BRIDGEPORT ECONOMIC DEVELOPMENT CORP

EIN: 237374878 501(c)(3)

BRIDGEPORT, CT

Total Revenue
$246,966
Total Expenses
$759,981
Total Assets
$1,549,138
Net Assets
$1,370,531
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1974
Legal Domicile
CT
Principal Officer
EDWARD LAVERNOICH
Phone
2033353800
Tax Period
2023-01-01 to 2023-12-31

BRIDGEPORT ECONOMIC DEVELOPMENT CORP, founded in 1974, is a small nonprofit that reported $247K in total revenue in fiscal year 2023. Revenue fell 29% from the prior year — a significant decline worth monitoring. Expenses of $760K exceeded revenue, resulting in a 208% operating deficit.

Mission

IS A COMMUNITY BASED ORGANIZATION THAT DEVELOPS AND MANAGES PROGRAMS AND PROJECTS THAT FOSTER BUSINESS DEVELOPMENT, COMMUNITY REINVESTMENT, AND NEIGHBORHOOD REVITALIZATION. BEDCO WORKS COLLABORATIVELY TO SERVE THE BUSINESS COMMUNITY, NEIGHBORHOOD ORGANIZATIONS, AND THE PUBLIC SECTOR FOR THE BENEFIT OF THE BRIDGEPORT ECONOMIC REGION. THE MAJORITY OF BEDCO REVENUES RESULT FROM THE ADMINISTRATION OF BRIDGEPORT AREA INDUSTRIAL AND COMMERCIAL DEVELOPMENT PROJECTS AND RELATED ECONOMIC DEVELOPMENT STUDIES. THE MAJOR SERVICES BEDCO PROVIDES ARE SITE ACQUISITION, SITE ASSEMBLY, REMEDIATION OF ENVIRONMENTALLY CONTAMINATED PROPERTY, AND INFRASTRUCTURE DEVELOPMENT, AND OTHER ACTIVITIES ASSOCIATED WITH REMOVING IMPEDIMENTS TO NEW PRIVATE INVESTMENT.

Program Service Accomplishments

Program 1
Expenses: $470,812 Revenue: $24,202

COMMUNITY ENVIRONMENTAL BENEFIT AGREEMENT FOR FISCAL MANAGEMENT OF THE COMMUNITY ENVIRONMENTAL BENEFIT FUND WHICH WAS ESTABLISHED WITH FUNDING FROM PSEG.

Program 2
Expenses: $185,833 Revenue: $179,116

CULTURAL GRANT - TO REIMBURSE AND FUND EXPENDITURES MADE IN HISPANIC CULTURAL EVENTS IN TEN CITIES ACROSS CONNECTICUT.

Program 3
Expenses: $22,879

BOSTWICK PHASE IV - PROGRAM TO PASS FUNDS THROUGH TO BOSTWICK PARTNERS, LLC TO BE USED IN ACCORDANCE WITH THE DEPARTMENT OF ENERGY AND ENVIRONMENTAL PROTECTION URBAN SITES REMEDIAL ACTION PROGRAM FOR...

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BOSTWICK PHASE IV - PROGRAM TO PASS FUNDS THROUGH TO BOSTWICK PARTNERS, LLC TO BE USED IN ACCORDANCE WITH THE DEPARTMENT OF ENERGY AND ENVIRONMENTAL PROTECTION URBAN SITES REMEDIAL ACTION PROGRAM FOR THE ABATEMENT, REMEDIATION AND ASSOCIATION STABALIZATION OF HISTORICAL STRUCTURES.

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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 (2023)

Revenue Breakdown

Contributions & Grants $221,715
Program Service Revenue $1,047
Investment Income $24,202
Other Revenue $2
TOTAL REVENUE $246,966

Expense Breakdown

Grants Paid $0
Salaries & Benefits $83,966
Fundraising Expenses $0
Program Expenses $722,460
Other Expenses $676,015
TOTAL EXPENSES $759,981

Year-over-Year Comparison

2023 2022 Change
Revenue $246,966 $347,886 -0.3%
Expenses $759,981 $483,965 +0.6%
Net Income $-513,015 $-136,079 +2.8%
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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Governance

Voting Members
12
Independent Members
11
Employees
N/A
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
4
$83,966
Total Directors
12
$83,966
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
MAUREEN FUNKE BOARD MEMBER 1.00
Director
$0 $0 $0
CAROLYN GONZALEZ BOARD MEMBER 1.00
Director
$0 $0 $0
WILLIAM COLEMAN BOARD MEMBER 1.00
Director
$0 $0 $0
ANDRE BAKER BOARD MEMBER 1.00
Director
$0 $0 $0
JOHN BUNDSCHUH BOARD MEMBER 1.00
Director
$0 $0 $0
CHARLES SCOTT BOARD MEMBER 1.00
Director
$0 $0 $0
GEORGE ESTRADA VICE CHAIR 1.00
Officer Director
$0 $0 $0
ALBERT CARBONE BOARD MEMBER 1.00
Director
$0 $0 $0
JANENE HAWKINS BOARD MEMBER 1.00
Director
$0 $0 $0
PAUL TIMPANELLI TREASURER 1.00
Officer Director
$0 $0 $0
EDWARD LAVERNOICH PRESIDENT AND SECRETARY 25.00
Officer Director
$0 $0 $83,966
DAVID LEVINE BOARD CHAIR 1.00
Officer 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
2024 No data No data No data No data
2023 $246,966 $759,981 $1,549,138 $-513,015
2022 $347,886 $483,965 $1,928,557 $-136,079
2021 $2,092,707 $189,045 $2,035,701 $1,903,662
2020 $105,928 $182,854 $143,969 $-76,926
2019 $207,210 $177,798 $209,687 $29,412
2018 $235,223 $120,130 $673,024 $115,093
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