Chelsea Economic Development Corpo… - 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

2019

Legal Domicile

Principal Officer

Elizabeth Terenik

Phone

6097611499

Tax Period

2024-01-01 to 2024-12-31

Chelsea Economic Development Corporation, founded in 2019, is a community nonprofit in the Community Improvement sector that reported $1.0M in total revenue in fiscal year 2024. Revenue surged 34% from the prior year, signaling strong growth momentum. Expenses of $985K left a modest 5% surplus.

Mission

The Chelsea Economic Development Corporation [Chelsea EDC / CEDC] is partnering with residents, businesses and community organizations to activate projects which expand economic opportunity and improve the quality of life in the Chelsea Neighborhood of Atlantic City. The projects leverage the diversity and determination of the people; the neighborhood's beautiful natural assets such as the beach; the numerous and iconic business districts; and the stability and commitment of the anchor institutions and businesses organizations to build on what is a great neighborhood.

Program Service Accomplishments

Program 1

Expenses: $460,510

Beautify Chelsea: We are enhancing public spaces with flowers, trees, art, and streetscaping, and increasing vibrancy through neighborhood clean-ups, code violation reporting, social service...

Beautify Chelsea: We are enhancing public spaces with flowers, trees, art, and streetscaping, and increasing vibrancy through neighborhood clean-ups, code violation reporting, social service outreach, and increased public safety presence.

Program 2

Expenses: $149,636 Revenue: $20

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...

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.

Program 3

Expenses: $135,559

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...

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.

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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 $1,031,870

Program Service Revenue $20

Investment Income $991

Other Revenue $0

TOTAL REVENUE $1,032,881

Expense Breakdown

Grants Paid $61,200

Salaries & Benefits $380,410

Fundraising Expenses $0

Program Expenses $877,309

Other Expenses $543,692

TOTAL EXPENSES $985,302

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,032,881	$772,484	+0.3%
Expenses	$985,302	$756,411	+0.3%
Net Income	$47,579	$16,073	+2.0%

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

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

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Elizabeth Terenik	President	0.50	Officer Director	$0	$0	$0
Ken Calemno	Board President	0.50	Officer Director	$0	$0	$0
Brian Jackson	Board Vice President	0.50	Officer Director	$0	$0	$0
Adalberto Lopez	Treasurer	0.50	Officer Director	$0	$0	$0
Scott Cronick	Secretary	0.50	Officer Director	$0	$0	$0
Olivia Ryter	Member	0.50	Director	$0	$0	$0
Joe Dougherty	Member	0.50	Director	$0	$0	$0
Sarah Clark	Member	0.50	Director	$0	$0	$0
David Hirsch	Member	0.50	Director	$0	$0	$0
Barbara DeMarco	Member	0.50	Director	$0	$0	$0
Monica Padovano Casiello	Member	0.50	Director	$0	$0	$0
Christopher Downey	Member	0.50	Director	$0	$0	$0
Robert Ruffolo	Member	0.50	Director	$0	$0	$0
Wendy Bartlett	Member	0.50	Director	$0	$0	$0
Victor Moreno	Member	0.50	Director	$0	$0	$0
Julia Lawler	Member	0.50	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	$1,032,881	$985,302	$419,980	$47,579
2023	$772,484	$756,411	$58,833	$16,073
2022	$343,609	$345,637	$177,404	$-2,028

Chelsea Economic Development Corporation