Civic Intelligence

Chelsea Economic Development Corporation

EIN 84-4798843 • 501(c)3 • Atlantic City, NJ

Profile

The Chelsea Economic Development Corporation [Chelsea EDC / CEDC] is partnering with residents, businesses and community organizations to activate projects which expand economic opportunity and improve the quality of life in the Chelsea Neighborhood of Atlantic City. The projects leverage the diversity and determination of the people; the neighborhood's beautiful natural assets such as the beach; the numerous and iconic business districts; and the stability and commitment of the anchor institutions and businesses organizations to build on what is a great neighborhood.

3701 BoardwalkAtlantic City, NJ 08401

www.chelseaedc.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

95th percentile

1.25x

Higher debt load relative to assets than 95% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

81st percentile

0.51x

Higher debt load relative to revenue than 81% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

50th percentile

4.6%

Higher net margin than 50% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

49th percentile

$0

Higher top officer pay than 49% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

99th percentile

614%

Faster asset growth than 99% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

78th percentile

34%

Faster revenue growth than 78% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / Assets95th percentile

Assets

Up

$419,980

Up $361,147 (+614%) from 2023

Liabilities

Up

$526,164

Up $493,916 (+1532%) from 2023

Net Assets

Down

-$106,184

Down $132,769 (-499%) from 2023

Operations
Liabilities / Revenue81st percentileNet Margin50th percentile

Revenue

Up

$1,032,881

Up $260,397 (+34%) from 2023

Expenses

Up

$985,302

Up $228,891 (+30%) from 2023

Net Income

Up

$47,579

Up $31,506 (+196%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth99th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$600K$400K$200K$0-$200KAssets 2022: $177,404Liabilities 2022: $166,892Net Assets 2022: $10,5122022Assets 2023: $58,833Liabilities 2023: $32,248Net Assets 2023: $26,5852023Assets 2024: $419,980Liabilities 2024: $526,164Net Assets 2024: -$106,1842024

Highlighted filing

2024

Assets$419,980
Liabilities$526,164
Net Assets-$106,184
Open 2024 Filing

Operations Trend

Revenue Growth78th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$1.5M$1.0M$500K$0-$500KRevenue 2022: $343,609Expenses 2022: $345,637Net Income 2022: -$2,0282022Revenue 2023: $772,484Expenses 2023: $756,411Net Income 2023: $16,0732023Revenue 2024: $1,032,881Expenses 2024: $985,302Net Income 2024: $47,5792024

Highlighted filing

2024

Revenue$1,032,881
Expenses$985,302
Net Income$47,579
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$419,980
Liabilities
$526,164
Net assets
-$106,184
Revenue
$1,032,881
Expenses
$985,302
Net income
$47,579
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.42$0.53$0.11$1.03$0.99$0.05
2023Summary only. Only limited summary data is available for this year.$0.06$0.03$0.03$0.77$0.76$0.02
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.18$0.17$0.01$0.34$0.35$0.00
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Oct 30, 2025
Return Version
2024v5.2
Gross Receipts
$1,032,881
Mission and Program Overview

Mission

The Chelsea Economic Development Corporation [Chelsea EDC / CEDC] is partnering with residents, businesses and community organizations to activate projects which expand economic opportunity and improve the quality of life in the Chelsea Neighborhood of Atlantic City. The projects leverage the diversity and determination of the people; the neighborhood's beautiful natural assets such as the beach; the numerous and iconic business districts; and the stability and commitment of the anchor institutions and businesses organizations to build on what is a great neighborhood.

Chelsea Economic Development Corporation was established in 2019 to increase economic opportunity in the Chelsea neighborhood of Atlantic City.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$617$343,636▲ $343,019
Pledges and Grants Receivable$58,126--
Savings and Temporary Cash Investments$90$47,061▲ $46,971
Land, Buildings, and Equipment, Net$0$29,283▲ $29,283
Total Assets$58,833$419,980▲ $361,147
Liabilities
Grants Payable$16,041$300,000▲ $283,959
Unsecured Notes Loans Payable-$200,000-
Accounts Payable and Accrued Expenses$16,207$26,164▲ $9,957
Total Liabilities$32,248$526,164▲ $493,916
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$26,585$-106,184▼ $132,769
Total Net Assets Fund Balance$26,585$-106,184▼ $132,769
Total Liabilities and Net Assets / Fund Balance$58,833$419,980▲ $361,147

