Staten Island Economic Development Corporation

Nonprofit profile at a glance

EIN
133706442
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
Staten Island, NY, USA
Phone
7184771400
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Public, Societal Benefit

Official website

Reported finances

Revenue
$2,274,655
Expenses
$2,322,750
Assets
$2,303,620
Liabilities
$475,903

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

Leadership & pay

46 people listed

Executive titles in this filing

  • MICHAEL CUSICK (PRESIDENT &)

Highest reported compensation

  • MICHAEL CUSICK (PRESIDENT &): $276,813 total reported compensation
  • GINA GUTMAN (SR. VICE PRE): $192,510 total reported compensation
  • ELI KHAZZAM (VP PROJECTS): $116,266 total reported compensation

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

Overview

Mission

The purpose of the organization is to plan and to promote and, if necessary, coordinate and execute programs in staten island, New York, to enhance the quality of life of its residents and to improve the business environment and employment base of staten island.

What it reported doing in 2025

Business development services to underserved businesses on staten island. Assist business owners with financing, job training, and navigating governemnt and technology.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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 - 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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 74
  • Transparency & Controls: 74
  • Accountability: 100
  • Sustainability: 24
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 81.5%; rating input score 81
  • Program expense ratio: 79.6%; rating input score 80
  • Fundraising efficiency: $7.15 raised per $1 spent on fundraising; rating input score 24; 24th 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: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -2.1%; rating input score 20; 20th percentile among comparable filings
  • Total-asset coverage ratio: 0.99; rating input score 33; 33rd percentile among comparable filings
  • Liabilities to assets ratio: 0.21; rating input score 34; 34th percentile among comparable filings
  • Officer compensation ratio: 33.8%; rating input score 5; 5th percentile among comparable filings

Growth

  • Program expense growth: 3.1% per year; rating input score 100; 24th percentile among comparable filings
  • Revenue growth: 2.7% per year; rating input score 100; 20th percentile among comparable filings
  • Asset growth: 8.6% per year; rating input score 100; 52nd percentile among comparable filings

Details

  • Where the money goes: 81.5% of revenue deployed · 79.6% of spending went to programs
  • Governance: 41 of 41 board members independent · 9 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $1.8M in reported program spending
  • Leadership: top reported pay $277K · 46 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 33 of 33 current checks pass
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 16 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • 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.

  • High — Financial Efficiency: Fundraising efficiency scored 24/100.
  • High — Sustainability: Operating margin scored 20/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 33/100.
  • High — Sustainability: Officer compensation ratio scored 5/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 34/100.