2025-06-02T10:24:58-05:00 2024-12-31 331374517 PKF O'CONNOR DAVIES ADVISORY LLC 20 COMMERCE DRIVE SUITE 301 CRANFORD NJ 070163618 990 2024-01-01 222155884 UNION COUNTY ECONOMIC DEVELOPMENT CORP UNIO 9085271166 75 CHESTNUT STREET CRANFORD NJ 070162937 ADAM FARRAH PRESIDENT 9085271166 2025-06-02 1 1 GARRETT M HIGGINS P00543209 9082726200 2025-05-27 2024 2025-03-06 01:10:19Z ADAM FARRAH 75 CHESTNUT STREET CRANFORD NJ 070162937 5994974 0 X WWW.UCEDC.COM X 1977 NJ TO PROMOTE & DEVELOP ECONOMIC GROWTH IN NEW JERSEY. 17 17 27 25 0 0 3611600 2711407 612100 618671 584289 891936 0 0 4807989 4222014 1582 1104 0 0 2859169 2845299 0 0 0 959200 1305209 3819951 4151612 988038 70402 26668895 26838573 8754469 8320803 17914426 18517770 X PROMOTE & DEVELOP ECONOMIC GROWTH IN NEW JERSEY BY PROVIDING FINANCIAL AND TECHNICAL ASSISTANCE TO SMALL BUSINESSES. 0 0 2588192 1104 146510 FINANCIAL ASSISTANCE PROGRAM:UCEDC'S MICROLOAN PROGRAM PROVIDES BOTH START-UP AND EXISTING BUSINESSES WITH AN OPPORTUNITY TO BORROW MONEY FOR A VARIETY OF REASONS, INCLUDING PURCHASING EQUIPMENT, FIXTURES OR INVENTORY; WORKING CAPITAL; OR MAKING RENOVATIONS ON PRIVATELY OWNED COMMERCIAL REAL ESTATE. START-UPS (OPERATIONAL FOR LESS THAN TWO YEARS) CAN BORROW A MAXIMUM OF $35,000 FOR UP TO SIX YEARS. OLDER BUSINESSES WITH A PROFITABLE OPERATING HISTORY ARE ELIGIBLE FOR UP TO $50,000 FOR THE SAME TIME PERIOD. INTEREST RATES VARY FROM 0% TO 7.75%, DEPENDING ON THE AGE AND FINANCIAL OPERATIONS OF THE BUSINESS AND THE OWNER'S CREDIT HISTORY.CLOSING FEES APPLY, BUT YOU MAY PREPAY WITHOUT PENALTY.UCEDC IS ONE OF ONLY 40 LENDERS IN THE NATION TO OFFER THE SBA (7A) FINANCING PROGRAM, DESIGNED TO ENCOURAGE BUSINESS GROWTH AND JOB CREATION. LONG-TERM LOANS OF UP TO $250,000 ARE AVAILABLE TO START-UP (IN OPERATION LESS THAN TWO YEARS) AND EXISTING BUSINESSES.FUNDS CAN BE USED FOR A WIDE VARIETY OF PURPOSES INCLUDING WORKING CAPITAL; FURNITURE/FIXTURES, MACHINERY AND EQUIPMENT; LAND ACQUISITION FOR COMMERCIAL PURPOSES; CONSTRUCTION OR RENOVATION FOR PRIVATELY OWNED COMMERCIAL PROPERTIES; LEASEHOLD IMPROVEMENTS; AND BUSINESS ACQUISITION. INTEREST RATES ARE BASED ON THE AMOUNT OF THE LOAN AND LENGTH OF THE LOAN DEPENDS ON THE USE OF THE FUNDS.THE SBA 504 PROGRAM PROVIDES GROWING BUSINESSES WITH THE OPPORTUNITY TO PURCHASE, CONSTRUCT, OR IMPROVE THEIR OWN BUILDING OR PURCHASE MAJOR EQUIPMENT THROUGH LONG-TERM, BELOW-MARKET FIXED RATE FINANCING. UCEDC WORKS IN PARTNERSHIP WITH COMMERCIAL LENDERS TO STRUCTURE FINANCING THAT TYPICALLY CALLS FOR ONLY A 10% CONTRIBUTION FROM THE BORROWER. SOFT COSTS AND CLOSING COSTS CAN BE ROLLED INTO THE LOAN, MAXIMIZING CASH FLOW THAT CAN BE INVESTED BACK INTO THE BUSINESS. UCEDC'S PORTION OF THE FINANCING REPRESENTS A MAXIMUM OF 40% OF THE TOTAL (UP TO $5.5 MILLION), WITH 10-20 YEAR TERMS. 