Bridgeport Economic Development Corp
Nonprofit profile at a glance
- EIN
- 237374878
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Bridgeport, CT, USA
- Phone
- 2033353800
- Rating
- 85
- Verdict
- STRONG
- Rating confidence
- Moderate
Reported finances
- Revenue
- $1,158,760
- Expenses
- $1,388,654
- Assets
- $1,641,430
- Liabilities
- $500,793
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
11 people listed
Executive titles in this filing
- EDWARD LAVERNOICH (PRESIDENT AND SECRETARY)
Highest reported compensation
- EDWARD LAVERNOICH (PRESIDENT AND SECRETARY): $83,966 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
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 economic development studies. The major services bedco provides are site acquisition, site assembly, remediation of environmentally contaminated property, and infrastructure development, and other activities associated with removing impediments to new private investment.
What it reported doing in 2024
Bostwick phase iv - program to pass funds through to bostwick partners, llc to be used in accordance with the department of energy and environmental protection urban sites remedial action program for the abatement, remediation and association stabalization of historical structures.
Operating model
- Revenue model
- Grant-funded. 94% 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.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 88
- Transparency & Controls: 92
- Accountability: 79
- Sustainability: 21
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 97.3%; rating input score 97
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 90.9%; rating input score 91; 23rd percentile among comparable filings
- Governance controls: 5 of 8 controls in place; rating input score 62
- Conflict-of-interest policy: Fail
- Whistleblower policy: Fail
- Document-retention policy: Pass
- CEO compensation review process: Fail
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -19.8%; rating input score 9; 9th percentile among comparable filings
- Total-asset coverage ratio: 1.18; rating input score 48; 48th percentile among comparable filings
- Liabilities to assets ratio: 0.31; rating input score 24; 24th percentile among comparable filings
- Officer compensation ratio: Limited
Growth
- Program expense growth: 18.9% per year; rating input score 100; 81st percentile among comparable filings
- Revenue growth: 8.4% per year; rating input score 100; 61st percentile among comparable filings
- Asset growth: 6.8% per year; rating input score 100; 46th percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 97.3% of spending went to programs
- Governance: 10 of 11 board members independent · 5 of 8 filing controls reported
- Programs: 11 filed program accomplishments · $1.4M in reported program spending
- Leadership: top reported pay $84K · 11 people listed
- Consistency: 17 of 17 current checks pass
- Schedules: 5 filed schedules · includes major donors
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Related organizations: 1 filed related-organization link
- 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.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- Review — Accountability: Governance controls: 3 of 8 not reported.
- High — Sustainability: Operating margin scored 9/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 48/100.
- High — Sustainability: Liabilities to assets ratio scored 24/100.