Chelsea Economic Dvelopment Corporation
Public records show a registered, tax-exempt organization in good standing.
Points to look into
- It owes more than it owns.
These come from the organization's own tax return. There may be a good explanation; ask the charity.
What it says it does
The Chelsea Economic Development Corporation [Chelsea EDC / CEDC] is partnering with residents, businesses and community organizations to activate projects which expand economic opportunity and improve the quality of life in the Chelsea Neighborhood of Atlantic City. The projects leverage the diversity and determination of the people; the neighborhood's beautiful natural assets such as the beach; the numerous and iconic business districts; and the stability and commitment of the anchor institutions and businesses organizations to build on what is a great neighborhood.
- Income
- $1.0 million
- Spending
- $985,302
- Spent on programs
- 89%
- Reserves
- -1.6 months of spending
- Largest source of income
- government grants, 98%
- Employees
- 18
- Volunteers
- 0
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Weak: 45 out of 100. Higher than 15% of charities in its peer group (community improvement, $1m to $10m).
Reserves
0 of 35Spendable reserves are negative: it owes or has committed more than it holds.
Debt
0 of 20It owes 125% of what it owns.
Living within its means
15 of 15Income exceeded spending by 5% of income.
Income trend
15 of 15Income rose 34% on the year before.
Spending floor
15 of 1589% of spending went to programs and raising each dollar of donations cost 0 cents.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Good: 84 out of 100. Higher than 36% of charities in its peer group (community improvement, $1m to $10m).
Independent board
25 of 2515 of 15 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Independent check of accounts
0 of 15Its accounts were not audited or reviewed by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (5)
- $460,510 spent. Beautify Chelsea: We are enhancing public spaces with flowers, trees, art, and streetscaping, and increasing vibrancy through neighborhood clean-ups, code violation reporting, social service outreach, and increased public safety presence.
- $149,636 spent. Merchant Support: Supporting small businesses and providing better career opportunities for residents is our priority. For businesses, Chelsea EDC provides grants for capital improvements, facade makeovers, permit assistance, marketing assistance, and social media development.
- $135,559 spent. Homebuyer Education: Chelsea EDC gives cash incentives to those that rent, work, or own a business in Chelsea to purchase a home in the neighborhood. Chelsea is also working with local contractors and developers to create more and higher quality housing.
- $49,107 spent. Community Events: Our events and programs celebrate the diversity of the neighborhood's cultures, businesses, and institutions and strengthen the community.
- $82,497 spent. Career Pathways: Chelsea EDC is providing grants for business education, training, and networking opportunities. To connect residents with career opportunities, Chelsea EDC funds technology and job training programs for youth and adults.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated November 6, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2024.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since March 2020.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated November 4, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.