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$29,283$3,254$32,537
Compensation and Service Providers
Top Officer Pay49th percentile

Board Members and Trustees

NameTitle
Ken CalemnoBoard President
Elizabeth TerenikPresident
Brian JacksonBoard Vice President
Barbara DeMarcoMember
Christopher DowneyMember
David HirschMember
Joe DoughertyMember
Julia LawlerMember
Monica Padovano CasielloMember
Olivia RyterMember
Robert RuffoloMember
Sarah ClarkMember
Victor MorenoMember
Wendy BartlettMember
Scott CronickSecretary
Adalberto LopezTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$1,031,870
Program Service Revenue
$20
Investment Income
$991
Other Revenue
$0
All Other Contributions
$20,500
Change in Net Assets
$47,579
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$543,692
Salaries, Compensation, and Employee Benefits$380,410
Grants and Similar Amounts Paid$61,200
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$328,945$16,639-$345,584
Other Expenses$74,359--$74,359
Grants to Domestic Individuals$61,200--$61,200
Occupancy-$50,714-$50,714
All Other Expenses$49,107--$49,107
Payroll Taxes$34,826--$34,826
Insurance$1,605$14,645-$16,250
Fees for Services Accounting-$15,730-$15,730
Office Expenses-$4,873-$4,873
Depreciation Depletion$3,254--$3,254
Fees for Services Other$2,889--$2,889
Information Technology-$1,594-$1,594
Conferences and Meetings-$1,488-$1,488
Fees for Services Management-$1,400-$1,400
Advertising-$682-$682
Interest-$228-$228
Total Functional Expenses$877,309$107,993$0$985,302
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
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, line 11B

“Form 990 is provided to all members of the governing body for approval prior to filing.”

Form 990, Part VI, Section B, line 12C

“All members of the governing body are required to annually disclose business interests, relationships, etc. Potential conflicts of interest are discussed regularly at board meetings.”

Form 990, Part VI, Section C, line 19

“The Organization makes its governing documents, conflict of interest policy and financial statements available to the public upon written request. Form 990 is available on the the IRS website https://apps.irs.gov/app/eos/ and on guidestar.org.”

Filing and Contact Details

Filer

Filer Name
Chelsea Economic Development Corporation
EIN
84-4798843
Phone
6097611499
Address
3701 Boardwalk, Atlantic City, NJ 08401

Signing Officer

Name
Elizabeth Terenik
Title
President
Phone
6097611499
Signed
2025-10-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Elizabeth Terenik
Formed
2019
Legal Domicile
Nj
Voting Board Members
15
Independent Board Members
15
Employees
18
Volunteers
0