816138 0 472161 TECHNICAL ASSISTANCE PROGRAM: UCEDC OFFERS A WIDE VARIETY OF EDUCATIONAL PROGRAMS DESIGNED TO HELP SMALL BUSINESSES TO START, GROW, AND THRIVE. WHETHER YOU'RE A BUSINESS BEGINNER, NEED A REFRESHER IN THE BASICS, OR ARE LOOKING FOR A MORE INTENSIVE EXPERIENCE, WE HAVE THE TRAINING SESSIONS TO FIT YOUR NEEDS.BUSINESS BASICS - THESE FREE TWO-HOUR WORKSHOPS ADDRESS A VARIETY OF BUSINESS CONCERNS FOR BOTH START-UP ENTREPRENEURS AND ESTABLISHED BUSINESS OWNERS.THEY ARE OFFERED THROUGHOUT NEW JERSEY, OFTEN IN COOPERATION WITH PARTNER ORGANIZATIONS AND AGENCIES THAT SHARE OUR COMMITMENT TO SMALL BUSINESS GROWTH. BUSINESS MENTORING -UCEDC LOAN CLIENTS AND GRADUATES OF OUR MULTI-SESSION TRAINING PROGRAMS RECEIVE FREE INDIVIDUALIZED BUSINESS COUNSELING. YOUR UCEDC BUSINESS MENTOR IS YOUR BOARD OF DIRECTORS, CFO, AND MARKETING MANAGER, ALL ROLLED INTO ONE. YOUR MENTOR MEETS WITH YOU AT YOUR CONVENIENCE, ACTS AS YOUR SOUNDING BOARD, AND OFFERS FEEDBACK, ADVICE, AND SUGGESTIONS TO KEEP YOUR BUSINESS ON TRACK. 3404330 1 1 0 0 0 0 0 0 0 0 1 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 20 0 27 1 0 0 0 0 0 0 0 0 0 0 0 0 X 17 17 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NJ X SANJAY MALIK CONTROLLER 9085271166 75 CHESTNUT ST CRANFORD NJ 07016 MARCY C METZ CHAIRMAN 1.00 X X 0 0 0 MICHAEL WARRINGTON VICE-CHAIR 1.00 X X 0 0 0 TOMAS PORTURAS TREASURER 1.00 X X 0 0 0 MELISSA MURRAY CPA SECRETARY 1.00 X X 0 0 0 GAIL M DRISCOLL TRUSTEE 1.00 X 0 0 0 DRAGANA JOVANOVIC TRUSTEE 1.00 X 0 0 0 ROBERT L KATZ TRUSTEE 1.00 X 0 0 0 MARLENE KURZ TRUSTEE 1.00 X 0 0 0 PAUL T LACORTE TRUSTEE 1.00 X 0 0 0 DANIEL LETENDRE TRUSTEE 1.00 X 0 0 0 JAMES MCMANUS JR TRUSTEE 1.00 X 0 0 0 MARTIN P MELILLI TRUSTEE 1.00 X 0 0 0 GARY PFARR TRUSTEE 1.00 X 0 0 0 JANE E REY TRUSTEE 1.00 X 0 0 0 DR ELAINE M SANDERS TRUSTEE 1.00 X 0 0 0 RODERICK SPEARMAN TRUSTEE 1.00 X 0 0 0 JOSEPH P STARKEY TRUSTEE 1.00 X 0 0 0 ADAM FARRAH PRESIDENT 40.00 X 255142 0 21503 ERICH PETER EXECUTIVE VICE-PRESIDENT 40.00 X 164657 0 36907 SANJAY MALIK CONTROLLER 40.00 X 157867 0 36502 ELIZABETH WILLIAMS VICE-PRESIDENT LENDING 40.00 X 175860 0 18439 ELLEN MCHENRY SR. DIRECTOR OF LOAN PROGRAM 40.00 X 143173 0 10432 JOSEPH LAMBERTI DIRECTOR OF TRAINING 40.00 X 106237 0 12250 MARK LEICHTLING DIRECTOR OF MICROLENDING 40.00 X 104942 0 12214 NADINE CLARK DIRECTOR OF PROCUREMENT 40.00 X 100481 0 6072 1208359 0 154319 8 0 1 0 CRAFTSMAN TECHNOLOGY GROUP LLC 186 LINCOLN STREET SUITE 500 BOSTON MA 02111 INFORMATION TECHNOLOGY SERVICES 105775 1 2359387 352020 2711407 TECH ASSIST & SVC FEES 611430 472161 472161 PROGRAM RELATED INTEREST 611430 146510 146510 618671 797592 797592 1867304 1772960 94344 94344 94344 4222014 618671 0 891936 1104 1104 866877 740789 126088 1566626 1536095 30531 74701 72707 1994 154079 151124 2955 183016 170891 12125 16588 16588 62058 62058 53788 53788 187036 167384 19652 26524 17186 9338 261138 191673 69465 50876 43617 7259 63072 24974 38098 7752 6577 1175 56571 45666 10905 75192 24360 50832 54104 51226 2878 43521 41186 2335 BAD DEBT EXPENSE 228978 228978 FORGIVENESS OF LOAN 116332 116332 EQUIPMENT