Steuben Area Economic Development
- Assets
- $237.7k
- Revenue
- $147.0
- Investments
- $0.0
- Employees
- 0
- Location
- Bath, NY
- Founding
- 12/1999
- Data as of
- 12/2022
- EIN
- 16-1245812
Organization Overview
Steuben Area Economic Development is located in Bath, NY. The organization was established in 1999. According to its NTEE Classification (S30) the organization is classified as: Economic 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. Steuben Area Economic Development is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2022, Steuben Area Economic Development generated $147.0 in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.1%) each year. All expenses for the organization totaled $6.8k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (1.7%) per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE PURPOSE OF THE STEUBEN AREA ECONOMIC DEVELOPMENT CORPORATION IS TO PROMOTE THE GENERAL WELFARE OF THE RESIDENTS OF STEUBEN COUNTY, LESSEN THE BURDEN TO GOVERNMENT ENTITIES, AID IN RELIEVING AND REDUCING ADULT UNEMPLOYMENT, AND ACT OTHERWISE IN THE PUBLIC INTEREST.THE CORPORATION'S GOAL IS TO STIMULATE THE ECONOMY AND IMPROVE THE QUALITY OF LIFE IN STEUBEN COUNTY BY STRENGTHENING THE WORKFORCE, CREATING JOBS, ENCOURAGING AND LEVERAGING INVESTMENT IN THE COUNTY'S ECONOMIC DEVELOPMENT INFRASTRUCTURE, AND INCREASING THE TAX BASE.THE CORPORATION WILL ASSIST AND PARTICIPATE IN THE PLANNING, FUNDING, AND DEVELOPMENT OF SITES, BUILDINGS, INFRASTRUCTURE, AND OTHER PROGRAMS AND ACTIVITIES NECESSARY TO STIMULATE ECONOMIC DEVELOPMENT ACTIVITIES, ATTRACT NEW BUSINESSES, AND EXPAND AND DEVELOP EXISTING BUSINESSES. IT ALSO WILL INSTRUCT OR TRAIN INDIVIDUALS TO IMPROVE OR DEVELOP THEIR CAPACITY FOR EMPLOYMENT, CARRY ON RESEARCH, AND OWN AND DEVELOP PROPERTY AND OTHER ASSETS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION IS ORGANIZED TO PROMOTE THE ECONOMIC WELFARE OF INHABITANTS OF STEUBEN COUNTY, NY AND TO ACTIVELY PROMOTE, ATTRACT, ENCOURAGE, AND DEVELOP ECONOMICALLY SOUND COMMERCE AND INDUSTRY BY ENHANCING JOB OPPORTUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dean Strobel Secretary | Officer | 0.3 | $0 |
Anthony Russo Treasurer | Officer | 0.3 | $0 |
Mark Alger Chairman | Officer | 0.3 | $0 |
Scott Vanetten Vice Chairman | Officer | 0.3 | $0 |
Christine Sharkey Member | Trustee | 0.3 | $0 |
Mike Davidson Member | Trustee | 0.3 | $0 |
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 | $0 |
| Investment income | $147 |
| 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 | $147 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $975 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $100 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| 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 | $0 |
| Insurance | $401 |
| All other expenses | $0 |
| Total functional expenses | $6,848 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $139,143 |
| Savings and temporary cash investments | $98,580 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $237,723 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Net assets without donor restrictions | $237,723 |
| 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 | $237,723 |
Grants Awarded
Over the last fiscal year, Steuben Area Economic Development has awarded $800,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CORNING PROPERTIES INC PURPOSE: FOR THE PAYMENT OR REIMBURSEMENT OF COSTS INCURRED IN RELATION TO THE DEMOLITION OF CERTAIN STRUCTURES AND REMEDIATION OF PROPERTY LOCATED IN THE CITY OF CORNING | $402,046 |
Corning, NY PURPOSE: TO ASSIST IN PAYING THE COSTS ASSOCIATED WITH THE CONSTRUCTION AND EQUIPPING OF AN APPROXIMATELY 21,000 SQUARE FOOT SCHOOL OF NURSING BUILDING LOCATED IN THE CITY OF CORNING | $397,954 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |
Greater Boston Convention And Tourist Bureau Inc Boston, MA | $3,175,283 | $8,778,402 |
Choose New Jersey Inc Newark, NJ | $7,145,867 | $9,053,939 |
Dauphin County Economic Development Corporation Harrisburg, PA | $8,424,591 | $10,449,757 |
Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc Bethlehem, PA | $58,069,128 | $6,233,285 |
Greater Pittsburgh Convention & Visitors Bureau Inc Pittsburgh, PA | $10,210,665 | $8,196,256 |
Structured Employment Economic Development Corporation New York, NY | $3,440,081 | $6,983,803 |
Delaware Valley Industrial Resource Center Philadelphia, PA | $2,959,574 | $7,894,285 |
Elizabeth Development Company Of New Jersey Elizabeth, NJ | $19,921,454 | $5,978,138 |
Pa Irc Network Foundation Williamsport, PA | $229,668 | $6,193,798 |