RENAISSANCE ECONOMIC DEVELOPMENT C… - 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

1997

Legal Domicile

Principal Officer

THOMAS YU

Phone

2129646022

Tax Period

2023-01-01 to 2023-12-31

RENAISSANCE ECONOMIC DEVELOPMENT CORPORATION, founded in 1997, is a community nonprofit in the Community Improvement sector that reported $4.1M in total revenue in fiscal year 2023. Expenses of $5.1M exceeded revenue, resulting in a 25% operating deficit.

Mission

RENAISSANCE ECONOMIC DEVELOPMENT CORPORATION PROVIDES DIRECT FINANCING AND TECHNICAL ASSISTANCE SERVICES THROUGHOUT NEW YORK CITY. RENAISSANCE FOCUSES ON LOW-INCOME, IMMIGRANT NEIGHBORHOODS WHERE THE BARRIERS OF LANGUAGE, CULTURE AND CONVENTIONAL LOAN UNDERWRITING HAVE STYMIED THE GROWTH OF SMALL BUSINESSES. UNDERPINNING ALL OF RENAISSANCE'S LENDING ACTIVITY IS A COMMITMENT TO INCREASE BUSINESS OPPORTUNITIES FOR LOW-INCOME, MINORITY, WOMEN, AND IMMIGRANT ENTREPRENEURS.

Program Service Accomplishments

Program 1

Expenses: $2,314,935 Revenue: $1,067,625

SMALL BUSINESS LOANS PROGRAM - REDC LENDS MONEY TO SMALL BUSINESSES IN ITS TARGET COMMUNITIES. MANY OF THESE SMALL BUSINESS BORROWERS OPERATE BUSINESS IN THE RETAIL, WHOLESALE, RESTAURANT, AND...

SMALL BUSINESS LOANS PROGRAM - REDC LENDS MONEY TO SMALL BUSINESSES IN ITS TARGET COMMUNITIES. MANY OF THESE SMALL BUSINESS BORROWERS OPERATE BUSINESS IN THE RETAIL, WHOLESALE, RESTAURANT, AND CERTAIN PERSONAL SERVICE INDUSTRIES WITH THEIR PRIMARY BUSINESS OPERATIONS LOCATED IN MANHATTAN, QUEENS, AND BROOKLYN.

Program 2

Expenses: $1,864,427

TECHNICAL ASSISTANCE & EDUCATION - REDC PROVIDES TARGETED TECHNICAL ASSISTANCE TO LOW INCOME, MINORITY, WOMEN AND IMMIGRANT ENTREPRENEURS & SMALL BUSINESS OWNERS, HELPING THEM TO OVERCOME TRADITIONAL IMPEDIMENTS TO BUSINESS GROWTH AND SUCCESS. REDC SPECIALIZES IN SERVING BUSINESSES IN ITS TARGET MARKETS THAT BANKS AND GOVERNMENT PROGRAMS CANNOT SERVE, SUCH AS LOW INCOME, START-UP, THINLY CAPITALIZED ENTERPRISES WHOSE OWNERS ARE OFTEN HOBBLED BY POOR OR NON-EXISTENT ENGLISH SKILLS AND UNFAMILIARITY WITH THE BANKING SYSTEM IN THIS COUNTRY.

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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 (2023)

Revenue Breakdown

Contributions & Grants $2,862,492

Program Service Revenue $1,067,625

Investment Income $60,781

Other Revenue $116,695

TOTAL REVENUE $4,107,593

Expense Breakdown

Grants Paid $0

Salaries & Benefits $2,947,165

Fundraising Expenses $365,459

Program Expenses $4,179,362

Other Expenses $2,176,368

TOTAL EXPENSES $5,123,533

Year-over-Year Comparison

	2023	2022	Change
Revenue	$4,107,593	$4,221,507	0.0%
Expenses	$5,123,533	$3,628,639	+0.4%
Net Income	$-1,015,940	$592,868	-2.7%

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

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

$766,770

Total Directors

$431,562

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KYLE FOLEY	BOARD MEMBER	0.30	Director	$0	$0	$0
MARY LIU	BOARD MEMBER (OUTGOING)	0.40	Director	$63,613	$22,640	$86,253
PEGGY CHAN	TREASURER	0.30	Officer Director	$0	$0	$0
PING DANG	BOARD MEMBER (OUTGOING)	0.30	Director	$0	$0	$0
RAYMOND LOU	SECRETARY	1.00	Officer Director	$0	$0	$0
THOMAS YU	PRESIDENT/EXECUTIVE DIRECTOR	1.00	Officer Director	$0	$66,264	$345,309
TIMOTHY WONG	BOARD MEMBER	1.00	Director	$0	$0	$0
TURNEY SINGH BABA	BOARD MEMBER	1.00	Director	$0	$0	$0
GIGI LAU GILSINAN	BOARD MEMBER	1.00	Director	$0	$0	$0
MICHAEL LEE	BOARD MEMBER	1.00	Director	$0	$0	$0
TONY LIN	BOARD MEMBER	1.00	Director	$0	$0	$0
JESSIE LEE	MANAGING DIRECTOR	35.00	Officer	$175,773	$25,098	$200,871
JOY SUZANNE GRANADO	CFO	1.00	Officer	$0	$28,045	$220,590
JANNIE LAI	DIRECTOR OF PROGRAMS	40.00	Highest	$116,593	$38,093	$154,686
VERONIQUE MARCUS	DIRECTOR OF PROGRAMS	40.00	Highest	$124,567	$4,541	$129,108

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
2024	No data	No data	No data	No data
2023	$4,107,593	$5,123,533	$32,593,576	$-1,015,940
2022	$4,221,507	$3,628,639	$31,291,579	$592,868
2021	$5,438,735	$3,062,573	$35,516,317	$2,376,162
2020	$6,653,392	$3,379,119	$34,038,441	$3,274,273
2019	$2,254,405	$2,516,020	$26,895,346	$-261,615
2018	$2,370,615	$2,296,324	$25,941,998	$74,291

RENAISSANCE ECONOMIC DEVELOPMENT CORPORATION