Griffiss Local Development Corporation
- Assets
- $29.7m
- Revenue
- $6.5m
- Investments
- $2.2m
- Employees
- 12
- Location
- Rome, NY
- Founding
- 03/1995
- Data as of
- 12/2023
- EIN
- 16-1471446
Organization Overview
Griffiss Local Development Corporation is located in Rome, NY. The organization was established in 1995. 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. As of 12/2023, Griffiss Local Development Corporation employed 12 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Griffiss 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 12/2023, Griffiss Local Development Corporation generated $6.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 4.4% each year. All expenses for the organization totaled $5.7m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO REDEVELOP THE FORMER GRIFFISS AIR FORCE BASE IN ROME, NEW YORK, INTO A BUSINESS AND TECHNOLOGY PARK.
Describe the Organization's Program Activity:
GRIFFISS REDEVELOPMENT-TO COORDINATE REDEVELOPMENT OF THE GRIFFISS BUSINESS AND TECHNOLOGY PARK INCLUDING THE LEASING AND/OR SALE OF UNOCCUPIED BUILDINGS AND VACANT LANDS WITHIN THE PARK.
MARKETING AND PROMOTION- INCLUDES ALL DIRECT AND INDIRECT EXPENSES ATTRIBUTABLE TO THE OVERALL MARKETING AND PROMOTION OF THE GRIFFISS BUSINESS AND TECHNOLOGY PARK FACILITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elis Delia Chairman | OfficerTrustee | 1 | $0 |
Kevin Martin Vice Chairman | OfficerTrustee | 1 | $0 |
Deborah Grogan Treasurer | OfficerTrustee | 1 | $0 |
Evan Degennaro Member | Trustee | 1 | $0 |
Erin Weiman Member | Trustee | 1 | $0 |
Chad Lawrence Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ontario Hvac Solutions Inc Construction | 12/30/23 | $1,256,630 |
Economic Development Growth Enterprises Service Fee | 12/30/23 | $486,447 |
Griffiss Utilities Services Utilities | 12/30/23 | $283,368 |
National Grid Utility Improvement | 12/30/23 | $174,137 |
Saunders Kahler Llp Legal Services | 12/30/23 | $171,339 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,122,953 |
| 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 | $2,122,953 |
| Total Program Service Revenue | $3,707,859 |
| Investment income | $25,030 |
| 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 | $6,476,737 |
| 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 | $694,772 |
| Pension plan accruals and contributions | $62,169 |
| Other employee benefits | $113,552 |
| Payroll taxes | $56,861 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $226,114 |
| Fees for services: Accounting | $30,040 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $792,299 |
| Advertising and promotion | $6,896 |
| Office expenses | $22,403 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $842,288 |
| Travel | $76,257 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $334,024 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,778,020 |
| Insurance | $93,152 |
| All other expenses | $0 |
| Total functional expenses | $5,706,612 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,606,395 |
| Savings and temporary cash investments | $742,482 |
| Pledges and grants receivable | $2,688,632 |
| Accounts receivable, net | $76,842 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $135,771 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $100,238 |
| Net Land, buildings, and equipment | $16,863,228 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,169,572 |
| Investments—program-related | $0 |
| Intangible assets | $132,000 |
| Other assets | $5,143,729 |
| Total assets | $29,658,889 |
| Accounts payable and accrued expenses | $2,087,387 |
| Grants payable | $0 |
| Deferred revenue | $67,660 |
| 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 | $7,390,398 |
| Unsecured mortgages and notes payable | $638,671 |
| Other liabilities | $789,933 |
| Total liabilities | $10,974,049 |
| Net assets without donor restrictions | $18,684,840 |
| 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 | $29,658,889 |