MAINTENANCE 1679 1439 240 4151612 3404330 747282 0 4696240 5248890 8476278 7944617 1017531 663073 19205 20938 1415482 605549 855075 809933 5738220 6658883 5865722 5491615 624 624 26668895 26838573 302802 342946 650208 383682 7801459 7594175 8754469 8320803 X 16171400 17198081 1743026 1319689 17914426 18517770 26668895 26838573 70402 532942 0 X X 0 1 X 1 1 1 X 2576531 4540289 4658656 3611600 2711407 18098483 2576531 4540289 4658656 3611600 2711407 18098483 154567 17943916 243471 345462 246816 514759 797592 2148100 25065 25065 20271648 3392696 0.88520 0.90640 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: REIMBURSEMENT - 2021 AMOUNT: $ 25,065. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 132000 132000 956405 496954 459451 327077 108595 218482 809933 LOAN RECEIVABLES 5491615 F 5491615 X 4701168 532942 532942 4168226 53788 53788 4222014 4097824 0 4097824 53788 53788 4151612 PART X, LINE 2: THE CORPORATION RECOGNIZES THE EFFECT OF INCOME TAX POSITIONS ONLY IF THOSE POSITIONS ARE MORE LIKELY THAN NOT TO BE SUSTAINED. MANAGEMENT HAS DETERMINED THAT THE CORPORATION HAD NO UNCERTAIN TAX POSITIONS THAT WOULD REQUIRE FINANCIAL STATEMENT RECOGNITION AND/OR DISCLOSURE. THE CORPORATION IS NO LONGER SUBJECT TO EXAMINATIONS BY THE APPLICABLE TAXING JURISDICTIONS FOR PERIODS PRIOR TO 2021. X X X 0 0 0 0 0 0 0 1 0 ADAM FARRAH PRESIDENT 224142 0 25000 0 6000 0 12805 0 8698 0 276645 0 0 0 ERICH PETER EXECUTIVE VICE-PRESIDENT 152657 0 12000 0 0 0 8475 0 28432 0 201564 0 0 0 SANJAY MALIK CONTROLLER 147867 0 10000 0 0 0 8070 0 28432 0 194369 0 0 0 ELIZABETH WILLIAMS VICE-PRESIDENT LENDING 163860 0 12000 0 0 0 8841 0 9598 0 194299 0 0 0 ELLEN MCHENRY SR. DIRECTOR OF LOAN PROGRAM 134968 0 8205 0 0 0 7189 0 3243 0 153605 0 0 0 PART I, LINE 7 UCEDC OFFERS PERFORMANCE-BASED BONUSES FOR ITS EMPLOYEES WITH GUIDELINES SET BY MANAGEMENT AND APPROVED BY THE PERSONNEL COMMITTEE. FORM 990, PART VI, SECTION B, LINE 11B THE ORGANIZATION'S FORM 990 IS PREPARED BY AN INDEPENDENT ACCOUNTING FIRM. A COPY OF THE FORM 990 IS DISTRIBUTED ELECTRONICALLY TO THE BOARD OF TRUSTEES. THE BOARD APPOINTS THE EXECUTIVE COMMITTEE BOARD (CONSISTING OF 10 MEMBERS OF THE BOARD OF TRUSTEES, ONE WHICH IS A CPA) TO REVIEW AND APPROVE THE RETURN. UPON REVIEW AND CONSIDERATION OF ANY COMMENTS, THE FORM 990 IS UPDATED BEFORE IT IS FILED WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C ALL MEMBERS OF THE UCEDC BOARD OF TRUSTEES AND EXECUTIVE COMMITTEE MUST COMPLETE AN ANNUAL CONFLICT OF INTEREST STATEMENT AND PROVIDE A SIGNED COPY OF SAID DOCUMENT TO THE UCEDC PRESIDENT. IN ADDITION, THE PRESIDENT OF THE UCEDC AND ALL STAFF PROGRAM DIRECTORS ARE ALSO REQUIRED TO COMPLETE A CONFLICT OF INTEREST STATEMENT, AS WELL AS ANY OTHER STAFF THE PRESIDENT DEEMS APPROPRIATE. THESE DOCUMENTS ARE REVIEWED BY THE PRESIDENT AND MAINTAINED IN THE OFFICIAL FILES OF THE UCEDC HEADQUARTERS. THE UCEDC PRESIDENT WILL REVIEW ALL CONFLICT OF INTEREST STATEMENTS OF THE BOARD OF TRUSTEES