Chelsea Economic Development Corporation

EIN: 844798843 501(c)(3) Community Improvement

Atlantic City, NJ

Total Revenue
$1,032,881
Total Expenses
$985,302
Total Assets
$419,980
Net Assets
$-106,184
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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
NJ
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

Chelsea Economic Development Corporation was established in 2019 to increase economic opportunity in the Chelsea neighborhood of Atlantic City.

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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 $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

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Governance

Voting Members
15
Independent Members
15
Employees
18
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
5
$0
Total Directors
16
$0
Key Employees
0
$0
Highest Compensated
0
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
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