QUEENS ECONOMIC DEVELOPMENT CORPOR… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1976

Legal Domicile

Principal Officer

Seth Bornstein

Phone

7182630546

Tax Period

2024-07-01 to 2025-06-30

QUEENS ECONOMIC DEVELOPMENT CORPORATION, founded in 1976, is a community nonprofit in the Community Improvement sector that reported $4.2M in total revenue in fiscal year 2024. Revenue surged 22% from the prior year, signaling strong growth momentum.

Mission

The Organization creates and retains jobs through establishing programs throughout neighborhoods that assist small businesses and promote tourism and business development.

Program Service Accomplishments

Program 1

Expenses: $2,738,492

BUSINESS SEVICES & TRAINING: QEDC PROVIDES INDIVIDUAL COUNSELING, WORKSHOPS, ANDSEMINARS TO NEW AND EMERGING ENTREPRENEURS SEEKING TO OPEN AND OR GROW THEIRBUSINESS. TRAINING IS OFFERED IN BUSINESS PLAN PREPARATION THROUGH THE STARTUPBUSINESS COMPETITION AND THE ENTREPRENEURIAL ASSISTANCE PROGRAM. THE HOMEIMPROVEMENT CONTRACTOR TRAINING PROGRAM HELPS UNLICENSED HANDYMEN AND WOMEN RECEIVE THEIR NEW YORK CITY DEPARTMENT OF CONSUMER AFFAIRS LICENSES.

Program 2

Expenses: $547,662

ENTREPRENEUR SPACE:PROVIDES A COMMERCIAL KITCHEN AND OFFICE SPACE FOR NEW ANDGROWING FOOD-BASED BUSINESSES.THE INCUBATOR HAS ALL THE NECESSARY EQUIPMENTAND RESOURCES TO START A FOOD MANUFACTURING...

ENTREPRENEUR SPACE:PROVIDES A COMMERCIAL KITCHEN AND OFFICE SPACE FOR NEW ANDGROWING FOOD-BASED BUSINESSES.THE INCUBATOR HAS ALL THE NECESSARY EQUIPMENTAND RESOURCES TO START A FOOD MANUFACTURING BUSINESS. THE INCUBATOR ALSOPROVIDES TECHNICAL AND BUSINESS COUNSELING AS WELL AS MARKETING OPPORTUNITIES.

Program 3

Expenses: $365,168

NEIGHBORHOOD DEVELOPMENT:WORKING WITH LOCAL BUSINESSES AND NEWLY FORMED MERCHANT'SORGANIZATIONS, THE QEDC PROVIDES ORGANIZATIONAL ASSISTANCE AND ADVICE TO IMPROVETHE MICRO-ECONOMY OF TARGETED...

NEIGHBORHOOD DEVELOPMENT:WORKING WITH LOCAL BUSINESSES AND NEWLY FORMED MERCHANT'SORGANIZATIONS, THE QEDC PROVIDES ORGANIZATIONAL ASSISTANCE AND ADVICE TO IMPROVETHE MICRO-ECONOMY OF TARGETED NEIGHBORHOODS.QEDC ALSO PROVIDES GRAFFITI REMOVALPROGRAMS IN SEVERAL COMMUNITIES.THE PROGRAM ALSO PROMOTES TOURISM IN QUEENS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $3,753,514

Program Service Revenue $460,143

Investment Income $0

Other Revenue $239

TOTAL REVENUE $4,213,896

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,815,410

Fundraising Expenses $128,481

Program Expenses $3,651,322

Other Expenses $2,368,395

TOTAL EXPENSES $4,183,805

Year-over-Year Comparison

	2024	2023	Change
Revenue	$4,213,896	$3,442,044	+0.2%
Expenses	$4,183,805	$3,419,793	+0.2%
Net Income	$30,091	$22,251	+0.4%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$200,000

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Seth Bornstein	Executive Dir.	35.00	Officer	$200,000	$0	$200,000
Shurm Anderson	MEMBER	1.00	Director	$0	$0	$0
Omar Baptiste	MEMBER	1.00	Director	$0	$0	$0
Winston Crosswell	MEMBER	1.00	Director	$0	$0	$0
Aaron Fernandez	MEMBER	1.00	Director	$0	$0	$0
Stephen Levin	MEMBER	1.00	Director	$0	$0	$0
Victor Hunt	MEMBER	1.00	Director	$0	$0	$0
Philippa Karleron	MEMBER	1.00	Director	$0	$0	$0
Jeff Lambert	MEMBER	1.00	Director	$0	$0	$0
Mark Lucaj	MEMBER	1.00	Director	$0	$0	$0
Verdia Noel	Secretary	1.00	Director	$0	$0	$0
Brian Reynolds	MEMBER	1.00	Director	$0	$0	$0
Danny Rojas	Vice President	1.00	Director	$0	$0	$0
David Sands	MEMBER	1.00	Director	$0	$0	$0
Anita Srivastava	President	1.00	Director	$0	$0	$0
Ryan Walsh	MEMBER	1.00	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	$4,213,896	$4,183,805	$2,742,478	$30,091
2024	$3,442,044	$3,419,793	$3,000,277	$22,251
2023	$2,989,661	$2,975,906	$2,555,923	$13,755
2022	$2,596,167	$2,554,115	$2,366,553	$42,052
2021	$2,838,360	$2,321,163	$2,302,292	$517,197

QUEENS ECONOMIC DEVELOPMENT CORPORATION