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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.
Source: IRS Form 990 (Tax Year 2024)
Source: IRS e-Filed Form 990 (from the IRS e-File system), Tax Year 2024
Total Revenue
▼$6M
Program Spending
79%
of total expenses go to program services
Total Contributions
$4.8M
Total Expenses
▼$5.6M
Total Assets
$33.7M
Total Liabilities
▼$14.8M
Net Assets
$19M
Officer Compensation
→$443.1K
Other Salaries
$2.1M
Investment Income
$138.9K
Fundraising
▼N/A
Source: USAspending.gov · Searched by organization name
Total Federal Funding
$20.6M
Awards Found
26
Department of the Treasury
$3.3M
PURPOSE: TO PROVIDE GRANTS TO COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFIS) FOR THE FOLLOWING PURPOSES 1) TO EXPAND LENDING, GRANT MAKING AND INVESTMENT ACTIVITIES IN LOW OR MODERATE INCOME COMMUNITIES AND TO BORROWERS THAT HAVE HISTORICALLY EXPERIENCED SIGNIFICANT UNMET CAPITAL AND FINANCIAL SERVICES NEEDS AND WERE DISPROPORTIONATELY IMPACTED BY THE COVID 19 PANDEMIC; AND 2) TO ENABLE CDFIS TO BUILD ORGANIZATIONAL CAPACITY AND ACQUIRE TECHNOLOGY, STAFF, AND OTHER TOOLS NECESSARY TO ACCOMPLISH THE ACTIVITIES UNDER A CDFI ERP AWARD. PLANNED ACTIVITIES: ELIGIBLE ACTIVITIES INCLUDE FINANCIAL PRODUCTS, FINANCIAL SERVICES, DEVELOPMENT SERVICES, GRANTS, LOAN LOSS RESERVES AND CAPITAL RESERVES THAT MAY BE USED TO MITIGATE THE IMPACT OF THE COVID 19 PANDEMIC ON UNEMPLOYMENT, CHILDCARE, HEALTHCARE, MENTAL HEALTHCARE, AFFORDABLE HOUSING, AFFORDABLE HOUSING FINANCE, SMALL BUSINESS, SMALL FARMS, BROADBAND INTERNET, AND FOOD SUFFICIENCY. IN ADDITION, TO SUPPORT CDFIS IN BUILDING THEIR CAPACITY TO RESPOND TO THE ECONOMIC IMPACT OF COVID 19, CDFI ERP AWARDS MAY BE USED FOR COMPENSATION PERSONAL SERVICES; COMPENSATION FRINGE BENEFITS; PROFESSIONAL SERVICE COSTS; TRAVEL COSTS; TRAINING AND EDUCATION COSTS; EQUIPMENT; SUPPLIES. END GOALS: EXPANDED FINANCING FOR LOW TO MODERATE INCOME COMMUNITIES AND INDIVIDUALS THAT HAVE HISTORICALLY EXPERIENCED SIGNIFICANT UNMET CAPITAL AND FINANCIAL SERVICES NEEDS AND WERE DISPROPORTIONATELY IMPACTED BY THE COVID 19 PANDEMIC INCLUDING SPECIFIC DESIGNATED COVID IMPACTED CDFI ERP ELIGIBLE GEOGRAPHIES AS AREAS THAT MAY BENEFIT FROM CDFI ERP ASSISTANCE. BENEFICIARIES: CERTIFIED CDFIS WHICH MAY BE FOR PROFIT ORGANIZATION, PRIVATE NONPROFIT INSTITUTION/ORGANIZATION, AND OTHER PRIVATE INSTITUTION/ORGANIZATION, AS DEFINED IN 12 C.F.R. 1805, AND LOW AND MODERATE INCOME INDIVIDUALS AND FAMILIES. SUBRECIPIENTS: THERE ARE NO SUBRECIPIENTS FOR THIS PROGRAM. BROADBAND: SPECIFIC ACTIVITIES RELATING TO BROADBAND USAGE ARE NOT KNOWN AT THE TIME OF AWARD. REASON/PURPOSE OF MODIFICATION: NOT APPLICABLE.
Small Business Administration
$1.4M
RENAISSANCE ECONOMIC DEVELOPMENT CORPORATION, NY THE SMALL BUSINESS ADMINISTRATION (SBA) MICROLOAN PROGRAM PROVIDES DIRECT LOANS AND GRANTS TO ELIGIBLE NON-PROFIT MICROLENDERS SO THAT THEY MAY PROVIDE MICRO-LEVEL LOANS, AND BUSINESS BASED TRAINING AND TECHNICAL ASSISTANCE TO START- UP, NEWLY ESTABLISHED AND GROWING SMALL BUSINESS CONCERNS.