AND STAFF. THE CHAIRMAN OF THE BOARD AND THE CHAIRMAN OF THE PERSONNEL COMMITTEE REVIEWS THE PRESIDENT'S ANNUAL CONFLICT OF INTEREST STATEMENT. IF A CONFLICT OF INTEREST ARISES, A SERIES OF REVIEWS WILL BE UNDERTAKEN TO DETERMINE IF ACTION IS NECESSARY. THE REVIEWS ARE AS FOLLOWS: 1) PRESIDENT, 2) PRESIDENT/CHAIRMAN/NOMINATING OR PERSONNEL COMMITTEE CHAIRMAN, 3) NOMINATING COMMITTEE, 4) EXECUTIVE COMMITTEE, AND 5) BOARD OF TRUSTEES. IF THE CONFLICT OF INTEREST INVOLVES THE CHAIRMAN OF THE BOARD OR THE CHAIRMAN OF THE NOMINATING COMMITTEE, THE CHAIRMAN OF THE BOARD WILL REQUEST THE VICE CHAIRMAN OF THE BOARD TO SERVE IN HIS PLACE. IN ADDITION, THE EXECUTIVE COMMITTEE WILL DETERMINE IF THE CONFLICT OF INTEREST IS OF SUFFICIENT NATURE THAT IT WOULD WARRANT A REQUEST BY THE BOARD OF TRUSTEES FOR RESIGNATION OF SPECIFIC TRUSTEE. SHOULD THE EXECUTIVE COMMITTEE DETERMINE THAT A REQUEST FOR RESIGNATION IS WARRANTED, THIS RECOMMENDATION WOULD BE MADE TO THE BOARD OF TRUSTEES AT THE NEXT REGULARLY SCHEDULED BOARD OF TRUSTEES MEETING FOR AN OFFICIAL VOTE. FORM 990, PART VI, SECTION B, LINE 15 A COMPENSATION COMMITTEE, WHICH IS MADE UP OF MEMBERS FROM THE BOARD OF TRUSTEES, DETERMINES THE COMPENSATION PROCESS FOR THE ORGANIZATION ON AN ANNUAL BASIS. THE COMMITTEE REVIEWS AND COMPARES COMPENSATION PACKAGES OF SIMILAR POSITIONS AND REVIEWS SALARY SURVEY AND FORM 990 OF SIMILAR SIZED NON-PROFIT ORGANIZATIONS BY STAFF SIZE AND BUDGET. THE FULL BOARD OF TRUSTEES MUST VOTE ON THE COMMITTEE DETERMINATION OF THE PRESIDENT'S SALARY AND THE RAISE POOL TO BE ALLOCATED TO THE REMAINING EMPLOYEES. THIS PROCESS IS DOCUMENTED IN THE BOARD MINUTES. THIS PROCESS WAS LAST UNDERTAKEN IN 2024. FORM 990, PART VI, SECTION B, LINE 15B: THE COMPENSATION FOR OTHER OFFICERS (VICE PRESIDENT, VICE PRESIDENT LENDING, AND CONTROLLER) IS DETERMINED BY THE COMPENSATION COMMITTEE ON AN ANNUAL BASIS. THE COMMITTEE REVIEWS AND COMPARES COMPENSATION PACKAGES OF SIMILAR POSITIONS AND REVIEWS SALARY SURVEY AND FORM 990 OF SIMILAR SIZED NON-PROFIT ORGANIZATIONS BY STAFF SIZE AND BUDGET. THE FULL BOARD OF TRUSTEES MUST VOTE ON THE COMMITTEE DETERMINATION AND THE RAISE POOL TO BE ALLOCATED TO THE EMPLOYEES. THIS PROCESS IS DOCUMENTED IN THE BOARD MINUTES. THIS PROCESS WAS LAST UNDERTAKEN IN 2024. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS FORM 990 AVAILABLE FOR PUBLIC INSPECTION AS REQUIRED UNDER SECTION 6104 OF THE INTERNAL REVENUE CODE. THE RETURN IS POSTED ON GUIDESTAR.ORG AND OTHER SIMILAR TYPES OF WEBSITES. THE ORGANIZATION MAKES ITS FORM 990, FORM 1023, FINANCIAL STATEMENTS, CONFLICT OF INTEREST POLICY, AND GOVERNING DOCUMENTS ARE ALSO AVAILABLE UPON REQUEST OR BY CALLING THE ORGANIZATION DIRECTLY. FORM 990, PART XII, LINE 2C: THE ORGANIZATION HAS AN AUDIT COMMITTEE CONSISTING OF 5 INDEPENDENT TRUSTEES, ONE OF WHICH IS A CPA. THE AUDIT COMMITTEE ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT. THIS PROCESS HAS NOT CHANGED FROM PRIOR YEAR.