Mission and Program Overview

Mission

To develop, construct, manage, lease sell and/or transfer the food industry commercialization center on the property located in bridegeton nj, and to contract with other non profit corporations, private entities and governmental entities as necessary to secure and participate in federal and state of nj investment tax credits including new markets tax credits, and other necessary financing. In furtherance of the aforesaid purpose, the corporation may excercise any and all powers enumerated in the new jersey non profit corportion act.

To develop, construct, manage, lease, sell and/or transfer the food industry commercialization center in the city of bridgeton, nj and to contract with other non profit corporations, private entities and governmental entities as necessary to secure and participate in federal and state of nj tax credits, including new markets tax credits, and other necessary financing.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts-$1,234,508-
Loans From Officers Directors-$516,606-
Intangible Assets-$311,971-
Savings and Temporary Cash Investments-$92,182-
Total Assets$0$11,523,131▲ $11,523,131
Other Assets Total-$9,884,470-
Liabilities
Mortgage Notes Payable Secured by Investment Property-$10,500,000-
Accounts Payable and Accrued Expenses-$625,000-
Total Liabilities$0$11,641,606▲ $11,641,606
Net Assets / Fund Balance
Unrestricted Net Assets-$-118,475-
Total Net Assets Fund Balance$0$-118,475▼ $118,475
Total Liabilities and Net Assets / Fund Balance$0$11,523,131▲ $11,523,131

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$9,884,470--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Robert P Nedohon JrPresident
Kevin RabagoTrustee
Jeannine MacdonaldExecutive Di
Dante RietiSecretary
Dale JonesTreasurer
Edward BetheaVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$182
Other Revenue
$250
Change in Net Assets
$-118,475
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$118,907
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$111,817--$111,817
Depreciation Depletion$7,090--$7,090
Total Functional Expenses$118,907$0$0$118,907
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$516,606-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Audit committee
Yes
Backup withholding compliance
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 7A

“The organization maintains a board of directors, which includes 5 members. 2 members are employed by the cumberland county improvement authority (40%), 2 members are employed by cumberland empowerment zone corporation (40%), and 1 indepedent member (20%). These members all have voting power to elect or appoint one or more members of the governing body.”

Form 990, Page 6, Part VI, Line 8A

“The governing body of fsdc meets on an as needed basis.”

Form 990, Page 6, Part VI, Line 8B

“The governing body of fsdc meets on an as needed basis.”

Form 990, Page 6, Part VI, Line 11B

“The form 990 is reviewed and approved by the executive director and shared with members of the governing body.”

Form 990, Page 6, Part VI, Line 19

“Governing documents are made available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Food Specialization Development
EIN
82-2457148
Phone
8568253700
Address
745 LEBANON ROAD, MILLVILLE, NJ 08332

Signing Officer

Name
Jeannine Macdonald
Title
Executive Director
Phone
8568253700
Signed
2019-05-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Robert P Nedohon Jr
Formed
2017
Legal Domicile
Nj
Voting Board Members
5
Independent Board Members
1
Employees
0

Preparer

Firm
Martini & Martini CPA P a
Address
1135 E CHESTNUT AVE, VINELAND, NJ 08360
Preparer
John R Martini CPA
Phone
8566918934
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“To develop, construct, manage, lease sell and/or transfer the food industry commercialization center on the property located in bridegeton nj, and to contract with other non profit corporations, private entities and governmental entities as necessary to secure and participate in federal and state of nj investment tax credits including new markets tax credits, and other necessary financing. In furtherance of the aforesaid purpose, the corporation may excercise any and all powers enumerated in the new jersey non profit corportion act.”

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0TO DEVELOP, CONSTRUCT, MANAGE, LEASE SELL AND/OR TRANSFER THE FOOD INDUSTRY COMMERCIALIZATION CENTER ON THE PROPERTY LOCATED IN BRIDEGETON NJ, AND TO CONTRACT WITH OTHER NON PROFIT CORPORATIONS, PRIVATE ENTITIES AND GOVERNMENTAL ENTITIES AS NECESSARY TO SECURE AND PARTICIPATE IN FEDERAL AND STATE OF NJ INVESTMENT TAX CREDITS INCLUDING NEW MARKETS TAX CREDITS, AND OTHER NECESSARY FINANCING. IN FURTHERANCE OF THE AFORESAID PURPOSE, THE CORPORATION MAY EXCERCISE ANY AND ALL POWERS ENUMERATED IN THE NEW JERSEY NON PROFIT CORPORTION ACT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION MAINTAINS A BOARD OF DIRECTORS, WHICH INCLUDES 5 MEMBERS. 2 MEMBERS ARE EMPLOYED BY THE CUMBERLAND COUNTY IMPROVEMENT AUTHORITY (40%), 2 MEMBERS ARE EMPLOYED BY CUMBERLAND EMPOWERMENT ZONE CORPORATION (40%), AND 1 INDEPEDENT MEMBER (20%). THESE MEMBERS ALL HAVE VOTING POWER TO ELECT OR APPOINT ONE OR MORE MEMBERS OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE GOVERNING BODY OF FSDC MEETS ON AN AS NEEDED BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE GOVERNING BODY OF FSDC MEETS ON AN AS NEEDED BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE FORM 990 IS REVIEWED AND APPROVED BY THE EXECUTIVE DIRECTOR AND SHARED WITH MEMBERS OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5GOVERNING DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
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ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum08568253700
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-05-22
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0FOOD SPECIALIZATION DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0FOOD
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ReturnHeader/Filer/PhoneNum08568253700
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ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt0108.24.40.49
ReturnHeader/FilingSecurityInformation/IPDt02019-05-28
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm010:28:52
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0222417800
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0MARTINI & MARTINI CPA P A
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ReturnHeader/PreparerPersonGrp/PhoneNum08566918934
ReturnHeader/PreparerPersonGrp/PreparationDt02019-05-22
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOHN R MARTINI CPA
ReturnHeader/ReturnTs02019-05-28T10:28:52-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-01-01
ReturnHeader/TaxPeriodEndDt02018-12-31
ReturnHeader/TaxYr02018

Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$11,523,131
Liabilities
$11,641,606
Net assets
-$118,475
Revenue
$432
Expenses
$118,907
Net income
-$118,475
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$9.22$10.5$1.28$0.19$0.47$0.29
2023Detailed filing. Detailed filing data is available for this year.$9.51$10.5$0.99$0.19$0.47$0.29
2022Detailed filing. Detailed filing data is available for this year.$10.2$10.5$0.32$0.19$0.23$0.05
2021Detailed filing. Detailed filing data is available for this year.$10.2$10.5$0.28$0.19$0.20$0.01
2020Detailed filing. Detailed filing data is available for this year.$10.2$10.5$0.27$0.19$0.21$0.02
2019Detailed filing. Detailed filing data is available for this year.$10.3$10.5$0.24$0.09$0.22$0.13
2018Detailed filing. Detailed filing data is available for this year.$11.5$11.6$0.12$0.00$0.12$0.12
2017Summary only. Only limited summary data is available for this year.$0.00$0.00$0.00$0.00$0.00