Troy Local Development Corporation
- Assets
- $4.0m
- Revenue
- $290.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Troy, NY
- Founding
- 08/1991
- Data as of
- 12/2022
- EIN
- 14-1736403
Organization Overview
Troy Local Development Corporation is located in Troy, NY. The organization was established in 1991. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Troy Local Development Corporation 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 12/2022, Troy Local Development Corporation generated $290.7k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 5.7% each year. All expenses for the organization totaled $138.3k during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE TROY LOCAL DEVELOPMENT CORPORATION, A PRIVATE NOT-FOR-PROFIT CORPORATION, WAS ESTABLISHED IN 1987 FOR THE PURPOSES OF CONSTRUCTING, ACQUIRING, REHABILITATING, AND IMPROVING BUILDINGS OR SITES IN THE CITY OF TROY, AND TO ASSIST FINANCIALLY IN THE CONSTRUCTION, ACQUISITION, REHABILITATION, AND IMPROVEMENT OF BUILDING OR SITES WITHIN THE CITY, AND TO FOSTER EMPLOYMENT OPPORTUNITIES FOR TROY RESIDENTS, INCLUDING BUSINESS RETENTION AND ATTRACTION, AND JOB CREATION AND RETENTION. THE TLDC ALSO SERVES AS A LIAISON WITH FEDERAL, STATE AND OTHER LOCAL AUTHORITIES WITH RESPECT TO DISSEMINATING INFORMATION AND OFFERING TECHNICAL ADVICE. THE TLDC HAS THE AUTHORITY TO ACQUIRE REAL OR PERSONAL PROPERTY BY PURCHASE OR LEASE, BORROW FUNDS, PROVIDE FINANCIAL ASSISTANCE, AND ISSUE NEGOTIABLE BONDS, NOTES AND OTHER OBLIGATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROGRAMS UNDERTAKEN BY THE TROY LOCAL DEVELOPMENT CORPORATION (TLDC) INCLUDE: GRANT-MAKING TO APPROVED APPLICANTS FOR REAL PROPERTY IMPROVEMENTS, LOW-INTEREST RATE ADVANCES TO ACCOMPLISH SIMILAR IMPROVEMENT PURPOSES, AND RENTAL OF OWNED PROPERTY FOR THE ENHANCEMENT OF REGIONALLY-TARGETED ECONOMIC GROWTH AND DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Betts Chairman | OfficerTrustee | 1 | $0 |
Andrew Ross Vice Chairman | OfficerTrustee | 1 | $0 |
Dep Mayor Christopher J Nolin Board Member | Trustee | 1 | $0 |
Steven Strichman Executive Director | Officer | 1 | $15,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $73,948 |
| Investment income | $48,280 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $290,738 |
| 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. | $15,000 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $13,756 |
| Fees for services: Accounting | $28,414 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $113 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $12,266 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $39,879 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,308 |
| Insurance | $18,447 |
| All other expenses | $0 |
| Total functional expenses | $138,341 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $264,674 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $516 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $264,442 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,002 |
| Net Land, buildings, and equipment | $2,633,049 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $840,389 |
| Total assets | $4,010,072 |
| Accounts payable and accrued expenses | $16,585 |
| Grants payable | $0 |
| Deferred revenue | $1,008,229 |
| 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 | $877,000 |
| Total liabilities | $1,901,814 |
| Net assets without donor restrictions | $2,108,258 |
| 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 | $4,010,072 |
Grants Awarded
Over the last fiscal year, Troy Local Development Corporation has awarded $40,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
THE FUTURE OF SMALL CITIES INC PURPOSE: TO FUND THE CREATION OF THE FOCUS LIVING LAB LOCATED IN MONUMENT SQUARE. | $15,000 |
TROY MUSIC ACADEMY INC PURPOSE: TO FUND LIVE MUSIC IN CONJUNCTION WITH THE SUMMER SQUARE COLLABORATIVE. | $15,000 |
THE LOST BOY LLC PURPOSE: TO FUND LIVE MUSIC IN CONJUNCTION WITH THE SUMMER SQUARE COLLABORATIVE. | $10,000 |