Small Business Administration
$1.1M
RENAISSANCE ECONOMIC DEVELOPMENT CORPORATION SBA MICROLOAN TECHNICAL ASSISTANCE PROGRAM
Small Business Administration
$1M
THE SMALL BUSINESS ADMINISTRATION (SBA) MICROLOAN PROGRAM PROVIDES DIRECT LOANS AND GRANTS TO ELIGIBLE NON-PROFIT MICROLENDERS SO THAT THEY MAY PROVIDE MICRO-LEVEL LOANS, AND BUSINESS BASED TRAINING AND TECHNICAL ASSISTANCE TO START- UP, NEWLY ESTABLISHED AND GROWING SMALL BUSINESS CONCERNS.
Small Business Administration
$822.9K
MICROLOAN PROGRAM - TECHNICAL ASSISTANCE
Small Business Administration
$804.8K
THE SMALL BUSINESS ADMINISTRATION (SBA) MICROLOAN PROGRAM PROVIDES DIRECT LOANS AND GRANTS TO ELIGIBLE NON-PROFIT MICROLENDERS SO THAT THEY MAY PROVIDE MICRO-LEVEL LOANS, AND BUSINESS BASED TRAINING AND TECHNICAL ASSISTANCE TO START- UP, NEWLY ESTABLISHED AND GROWING SMALL BUSINESS CONCERNS.
Department of the Treasury
$800K
PURPOSE: TO PROMOTE ECONOMIC REVITALIZATION AND COMMUNITY DEVELOPMENT THROUGH INVESTMENT IN AND FINANCIAL ASSISTANCE TO COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFIS). PLANNED ACTIVITIES: FINANCIAL ASSISTANCE MUST BE USED FOR FINANCIAL PRODUCTS, FINANCIAL SERVICES (REGULATED INSTITUTIONS ONLY), DEVELOPMENT SERVICES, LOAN LOSS RESERVES, AND CAPITAL RESERVES (REGULATED INSTITUTIONS ONLY), IN AN ELIGIBLE MARKET OR THE RECIPIENT’S APPROVED TARGET MARKET. END GOALS: THE GOAL OF THE FINANCIAL ASSISTANCE IS FOR CDFIS TO BUILD THEIR FINANCIAL CAPACITY TO LEND TO ELIGIBLE MARKETS AND/OR THEIR TARGET MARKETS, IN ORDER TO SERVE RURAL AND URBAN LOW INCOME PEOPLE, AND COMMUNITIES ACROSS THE NATION THAT LACK ADEQUATE ACCESS TO AFFORDABLE FINANCIAL PRODUCTS AND FINANCIAL SERVICES. BENEFICIARIES: PROFIT ORGANIZATION, PRIVATE NONPROFIT INSTITUTION/ORGANIZATION, OTHER PRIVATE INSTITUTION/ORGANIZATION INVESTMENT AREAS AND TARGETED POPULATIONS, AS DEFINED IN 12 C.F.R. 1805. SUBRECIPIENTS: THERE ARE NO SUBRECIPIENTS FOR THIS PROGRAM. BROADBAND: SPECIFIC ACTIVITIES RELATING TO BROADBAND USAGE ARE NOT KNOWN AT THE TIME OF AWARD. REASON/PURPOSE OF MODIFICATION: THE RIEGLE ACT (P.L. 103 325), THE STATUTE WHICH AUTHORIZES THE CDFI PROGRAM, REQUIRES THAT FINANCIAL ASSISTANCE AWARDS, INCLUDING BASE FINANCIAL ASSISTANCE (BASE FA), DISABILITY FUNDS FINANCIAL ASSISTANCE (DF FA), AND PERSISTENT POVERTY COUNTIES FINANCIAL ASSISTANCE (PPC FA), BE MATCHED WITH FUNDS FROM NON FEDERAL GOVERNMENT SOURCES AND COMPARABLE IN FORM AND VALUE TO THE FA AWARD. MODIFICATIONS WOULD BE REQUIRED IF THERE IS A CHANGE IN THE FORM AND/OR AMOUNT ORIGINALLY OBLIGATED FOR THE AWARD, BASED ON APPROVED MATCHING FUNDS. NOTE: MATCHING FUNDS ARE REQUIRED ONLY FOR ORGANIZATIONS APPLYING AS CATEGORY II/CORE FA APPLICANTS UNDER THE CDFI PROGRAM. MATCHING FUNDS ARE NOT REQUIRED FOR ANY NATIVE CDFI APPLICANTS OR HOUSING PRODUCTION FINANCIAL ASSISTANCE AWARDS (HP FA). ADDITIONALLY, MATCHING FUNDS ARE NOT REQUIRED FOR SMALL AND EMERGING CDFI ASSISTANCE (SECA) FA APPLICANTS AND HEALTHY FOOD FINANCING INITIATIVES (HFFI) FA APPLICANTS, PENDING FINAL FY 2025 APPROPRIATIONS LANGUAGE.
