Rome Industrial Development Corporation

Nonprofit profile at a glance

EIN
150618024
IRS 990 coverage
2011–2025
Forms available
Form 990 2025
Location
Rome, NY, USA
Phone
3153380393
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Reported finances

Revenue
$245,328
Expenses
$188,992
Assets
$2,616,121
Liabilities
$458,685

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

11 people listed

Executive titles in this filing

  • RONALD EDWARDS (PRESIDENT)
  • FRANK CARZO (VICE PRESIDENT)

People named in this filing

  • RONALD EDWARDS (PRESIDENT)
  • FRANK CARZO (VICE PRESIDENT)
  • DENNIS SURACE (TREASURER)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Ridc's mission is "to maintain and improve the economic vitality and quality of life of the city of rome and its environs by supporting, nurturing and encouraging its commercial, industrial and financial development."

What it reported doing in 2025

Ridc operates to improve the economic community in the rome, New York area. Ridc accomplishes this through development and encouragement to new and existing businesses.

Operating model

Revenue model
Earned-program. 90% of the money available for current operations came from fees and other program revenue.
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

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 62
  • Transparency & Controls: 90
  • Accountability: 88
  • Sustainability: 72
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 59.9%; rating input score 60
  • Program expense ratio: 86.8%; rating input score 87
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • 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: Fail

Sustainability

  • Operating margin: 23%; rating input score 74; 74th percentile among comparable filings
  • Total-asset coverage ratio: 13.84; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0.18; rating input score 17; 17th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 67; 67th percentile among comparable filings

Growth

  • Program expense growth: 0.2% per year; rating input score 100; 29th percentile among comparable filings
  • Revenue growth: -2.9% per year; rating input score 0; 12th percentile among comparable filings
  • Asset growth: -0.3% per year; rating input score 0; 21st percentile among comparable filings

Details

  • Where the money goes: 59.9% of revenue deployed · 86.8% of spending went to programs
  • Governance: 10 of 10 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $164K in reported program spending
  • Leadership: top reported pay $0 · 11 people listed
  • Highest-paid contractors: 1 contractor listed · $120K reported
  • Consistency: 21 of 21 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 15 filing years from 2011 to 2025
  • Contacts: How to reach this organization
  • 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: 2 of 7 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 17/100.