NonprofitsChelsea Economic Dvelopment Corporation

Community Improvement & Capacity Building

Chelsea Economic Dvelopment Corporation

ATLANTIC CITY, NJ

Total revenue

$1.0M

Total expenses

$985K

Net assets

Grants received

EIN

844798843

Tax year

2024

Mission

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

Programs

4 programs

Merchant 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.

Expenses: $150K

Homebuyer 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.

Expenses: $136KGrants: $61K

Community Events: Our events and programs celebrate the diversity of the neighborhood's cultures, businesses, and institutions and strengthen the community.

Expenses: $49K

Career 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.

Expenses: $82K

Financials

FY 2024

Revenue

Contributions & grants$1.0M
Program service revenue$20
Investment income$991
Other revenue
Total revenue$1.0M

Expenses

Grants paid$61K
Salaries & benefits$380K
Fundraising
Other expenses$544K
Total expenses$985K
Total assets$420K
Net assets

People

16 listed

NameRoleCompensation

Elizabeth Terenik

President

Board

0.5 hrs/wk

Ken Calemno

Board President

Board

0.5 hrs/wk

Brian Jackson

Board Vice President

Board

0.5 hrs/wk

Adalberto Lopez

Treasurer

Board

0.5 hrs/wk

Scott Cronick

Secretary

Board

0.5 hrs/wk

Olivia Ryter

Member

Board

0.5 hrs/wk

Joe Dougherty

Member

Board

0.5 hrs/wk

Sarah Clark

Member

Board

0.5 hrs/wk

David Hirsch

Member

Board

0.5 hrs/wk

Barbara DeMarco

Member

Board

0.5 hrs/wk

Monica Padovano Casiello

Member

Board

0.5 hrs/wk

Christopher Downey

Member

Board

0.5 hrs/wk

Robert Ruffolo

Member

Board

0.5 hrs/wk

Wendy Bartlett

Member

Board

0.5 hrs/wk

Victor Moreno

Member

Board

0.5 hrs/wk

Julia Lawler

Member

Board

0.5 hrs/wk

Details

EIN844798843
NTEE codeS20
Subsection03
Ruling date2020-03
Formed2019
Employees18
Volunteers0
CHELSEA ECONOMIC DVELOPMENT CORPORATION — Mission, Financials & Grants Received | Grantivo