Department of the Treasury
$701.5K
PURPOSE: TO PROMOTE ECONOMIC REVITALIZATION AND COMMUNITY DEVELOPMENT THROUGH INVESTMENT IN AND FINANCIAL ASSISTANCE TO COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS (CDFIS). PLANNED ACTIVITIES: FINANCIAL ASSISTANCE MUST BE USED FOR FINANCIAL PRODUCTS, FINANCIAL SERVICES (REGULATED INSTITUTIONS ONLY), DEVELOPMENT SERVICES, LOAN LOSS RESERVES, AND CAPITAL RESERVES (REGULATED INSTITUTIONS ONLY), IN AN ELIGIBLE MARKET OR THE RECIPIENT’S APPROVED TARGET MARKET. END GOALS: THE GOAL OF THE FINANCIAL ASSISTANCE IS FOR CDFIS TO BUILD THEIR FINANCIAL CAPACITY TO LEND TO ELIGIBLE MARKETS AND/OR THEIR TARGET MARKETS, IN ORDER TO SERVE RURAL AND URBAN LOW INCOME PEOPLE, AND COMMUNITIES ACROSS THE NATION THAT LACK ADEQUATE ACCESS TO AFFORDABLE FINANCIAL PRODUCTS AND FINANCIAL SERVICES. BENEFICIARIES: PROFIT ORGANIZATION, PRIVATE NONPROFIT INSTITUTION/ORGANIZATION, OTHER PRIVATE INSTITUTION/ORGANIZATION INVESTMENT AREAS AND TARGETED POPULATIONS, AS DEFINED IN 12 C.F.R. 1805. SUBRECIPIENTS: THERE ARE NO SUBRECIPIENTS FOR THIS PROGRAM. BROADBAND: SPECIFIC ACTIVITIES RELATING TO BROADBAND USAGE ARE NOT KNOWN AT THE TIME OF AWARD. REASON/PURPOSE OF MODIFICATION: THE RIEGLE ACT (P.L. 103 325), THE STATUTE WHICH AUTHORIZES THE CDFI PROGRAM, REQUIRES THAT FINANCIAL ASSISTANCE AWARDS, INCLUDING BASE FINANCIAL ASSISTANCE (BASE FA), DISABILITY FUNDS FINANCIAL ASSISTANCE (DF FA), AND PERSISTENT POVERTY COUNTIES FINANCIAL ASSISTANCE (PPC FA), BE MATCHED WITH FUNDS FROM NON FEDERAL GOVERNMENT SOURCES AND COMPARABLE IN FORM AND VALUE TO THE FA AWARD. MODIFICATIONS WOULD BE REQUIRED IF THERE IS A CHANGE IN THE FORM AND/OR AMOUNT ORIGINALLY OBLIGATED FOR THE AWARD, BASED ON APPROVED MATCHING FUNDS. NOTE: MATCHING FUNDS ARE REQUIRED ONLY FOR ORGANIZATIONS APPLYING AS CATEGORY II/CORE FA APPLICANTS UNDER THE CDFI PROGRAM. MATCHING FUNDS ARE NOT REQUIRED FOR ANY NATIVE CDFI APPLICANTS OR HOUSING PRODUCTION FINANCIAL ASSISTANCE AWARDS (HP FA). ADDITIONALLY, MATCHING FUNDS ARE NOT REQUIRED FOR SMALL AND EMERGING CDFI ASSISTANCE (SECA) FA APPLICANTS AND HEALTHY FOOD FINANCING INITIATIVES (HFFI) FA APPLICANTS, PENDING FINAL FY 2025 APPROPRIATIONS LANGUAGE.
