Renaissance Economic Development Corporation

Overview

Mission

Renaissance economic development corporation provides direct financing and technical assistance services throughout New York city. Renaissance focuses on low-income neighborhoods where the barriers of language, culture and conventional loan underwriting have stymied the growth of small businesses. Underpinning all of renaissance's lending activity is a commitment to increase business opportunities for low-income entrepreneurs.

What it reported doing in 2024

Technical assistance & education - redc provides targeted technical assistance to low income entrepreneurs & small business owners, helping them to overcome traditional impediments to business growth and success. Redc specializes in servicing businesses in its target markets that banks and government programs cannot serve, suchas low income, start-up, thinly capitalized enterprises whose owners are often hobbled by poor or non-existent english skills and unfamiliarity with the banking system in this country.

Operating model

Revenue model
Grant-funded. 68% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

Nonprofit profile at a glance

EIN
133946529
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Headquarters
New York, NY, USA
Phone
2129646022
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Public, Societal Benefit

Official website

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 72
  • Transparency & Controls: 74
  • Accountability: 84
  • Sustainability: 57
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 73.7%; rating input score 74
  • Program expense ratio: 78.6%; rating input score 79
  • Fundraising efficiency: $12.17 raised per $1 spent on fundraising; rating input score 44; 44th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 88.9%; rating input score 89; 20th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 7.1%; rating input score 56; 56th percentile among comparable filings
  • Total-asset coverage ratio: 6.04; rating input score 86; 86th percentile among comparable filings
  • Liabilities to assets ratio: 0.44; rating input score 24; 24th percentile among comparable filings
  • Officer compensation ratio: 14.3%; rating input score 20; 20th percentile among comparable filings

Growth

  • Program expense growth: 10.4% per year; rating input score 100; 65th percentile among comparable filings
  • Revenue growth: 9.5% per year; rating input score 100; 66th percentile among comparable filings
  • Asset growth: 5.2% per year; rating input score 100; 35th percentile among comparable filings

Details

  • Where the money goes: 73.7% of revenue deployed · 78.6% of spending went to programs
  • Governance: 8 of 9 board members independent · 7 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $4.4M in reported program spending
  • Leadership: top reported pay $346K · 16 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 13 annual filings from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 33 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Leadership & pay

16 people listed

Highest reported compensation

  • THOMAS YU (PRESIDENT/EXECUTIVE DIRECTOR): $345,979 total reported compensation
  • JESSIE LEE (MANAGING DIRECTOR): $233,939 total reported compensation
  • MARY LIU (DEPUTY MANAGING DIRECTOR): $209,205 total reported compensation

Source: IRS Form 990. Selected filing: FY2024.