Nonprofit · EIN 84-4798843
CHELSEA ECONOMIC DVELOPMENT CORPORATION
Tax-exempt · ATLANTIC CITY, NJ 08401
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $1,032,881 | $985,302 | $47,579 | $419,980 | $526,164 | -$106,184 |
| December 31, 2023 | 990 | $772,484 | $756,411 | $16,073 | $58,833 | $32,248 | $26,585 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $1,031,870
- of which government grants
- $1,011,370
- Program service revenue
- $20
- Investment income
- $991
- Other revenue
- $0
Expenses
- Grants and similar amounts paid
- $61,200
- Other salaries and wages
- $345,584
- Salaries, compensation and benefits (total)
- $380,410
- Professional fundraising fees
- $0
- Accounting fees
- $15,730
- Occupancy
- $50,714
- Depreciation
- $3,254
- Program services (functional)
- $877,309
- Management and general (functional)
- $107,993
Balance sheet and other
- Total assets, start of year
- $58,833
- Total assets, end of year
- $419,980
- Total liabilities, end of year
- $526,164
- Net assets, end of year
- -$106,184
- Land, buildings and equipment
- $29,283
- Net assets without donor restrictions
- -$106,184
- Gross receipts
- $1,032,881
- Employees
- 18
- Volunteers
- 0
- Year formed
- 2019
- State of legal domicile
- NJ
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended December 31, 2024, highest compensation first.
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Elizabeth Terenik | President Trustee or director, Officer | 0.5 | $0 |
| Ken Calemno | Board President Trustee or director, Officer | 0.5 | $0 |
| Brian Jackson | Board Vice President Trustee or director, Officer | 0.5 | $0 |
| Adalberto Lopez | Treasurer Trustee or director, Officer | 0.5 | $0 |
| Scott Cronick | Secretary Trustee or director, Officer | 0.5 | $0 |
| Olivia Ryter | Member Trustee or director | 0.5 | $0 |
| Joe Dougherty | Member Trustee or director | 0.5 | $0 |
| Sarah Clark | Member Trustee or director | 0.5 | $0 |
| David Hirsch | Member Trustee or director | 0.5 | $0 |
| Barbara DeMarco | Member Trustee or director | 0.5 | $0 |
| Monica Padovano Casiello | Member Trustee or director | 0.5 | $0 |
| Christopher Downey | Member Trustee or director | 0.5 | $0 |
| Robert Ruffolo | Member Trustee or director | 0.5 | $0 |
| Wendy Bartlett | Member Trustee or director | 0.5 | $0 |
| Victor Moreno | Member Trustee or director | 0.5 | $0 |
1 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Julia Lawler | Member Trustee or director | 0.5 | $0 |
990 for the year ended December 31, 2023: 16 people
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| Elizabeth Terenik | President Trustee or director, Officer | 0.5 | $0 |
| Ken Calemno | Board President Trustee or director, Officer | 0.5 | $0 |
| Brian Jackson | Board Vice President Trustee or director, Officer | 0.5 | $0 |
| Adalberto Lopez | Treasurer Trustee or director, Officer | 0.5 | $0 |
| Scott Cronick | Secretary Trustee or director, Officer | 0.5 | $0 |
| Matt Levinson | Member Trustee or director | 0.5 | $0 |
| Joe Dougherty | Member Trustee or director | 0.5 | $0 |
| Sarah Clark | Member Trustee or director | 0.5 | $0 |
| David Hirsch | Member Trustee or director | 0.5 | $0 |
| Barbara DeMarco | Member Trustee or director | 0.5 | $0 |
| Monica Padovano Casiello | Member Trustee or director | 0.5 | $0 |
| Christopher Downey | Member Trustee or director | 0.5 | $0 |
| Robert Ruffolo | Member Trustee or director | 0.5 | $0 |
| Wendy Bartlett | Member Trustee or director | 0.5 | $0 |
| Victor Moreno | Member Trustee or director | 0.5 | $0 |
| Julia Lawler | Member Trustee or director | 0.5 | $0 |
Address and contacts
- Address (IRS master file)
- 3750 ATLANTIC AVE, ATLANTIC CITY, NJ 08401-0000
- In care of
- % ACEDVCO
- Mailing address (990-N for 2021)
- 1125 Atlantic Avenue 3rd Floor, Atlantic City NJ 08401
- Principal officer (990 for 2024)
- Elizabeth Terenik, 3701 Boardwalk, Atlantic City, NJ 08401
- Principal officer (990-N for 2021)
- Elizabeth Terenik, 1125 Atlantic Avenue 3rd Floor, Atlantic City NJ 08401
- Signed the 990
- Elizabeth Terenik, President
- Phone
- (609) 761-1499
- Website
- https://www.chelseaedc.org/
- Return prepared by
- Capaldi Reynolds & Pelosi PA
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 accomplishments
- 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.Expenses $460,510
- 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.Expenses $149,636 · revenue $20
- 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.Expenses $135,559 · grants $61,200
- Community Events: Our events and programs celebrate the diversity of the neighborhood's cultures, businesses, and institutions and strengthen the community.Expenses $49,107
- Career Pathways: Chelsea EDC is providing grants for business education, training, and networking opportunities. To connect residents with career opportunities, Chelsea EDC funds technology and job training programs for youth and adults.Expenses $82,497
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 84-4798843
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (509(a)(2))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 2020
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Community improvement and capacity building (S20)
- Assets (IRS master file)
- $419,980
- Income (IRS master file)
- $1,032,881
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $1,032,881 | $985,302 | $419,980 | XML |
| 990 | December 2023 | $772,484 | $756,411 | $58,833 | XML |
| 990 | December 2022 | $343,609 | $345,637 | $177,404 | IRS |
| 990-N for 2021 Officer: Elizabeth Terenik | December 31, 2021 | ≤ $50,000 receipts | – | – | e-Postcard |
| 990-N for 2020 Officer: Kenneth Calemmo | December 31, 2020 | ≤ $50,000 receipts | – | – | e-Postcard |
| 990-N for 2019 Officer: Kenneth Calemmo | December 31, 2019 | ≤ $50,000 receipts | – | – | e-Postcard |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 84-4798843).
Questions about CHELSEA ECONOMIC DVELOPMENT CORPORATION
- What is the EIN of CHELSEA ECONOMIC DVELOPMENT CORPORATION?
- The employer identification number (EIN) of CHELSEA ECONOMIC DVELOPMENT CORPORATION is 84-4798843.
- Is CHELSEA ECONOMIC DVELOPMENT CORPORATION tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 2020.
- Are donations to CHELSEA ECONOMIC DVELOPMENT CORPORATION tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does CHELSEA ECONOMIC DVELOPMENT CORPORATION file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of CHELSEA ECONOMIC DVELOPMENT CORPORATION due?
- The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did CHELSEA ECONOMIC DVELOPMENT CORPORATION last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended December 2024.
- Who is the principal officer of CHELSEA ECONOMIC DVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2024 names Elizabeth Terenik.
- Who are the officers and directors of CHELSEA ECONOMIC DVELOPMENT CORPORATION?
- The 990 for the year ended December 31, 2024 lists 16 people; 0 received compensation from the organization.
- How much revenue does CHELSEA ECONOMIC DVELOPMENT CORPORATION have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $1,032,881, expenses of $985,302 and total assets of $419,980 at year end.
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All nonprofits in ATLANTIC CITY · New Jersey · Community improvement and capacity building