Small Business Administration
$636.2K
MICROLOAN TECHNICAL ASSISTANCE AWARD
Small Business Administration
$620.7K
RENAISSANCE ECONOMIC DEVELOPMENT CORPORATION - NY
Small Business Administration
$498.8K
MICROLOAN TECHNICAL ASSISTANCE PROGRAM
Small Business Administration
$477.7K
MICROLOAN TECHNICAL ASSISTANCE PROGRAM
Environmental Protection Agency
$200K
FUNDING FOR CLEANUP OF ASBESTOS, LEAD PAINT, AND OTHER HAZARDOUS WASTES AT BUILDING NO 9 OF THE HARDESTY FEDERAL COMPLEX KANSAS CITY.
Environmental Protection Agency
$200K
THIS ASSISTANCE AGREEMENT WILL PROVIDE BROWNFIELD CLEANUP FUNDING TO THE HARDESTY RENAISSANCE ECONOMIC DEVELOPMENT CORPORATION TO CLEANUP ASBESTOS, L
Source: Federal Audit Clearinghouse (fac.gov)
Total Audits
5
Clean Audits
4
Material Weakness
Yes
Noncompliance Issues
No
| Year | Status | Financial Report | Federal Expenditure | Low Risk | Accepted |
|---|---|---|---|---|---|
| 2024 | Material Weakness | Unmodified (Clean) | $4.8M | Yes | 2025-09-20 |
| 2023 | Clean | Unmodified (Clean) | $2.9M | Yes | 2024-08-14 |
| 2022 | Clean | Unmodified (Clean) | $3.8M | Yes | 2023-09-25 |
| 2021 | Clean | Unmodified (Clean) | $2.4M | Yes | 2022-09-11 |
| 2020 | Clean | Unmodified (Clean) | $1.3M | Yes | 2021-09-27 |
Financial Report
Unmodified (Clean)
Federal Expenditure
$4.8M
Financial Report
Unmodified (Clean)
Federal Expenditure
$2.9M
Financial Report
Unmodified (Clean)
Federal Expenditure
$3.8M
Financial Report
Unmodified (Clean)
Federal Expenditure
$2.4M
Financial Report
Unmodified (Clean)
Federal Expenditure
$1.3M
Tax Year 2024 · Source: IRS e-Filed Form 990Schedule J available
Individuals serving as officers, directors, or trustees of the organization.
| Name | Title | Hrs/Wk | Compensation | Related Orgs | Other |
|---|
Source: IRS Publication 78, Auto-Revocation List & e-Postcard Data
Tax-deductible contributions: Yes
Deductibility code: PC
Sources: IRS e-Filed Form 990 (XML) & ProPublica Nonprofit Explorer
Scroll →
| Year | Revenue | Contributions | Expenses | Assets | Net Assets |
|---|---|---|---|---|---|
| 2024IRS e-File | $6M | $4.8M | $5.6M | $33.7M | $19M |
| 2023IRS e-File | $4.1M | $2.9M | $5.1M | $32.6M | $18.5M |
| 2022 | $4.2M | $3.9M | $3.6M | $31.3M | $19.6M |
| 2021 | $5.4M |
Sources: ProPublica Nonprofit Explorer & IRS e-File Index
| Tax Year | Form Type | Source | Documents |
|---|---|---|---|
| 2024 | 990 | IRS e-File | PDF not yet published by IRSView Filing → |
| 2023 | 990 | DataIRS e-File | PDF not yet published by IRSView Filing → |
| 2022 | 990 | DataIRS e-File |
Financial data: IRS e-Filed Form 990 (Tax Year 2024)
Leadership & compensation: IRS e-Filed Form 990, Part VII (Tax Year 2024)
Federal grants: USAspending.gov (live)
Organization info: IRS Business Master File
Tax-deductibility: IRS Publication 78
| Total |
|---|
| Thomas Yu | President/executive Director | 1 | $0 | $284.1K | $61.9K | $346K |
| Jessie Lee | Managing Director | 35 | $203.2K | $0 | $30.8K | $233.9K |
| Mary Liu | Deputy Managing Director | 40 | $141.6K | $0 | $67.6K | $209.2K |
| Joy Suzanne Granado | Chief Accounting Officer (outgoing) | 1 | $0 | $175.3K | $21.4K | $196.7K |
| Turney Singh Baba | Treasurer | 1 | $0 | $0 | $0 | $0 |
| Raymond Lou | Secretary (outgoing) | 1 | $0 | $0 | $0 | $0 |
| Peggy Chan | Treasurer (outgoing) | 0.3 | $0 | $0 | $0 | $0 |
Thomas Yu
President/executive Director
$346K
Hrs/Wk
1
Compensation
$0
Related Orgs
$284.1K
Other
$61.9K
Jessie Lee
Managing Director
$233.9K
Hrs/Wk
35
Compensation
$203.2K
Related Orgs
$0
Other
$30.8K
Mary Liu
Deputy Managing Director
$209.2K
Hrs/Wk
40
Compensation
$141.6K
Related Orgs
$0
Other
$67.6K
Joy Suzanne Granado
Chief Accounting Officer (outgoing)
$196.7K
Hrs/Wk
1
Compensation
$0
Related Orgs
$175.3K
Other
$21.4K
Turney Singh Baba
Treasurer
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Raymond Lou
Secretary (outgoing)
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Peggy Chan
Treasurer (outgoing)
$0
Hrs/Wk
0.3
Compensation
$0
Related Orgs
$0
Other
$0
Highest compensated employees who are not officers or directors.