Preparer

Firm
Capaldi Reynolds & Pelosi PA
Address
332 Tilton Road, Northfield, NJ 08225
Preparer
Jeffrey A Wilson
Phone
6096414000
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IRS990/MissionDesc0The Chelsea Economic Development Corporation [Chelsea EDC / CEDC] is partnering with residents, businesses and community organizations to activate projects which expand economic opportunity and improve the quality of life in the Chelsea Neighborhood of Atlantic City. The projects leverage the diversity and determination of the people; the neighborhood's beautiful natural assets such as the beach; the numerous and iconic business districts; and the stability and commitment of the anchor institutions and businesses organizations to build on what is a great neighborhood.
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IRS990/OtherExpensesGrp/Desc1Beautify Chelsea operat
IRS990/OtherExpensesGrp/Desc2Career pathways operati
IRS990/OtherExpensesGrp/Desc3Homebuyer education ope
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IRS990/OtherExpensesGrp/ProgramServicesAmt192246
IRS990/OtherExpensesGrp/ProgramServicesAmt282496
IRS990/OtherExpensesGrp/ProgramServicesAmt374359
IRS990/OtherExpensesGrp/TotalAmt0146382
IRS990/OtherExpensesGrp/TotalAmt192246
IRS990/OtherExpensesGrp/TotalAmt282496
IRS990/OtherExpensesGrp/TotalAmt374359
IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt016639
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0328945
IRS990/OtherSalariesAndWagesGrp/TotalAmt0345584
IRS990/OtherWebsiteInd0X
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/ProgramServicesAmt034826
IRS990/PayrollTaxesGrp/TotalAmt034826
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt058126
IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0Elizabeth Terenik
IRS990/PriorPeriodAdjustmentsAmt0-180348
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0458000
IRS990/ProgramServiceRevenueGrp/Desc0Merchandise
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt020
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt020
IRS990/ProgSrvcAccomActy2Grp/Desc0Merchant Support: Supporting small businesses and providing better career opportunities for residents is our priority. For businesses, Chelsea EDC provides grants for capital improvements, facade makeovers, permit assistance, marketing assistance, and social media development.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0149636
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt020
IRS990/ProgSrvcAccomActy3Grp/Desc0Homebuyer Education: Chelsea EDC gives cash incentives to those that rent, work, or own a business in Chelsea to purchase a home in the neighborhood. Chelsea is also working with local contractors and developers to create more and higher quality housing.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt0135559
IRS990/ProgSrvcAccomActy3Grp/GrantAmt061200
IRS990/ProgSrvcAccomActyOtherGrp/Desc0Community Events: Our events and programs celebrate the diversity of the neighborhood's cultures, businesses, and institutions and strengthen the community.
IRS990/ProgSrvcAccomActyOtherGrp/Desc1Career Pathways: Chelsea EDC is providing grants for business education, training, and networking opportunities. To connect residents with career opportunities, Chelsea EDC funds technology and job training programs for youth and adults.
IRS990/ProgSrvcAccomActyOtherGrp/ExpenseAmt049107
IRS990/ProgSrvcAccomActyOtherGrp/ExpenseAmt182497
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt0772484
IRS990/PYExcessBenefitTransInd00
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt00
IRS990/PYOtherExpensesAmt0494670
IRS990/PYOtherRevenueAmt00
IRS990/PYProgramServiceRevenueAmt00
IRS990/PYRevenuesLessExpensesAmt016073
IRS990/PYSalariesCompEmpBnftPaidAmt0261741
IRS990/PYTotalExpensesAmt0756411
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0772484
IRS990/QuidProQuoContributionsInd00
IRS990/ReconcilationRevenueExpnssAmt047579
IRS990/RegularMonitoringEnfrcInd01
IRS990/RelatedEntityInd00
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd01
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt090
IRS990/SavingsAndTempCashInvstGrp/EOYAmt047061
IRS990ScheduleA/First5Years170Ind0X
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt01031870
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt0772484
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0343609
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt060410
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt02208373
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0991
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0991
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt020
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportTotal170Amt02208373
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt01031870
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt0772484
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0343609
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt060410
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt02208373
IRS990ScheduleA/TotalSupportAmt02209364
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/EquipmentGrp/BookValueAmt029283
IRS990ScheduleD/EquipmentGrp/DepreciationAmt03254
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt032537
IRS990ScheduleD/TotalBookValueLandBuildingsAmt029283
IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt061200
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0ACIA DPA Loan Participant Grant
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt04
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/ValuationMethodUsedDesc0Book
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Form 990 is provided to all members of the governing body for approval prior to filing.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1All members of the governing body are required to annually disclose business interests, relationships, etc. Potential conflicts of interest are discussed regularly at board meetings.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2The Organization makes its governing documents, conflict of interest policy and financial statements available to the public upon written request. Form 990 is available on the the IRS website https://apps.irs.gov/app/eos/ and on guidestar.org.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section B, line 12c
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Section C, line 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NJ
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt058833
IRS990/TotalAssetsEOYAmt0419980
IRS990/TotalAssetsGrp/BOYAmt058833
IRS990/TotalAssetsGrp/EOYAmt0419980
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt01031870
IRS990/TotalEmployeeCnt018
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt0107993
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0877309
IRS990/TotalFunctionalExpensesGrp/TotalAmt0985302
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt032248
IRS990/TotalLiabilitiesEOYAmt0526164
IRS990/TotalLiabilitiesGrp/BOYAmt032248
IRS990/TotalLiabilitiesGrp/EOYAmt0526164
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt026585
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-106184
IRS990/TotalOtherCompensationAmt00
IRS990/TotalOtherProgSrvcExpenseAmt0131604
IRS990/TotalProgramServiceExpensesAmt0877309
IRS990/TotalProgramServiceRevenueAmt020

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