Economic Development Corporation
- Assets
- $1.1m
- Revenue
- $637.6k
- Investments
- $0.0
- Employees
- 11
- Location
- Glens Falls, NY
- Founding
- 09/1993
- Data as of
- 12/2023
- EIN
- 14-1757090
Organization Overview
Economic Development Corporation is located in Glens Falls, NY. The organization was established in 1993. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Economic Development Corporation employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic 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 12/2023, Economic Development Corporation generated $637.6k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (5.2%) each year. All expenses for the organization totaled $715.1k during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO DRIVE ECONOMIC OPPORTUNITY, GROWTH, AND PROSPERITY IN WARREN COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT:ACHIEVED CERTAIN CHARITABLE OBJECTIVES AND PUBLIC PURPOSES OF RELIEVING AND REDUCING ADULT UNEMPLOYMENT, PROMOTING AND PROVIDING FOR QUALITY JOBS FOR WARREN COUNTY CITIZENS AND LESSENING THE BURDENS OF GOVERNMENT WITHIN THE WARREN COUNTY REGION OF NEW YORK BY THE FOLLOWING ACTIVITIES: ENCOURAGING THE RETENTION AND EXPANSION OF VARIOUS BUSINESS ENTERPRISES IN THE WARREN COUNTY REGION; PROVIDING MANAGERIAL, TECHNICAL, AND ADMINISTRATIVE ADVICE TO ASSIST LOCAL BUSINESS ENTERPRISES; ATTRACTING THE LOCATION OF BUSINESS ENTERPRISES TO THE WARREN COUNTY REGION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mike Wild Board Member | Trustee | 1 | $0 |
John Strough Board Member | Trustee | 1 | $0 |
Susan Corney Board Member | Trustee | 1 | $0 |
Kristine Duffy Board Member | Trustee | 1 | $0 |
Michael Pratt Board Member | Trustee | 1 | $0 |
Libby Coreno Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $486,274 |
| All other contributions, gifts, grants, and similar amounts not included above | $131,750 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $618,024 |
| Total Program Service Revenue | $13,718 |
| Investment income | $5,233 |
| 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 | $637,594 |
| 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. | $167,369 |
| Compensation of current officers, directors, key employees. | $33,474 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $229,670 |
| Pension plan accruals and contributions | $17,241 |
| Other employee benefits | $15,979 |
| Payroll taxes | $28,504 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,372 |
| Fees for services: Accounting | $11,802 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,271 |
| Advertising and promotion | $46,867 |
| Office expenses | $7,555 |
| Information technology | $34,792 |
| Royalties | $0 |
| Occupancy | $44,970 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,876 |
| Insurance | $7,330 |
| All other expenses | $4,992 |
| Total functional expenses | $715,135 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $40,085 |
| Savings and temporary cash investments | $334,156 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $66,038 |
| 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 | $32,710 |
| Net Land, buildings, and equipment | $160,545 |
| Investments—publicly traded securities | $251,326 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $175,946 |
| Total assets | $1,060,806 |
| Accounts payable and accrued expenses | $20,826 |
| Grants payable | $0 |
| Deferred revenue | $57,000 |
| 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 | $176,051 |
| Total liabilities | $253,877 |
| Net assets without donor restrictions | $806,929 |
| 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 | $1,060,806 |