Overview
What is Regional Industrial Development Corp Of Southwestern Pennsylvania?
The Regional Industrial Development Corp of Southwestern Pennsylvania (RIDC) is a nonprofit organization established in 1955 to promote economic growth and improve the general welfare in ten counties of Southwestern Pennsylvania. By developing and renting property in economically depressed areas at below-market value, RIDC assists in combating community deterioration and increasing industry and employment opportunities. RIDC secures low-interest loans on behalf of small businesses through the Pennsylvania Industrial Development Authority, furthering their mission. With a team of 39 employees, they foster public, private, and institutional partnerships to ensure the region can capture emerging and existing growth opportunities.
Official website here: www.ridc.org
Is Regional Industrial Development Corp Of Southwestern Pennsylvania legitimate?
Regional Industrial Development Corp Of Southwestern Pennsylvania is a legitimate nonprofit organization registered as a 501(c)(6) entity. Regional Industrial Development Corp Of Southwestern Pennsylvania submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $1,639,303
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,714,394
For more financial information, click here
Official website here: www.ridc.org
What is the mission statement of Regional Industrial Development Corp Of Southwestern Pennsylvania?
The Regional Industrial Development Corp of Southwestern Pennsylvania (RIDC) was established in 1955 with the goal of promoting economic growth and creating high-quality jobs through real estate development and financing. By leveraging public, private, and institutional partnerships, RIDC develops property primarily in economically depressed areas and offers below-market value rent and low-interest loans with the Pennsylvania Industrial Development Authority for small businesses. These activities are carried out to combat community deterioration by increasing industry and employment opportunities, thereby supporting federal, state, and local governments in their similar efforts.
Official website here: www.ridc.org
What is the revenue of Regional Industrial Development Corp Of Southwestern Pennsylvania?
Regional Industrial Development Corp Of Southwestern Pennsylvania's revenue in 2023 was $24,797,402.
Official website here: www.ridc.org
Who are the executives of Regional Industrial Development Corp Of Southwestern Pennsylvania and what are their salaries?
The average compensation at Regional Industrial Development Corp Of Southwestern Pennsylvania during 2023 was $114,571. There are 38 employees at Regional Industrial Development Corp Of Southwestern Pennsylvania.
Here are 36 key members and their salaries:
- Compensation: $624,782
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- Compensation: $377,057
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- Other: $50,654
- Compensation: $218,100
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- Other: $39,603
- Compensation: $297,129
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- Other: $43,766
- Compensation: $122,235
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- Other: $33,399
- Compensation: $179,565
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- Other: $21,649
- Compensation: $160,532
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- Other: $35,928
- Compensation: $143,149
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- Other: $34,579
- Compensation: $149,368
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- Other: $35,636
- Compensation: $127,325
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- Other: $21,555
- Compensation: $150,000
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- Other: $0
Official website here: www.ridc.org
Where can I find the form 990 for Regional Industrial Development Corp Of Southwestern Pennsylvania?
Regional Industrial Development Corp Of Southwestern Pennsylvania's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.ridc.org
Learn more at the official website: www.ridc.org
Mission Statement of Regional Industrial Development Corp Of Southwestern Pennsylvania
The Regional Industrial Development Corp of Southwestern Pennsylvania, or RIDC, was established in 1955 with a mission to catalyze and support economic growth and job creation in the region. This mission is achieved through real estate development and finance of projects that align with the public interest.
RIDC works in partnership with public, private, and institutional entities to develop real estate in economically depressed areas and rents the property at below market value. The organization's primary goal is to combat community deterioration by increasing the level of industry and employment opportunities. By doing so, RIDC assists federal, state, and local governments in their similar efforts.
To fulfill this objective, RIDC obtains and guarantees low-interest loans on behalf of small businesses through the Pennsylvania Industrial Development Authority. These activities are solely aimed at assisting the community by providing essential infrastructure and resources to attract and retain businesses, which in turn generate jobs and spur economic development. By actively engaging in these initiatives, RIDC plays a pivotal role in revitalizing the economy and improving the overall welfare of the ten counties in Southwestern Pennsylvania.
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Impact
October, 2024
Regional Industrial Development Corporation Of Southwestern Pennsylvania (RIDC) plays a crucial role in stimulating economic growth and job creation in the region. By focusing on real estate development in economically depressed areas, RIDC aims to revitalize communities and combat deterioration. The organization offers properties at below market value, making it easier for small businesses to thrive and contribute to the local economy.
RIDC also collaborates with the Pennsylvania Industrial Development Authority to secure and guarantee low-interest loans for small businesses. This financial support is vital for fostering entrepreneurship and increasing employment opportunities in the region. By addressing the needs of both established and emerging industries, RIDC enhances the overall economic landscape of southwestern Pennsylvania.
Through its efforts, RIDC substantially impacts community welfare, providing the infrastructure and resources necessary for sustainable growth. The corporation's focus on public, private, and institutional partnerships ensures that the region can capitalize on various growth opportunities, ultimately leading to enhanced quality of life for residents and a more robust local economy.
This information is meant to be a general summary of Regional Industrial Development Corp Of Southwestern Pennsylvania. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $4,970,663
- Program Service Revenue: $19,022,730
- Gross Receipts: $24,797,402
Assets and Liabilities:
- Total Assets: $178,165,590
- Total Liabilities: $26,305,916
- Net Assets: $151,859,674
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$16,827,693
SERVICE & MANAGEMENT
Revenue
$2,195,037
Organization Details
Founding Year
1955
Principal Officer
Kurta Marian D
Website
www.ridc.orgNTEE Category
Code: S31 - Community improvement
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