ROME INDUSTRIAL DEVELOPMENT CORPORATION

EIN: 150618024 501(c)(3) Community Improvement

ROME, NY

Total Revenue
$232,293
Total Expenses
$226,848
Total Assets
$2,597,407
Net Assets
$2,101,100
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1959
Legal Domicile
NY
Principal Officer
RONALD EDWARDS
Phone
3153380393
Tax Period
2024-01-01 to 2024-12-31

ROME INDUSTRIAL DEVELOPMENT CORPORATION, founded in 1959, is a small nonprofit in the Community Improvement sector that reported $232K in total revenue in fiscal year 2024. Net assets of $2.1M represent 109 months of operating reserves.

Mission

RIDC'S MISSION IS "TO MAINTAIN AND IMPROVE THE ECONOMIC VITALITY AND QUALITY OF LIFE OF THE CITY OF ROME AND ITS ENVIRONS BY SUPPORTING, NURTURING AND ENCOURAGING ITS COMMERCIAL, INDUSTRIAL AND FINANCIAL DEVELOPMENT."

Program Service Accomplishments

Program 1
Expenses: $202,022 Revenue: $208,762

RIDC OPERATES TO IMPROVE THE ECONOMIC COMMUNITY IN THE ROME, NEW YORK AREA. RIDC ACCOMPLISHES THIS THROUGH DEVELOPMENT AND ENCOURAGEMENT TO NEW AND EXISTING BUSINESSES.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $208,762
Investment Income $23,531
Other Revenue $0
TOTAL REVENUE $232,293

Expense Breakdown

Grants Paid $0
Salaries & Benefits $0
Fundraising Expenses $0
Program Expenses $202,022
Other Expenses $226,848
TOTAL EXPENSES $226,848

Year-over-Year Comparison

2024 2023 Change
Revenue $232,293 $225,305 +0.0%
Expenses $226,848 $359,316 -0.4%
Net Income $5,445 $-134,011 -1.0%
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

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Liquidity & Cash Position

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

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Governance

Voting Members
10
Independent Members
10
Employees
N/A
Volunteers
10

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
4
$0
Total Directors
10
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
RONALD EDWARDS PRESIDENT 0.00
Officer Director
$0 $0 $0
FRANK CARZO VICE PRESIDENT 0.00
Officer Director
$0 $0 $0
DENNIS SURACE TREASURER 0.00
Officer Director
$0 $0 $0
CAROL MANUELE SECRETARY 0.00
Officer Director
$0 $0 $0
ALEX FELICE DIRECTOR 0.00
Director
$0 $0 $0
STEPHEN WATERS DIRECTOR 0.00
Director
$0 $0 $0
TIMOTHY BIRNIE DIRECTOR 0.00
Director
$0 $0 $0
LORI FRIEDEN DIRECTOR 0.00
Director
$0 $0 $0
NICHOLAS ANGELICOLA DIRECTOR 0.00
Director
$0 $0 $0
DREW DEBLASIIS DIRECTOR 0.00
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 No data No data No data No data
2024 $232,293 $226,848 $2,597,407 $5,445
2023 $225,305 $359,316 $2,632,066 $-134,011
2022 $230,852 $299,011 $2,844,307 $-68,159
2021 $219,044 $260,760 $3,214,869 $-41,716
2020 $244,126 $253,570 $3,043,817 $-9,444
2019 $212,303 $252,311 $2,370,520 $-40,008
2018 $186,062 $208,959 $2,410,528 $-22,897
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