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Bridgeport Economic Development Corp FY2020 filing

Tax-deductible

Bridgeport, CT501(c)(3)EIN 23-7374878

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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 ecomonic Development studies. The major services bedco provides are site acquisition, site assembly, remediation of environmentally contaminated property, and infrastucture developement, and other activities associated with removing impediments to new private investment.

501(c)(3) charity; gifts are tax-deductible.
82¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2020 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average surplus $190K a year · 24% of revenue · last 5 filings
Worth a look: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
82%
of spending
Looks good: 82% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
6 mo
of spending, in cash
Looks good: 5.7 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $18K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$28K
19% of total assets
Looks good: liabilities are 19% of assets; 50% or less.
Pt X · Ln 26
Independent board members
12
of 13 voting members
Looks good: 12 of 13 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$106K
Spent
$183K
To programs
82%
Net assets
$116K
By yearFY2020–FY2024
Revenue
$106K
FY2020
Revenue by fiscal year
FY2020$106K
FY2021$2.1M
FY2022$348K
FY2023$247K
FY2024$1.2M
Expenses
$183K
FY2020
Expenses by fiscal year
FY2020$183K
FY2021$189K
FY2022$484K
FY2023$760K
FY2024$1.4M
Net assets
$116K
FY2020
Net assets by fiscal year
FY2020$116K
FY2021$2.0M
FY2022$1.9M
FY2023$1.4M
FY2024$1.1M

From the FY2020 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Feb 1987.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

82 cents of each dollar spent went to programs.

Program services 82% · $150K Management & general 18% · $33K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

13 people listed on the 990.

Part VII, Section A · reportable compensation
Maureen Funke
Board Member
$0Pt VII · Sec A
Carolyn Gonzalez
Board Member
$0Pt VII · Sec A
Paul Antinozzi
Board Member
$0Pt VII · Sec A
Andre Baker
Board Member
$0Pt VII · Sec A
John Bundschuh
Board Member
$0Pt VII · Sec A
Charles Scott
Board Member
$0Pt VII · Sec A
George Estrada
Vice Chair
$0Pt VII · Sec A
Albert Carbone
Board Member
$0Pt VII · Sec A
See Bridgeport Economic Development Corp executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Develops programs to foster business growth, community reinvestment, and neighborhood revitalization.

Provided by the organization

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3 programs · $79K · in their own filed words · FY2020
01

Bridgeport brass redevelopment planning project intends to create a comprehensive implementation to remediate and redevelop the 22-ACRE brass project area, in a collaberative effort between bedco, the city of bridgeport, and the connecticut metropolitan of governors.

$66Kprogram expense
02

Seaview industrial park a project to continue the development of the industrial park and the surrounding seaview avenue area.

$11Kprogram expense
03

Eco-technology park a project to revise the bridgeport west end municipal development plan to include the area of the eco-technology park.

$1Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2023
Fairfield Countys Community Foundation INCFY2023$18K
Total grants receivedfrom 1 funder$18K

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$106K
Ln 12
Gifts and grantsLn 1h$97K
Other incomeLn 4–11$5K
Fees for servicesLn 2g$4K
Money outPt IX
$183K
Ln 25
Programscol B$150K
Managementcol C$33K
Owns and owesPt X
$116K
net assets · Ln 32
Cash and savingsLn 1–2$87K
Total assetsLn 16$144K
LiabilitiesLn 26$28K
PeoplePt VI, VII
13
listed · VII A
PaidVII A0
Voting boardVI 1a13
IndependentVI 1b12
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$97K
Government grantsLn 1e$92K
Fees for servicesLn 2g$4K
Other incomeLn 4–11$5K
Total revenueLn 12$106K
Assets in detailPt X, end of year
CashLn 1$87K
Cash and savings togetherLn 1–2$87K
Other assetsLn 15$2
Total assetsLn 16$144K
LiabilitiesLn 26$28K
Net assetsLn 32$116K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY20End FY20
Cash and savingsLn 1–2$180K$87K
Total assetsLn 16$210K$144K
LiabilitiesLn 26$17K$28K
Net assetsLn 32$193K$116K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$72K$61K$11K
Accounting feesLn 11c$9K$9K
Other fees for servicesLn 11g$52K$52K
Office expensesLn 13$6K$6K
TravelLn 17$8$8
InsuranceLn 23$6K$6K
Other expenses (24a–d)Ln 24$37K$37K
Total functional expensesLn 25$183K$150K$33K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $1.2M$1.4M−$230K$1.1M 990 PDF
FY2023 $247K$760K−$513K$1.4M 990 PDF
FY2022 $348K$484K−$136K$1.9M 990 PDF
FY2021 $2.1M$189K$1.9M$2.0M 990 PDF
FY2020 Viewing $106K$183K−$77K$116K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (4 parts)
Part VIII · Statement of revenue $105,928 across 6 lines filed
VIII-1e Government grants$92,406
VIII-1f All other contributions, gifts and grants$5,000
VIII-1h Total contributions, gifts and grants$97,406
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $4,000$4,000
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $4,520 · Excluded from tax $2$4,522
VIII-12 Total revenueRelated to mission $8,520 · Unrelated business $0 · Excluded from tax $2$105,928
Part IX · Statement of functional expenses $182,854 across 7 lines filed
IX-7 Other salaries and wagesPrograms $61,020 · Management $10,768$71,788
IX-11c Accounting feesManagement $9,425$9,425
IX-11g Other fees for servicesPrograms $52,256$52,256
IX-13 Office expensesManagement $6,405$6,405
IX-17 TravelPrograms $8$8
IX-23 InsuranceManagement $5,962$5,962
IX-24 Other expenses (24a–d)Programs $37,010$37,010
IX-25 Total functional expensesPrograms $150,294 · Management $32,560 · Fundraising $0$182,854
Part X · Balance sheet $143,969 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $179,506$86,940
X-3 Pledges and grants receivableStart of year $27,700$52,433
X-9 Prepaid expenses and deferred chargesStart of year $2,480$4,594
X-15 Other assetsStart of year $2$2
X-16 Total assetsStart of year $209,688$143,969
X-17 Accounts payable and accrued expensesStart of year $9,385$20,592
X-25 Other liabilitiesStart of year $7,414$7,414
X-26 Total liabilitiesStart of year $16,799$28,006
X-27 Net assets without donor restrictionsStart of year $190,929$114,968
X-28 Net assets with donor restrictionsStart of year $1,960$995
X-32 Total net assets or fund balancesStart of year $192,889$115,963
X-33 Total liabilities and net assetsStart of year $209,688$143,969
Part XI · Reconciliation of net assets $115,963 net assets at year end
XI-1 Total revenue$105,928
XI-2 Total expenses$182,854
XI-3 Revenue less expenses−$76,926
XI-4 Net assets at start of year$192,889
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$115,963

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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