Citec Inc
- Assets
- $1.3m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 8
- Location
- Potsdam, NY
- Founding
- 06/1993
- Data as of
- 12/2021
- EIN
- 13-3673737
Organization Overview
Citec Inc is located in Potsdam, NY. The organization was established in 1993. According to its NTEE Classification (B99) the organization is classified as: Education N.E.C., under the broad grouping of Education and related organizations. As of 12/2021, Citec Inc employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Citec Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Citec Inc generated $1.1m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.7%) each year. All expenses for the organization totaled $854.7k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (4.8%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDING ASSISTANCE TO THE DEVELOPMENT AND GROWTH OF TECHNOLOGY BASED BUSINESSES THROUGH INTERNATIONAL TRADE, EDUCATIONAL RESOURCES, AND COMMUNICATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING ASSISTANCE TO THE DEVELOPMENT AND GROWTH OF TECHNOLOGY BASED BUSINESSES THROUGH INTERNATIONAL TRADE, EDUCATIONAL RESOURCES, AND COMMUNICATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Lockwood Executive Director | 40 | $135,211 | |
Katerine Chepeleff Business Advisor | 40 | $103,473 | |
George Bouyea President | OfficerTrustee | 3 | $0 |
Andrew Mcmahon Vice President | OfficerTrustee | 3 | $0 |
Daniel Votraw Secretary/treasurer | OfficerTrustee | 3 | $0 |
Ronald Bacon Trustee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $688,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $688,000 |
| Total Program Service Revenue | $382,543 |
| Investment income | $2,920 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$475 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,072,988 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $659,169 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $5,147 |
| Payroll taxes | $45,541 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $68,954 |
| Advertising and promotion | $3,705 |
| Office expenses | $17,461 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $6,964 |
| Travel | $15,249 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $576 |
| Interest | $1,797 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,334 |
| Insurance | $6,540 |
| All other expenses | $0 |
| Total functional expenses | $854,690 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $858,573 |
| Savings and temporary cash investments | $245,226 |
| Pledges and grants receivable | $157,465 |
| Accounts receivable, net | $27,285 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $4,380 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,292,929 |
| Accounts payable and accrued expenses | $32,599 |
| Grants payable | $0 |
| Deferred revenue | $30,200 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $62,799 |
| Net assets without donor restrictions | $1,230,130 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,292,929 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Citec Inc has recieved totaling $10,000.
| Awarding Organization | Amount |
|---|---|
New York City Industrial Technology Assistance Corporation New York, NY PURPOSE: To help scale PPE production and to maximize PPE lifespan. | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Braverhood Ltd Brooklyn, NY | $56,044,966 | $113,467,057 |
Chevron Phillips Chemical Co Lp Health & Benefit Tr Veba Pittsburgh, PA | $15,880,618 | $77,964,861 |
Coordinated Behavioral Care Inc New York, NY | $25,699,878 | $79,934,258 |
Success Academy Charter Schools Inc New York, NY | $162,966,057 | $99,368,525 |
Inspirittec Inc Philadelphia, PA | $65,630,872 | $75,964,924 |
Baker Hall Lackawanna, NY | $43,415,308 | $53,649,609 |
Pennsylvania Virtual Charter School King Of Prussia, PA | $24,898,829 | $49,068,085 |
Tiegerman School Glen Cove, NY | $36,938,898 | $36,850,171 |
Proteus Fund Inc Amherst, MA | $47,115,132 | $46,264,432 |
Teach For All Inc New York, NY | $63,275,692 | $50,938,774 |
Pay It Forward Foundation Inc Pittsburgh, PA | $11,909,629 | $29,731,720 |
Lifesteps Inc Butler, PA | $25,871,848 | $32,536,752 |