| Name | Title | Hrs/Wk | Compensation | Related Orgs | Other | Total |
|---|---|---|---|---|---|---|
| Jannie Lai | Director Of Programs | 40 | $115.6K | $0 | $54.8K | $170.3K |
| Socorro Maria Corona | Please Provide Tittle | 40 | $100.3K | $0 | $0 | $100.3K |
Jannie Lai
Director Of Programs
$170.3K
Hrs/Wk
40
Compensation
$115.6K
Related Orgs
$0
Other
$54.8K
Socorro Maria Corona
Please Provide Tittle
$100.3K
Hrs/Wk
40
Compensation
$100.3K
Related Orgs
$0
Other
$0
Members of the governing board. Board members often serve without compensation.
| Name | Title | Hrs/Wk | Compensation | Related Orgs | Other | Total |
|---|---|---|---|---|---|---|
| Connie Lee | Board Member | 1 | $0 | $0 | $0 | $0 |
| Gigi Lau Gilsinan | Board Member | 1 | $0 | $0 | $0 | $0 |
| Kyle Foley | Board Member | 0.3 | $0 | $0 | $0 | $0 |
| Michael Fong | Board Member | 1 | $0 | $0 | $0 | $0 |
| Michael Lee | Board Member | 1 | $0 | $0 | $0 | $0 |
| Timothy Wong | Board Member |
Connie Lee
Board Member
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Gigi Lau Gilsinan
Board Member
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Kyle Foley
Board Member
$0
Hrs/Wk
0.3
Compensation
$0
Related Orgs
$0
Other
$0
| $4.5M |
| $3.1M |
| $35.5M |
| $19M |
| 2020 | $6.7M | $5.8M | $3.4M | $34M | $16.6M |
| 2019 | $2.3M | $1.5M | $2.5M | $26.9M | $13.3M |
| 2018 | $2.4M | $1.6M | $2.3M | $25.9M | $13.6M |
| 2017 | $2.2M | $1.6M | $2.2M | $26.9M | $13.5M |
| 2016 | $2.3M | $1.6M | $2.1M | $23.7M | $13.5M |
| 2015 | $2.6M | $1.2M | $2M | $20.9M | $13.2M |
| 2014 | $1.7M | $1.2M | $1.7M | $20.7M | $12.5M |
| 2013 | $2M | $1.3M | $2M | $20.1M | $12.6M |
| 2012 | $2.3M | $1.7M | $1.9M | $19M | $12.6M |
| 2011 | $1.6M | $847.3K | $1.5M | $17.3M | $12.2M |
| 2010 | $1.5M | $921.2K | $2.1M | $14.7M | $12.1M |
| 2021 | 990 | Data |
| 2020 | 990 | Data |
| 2019 | 990 | Data |
| 2018 | 990 | Data |
| 2017 | 990 | Data |
| 2016 | 990 | Data |
| 2015 | 990 | Data |
| 2014 | 990 | Data |
| 2013 | 990 | Data |
| 2012 | 990 | Data |
| 2011 | 990 | Data |
| 2010 | 990 | Data |
| 2009 | 990 | — |
| 2008 | 990 | — |
| 2007 | 990 | — |
| 2006 | 990 | — |
| 2005 | 990 | — |
| 2004 | 990 | — |
| 2003 | 990 | — |
| 2002 | 990 | — |
| 2001 | 990 | — |
| 1 |
| $0 |
| $0 |
| $0 |
| $0 |
| Tony Lin | Board Member | 1 | $0 | $0 | $0 | $0 |
Michael Fong
Board Member
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Michael Lee
Board Member
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Timothy Wong
Board Member
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0
Tony Lin
Board Member
$0
Hrs/Wk
1
Compensation
$0
Related Orgs
$0
Other
$0