Greater Lockport Development Corporation
- Assets
- $5.1m
- Revenue
- $352.4k
- Investments
- $0.0
- Employees
- 5
- Location
- Lockport, NY
- Founding
- 08/1983
- Data as of
- 12/2021
- EIN
- 22-2438263
Organization Overview
Greater Lockport Development Corporation is located in Lockport, NY. The organization was established in 1983. 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 12/2021, Greater Lockport Development Corporation employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Lockport 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 12/2021, Greater Lockport Development Corporation generated $352.4k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.6% each year. All expenses for the organization totaled $720.6k during the year ending 12/2021. While expenses have increased by 7.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
FURTHERING ECONOMIC DEVELOPMENT IN THE CITY OF LOCKPORT
Describe the Organization's Program Activity:
PROVIDE ECONOMIC DEVELOPMENT ASSISTANCE TO LOCAL BUSINESSES AND ENHANCE EMPLOYMENT OPPORTUNITIES FOR THE SURROUNDING COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Heather Peck Vice President | Officer | 32 | $54,063 |
Brian Smith President | Officer | 20 | $12,500 |
Scott A Cain Chairman | OfficerTrustee | 1 | $0 |
Gary Bennett Secretary | OfficerTrustee | 1 | $0 |
Franklin Knowles Treasurer | OfficerTrustee | 1 | $0 |
Kathy Dimillo Vice Chair | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $422,077 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,391 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $427,468 |
| Total Program Service Revenue | $0 |
| Investment income | $3,631 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$65,818 |
| Net Gain/Loss on Asset Sales | -$37,027 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $352,423 |
| 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 | $107,082 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,006 |
| Payroll taxes | $9,480 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $123,816 |
| Advertising and promotion | $1,487 |
| 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 | $1,500 |
| Interest | -$400 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $6,825 |
| All other expenses | $6,834 |
| Total functional expenses | $720,612 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $334,191 |
| Savings and temporary cash investments | $186,225 |
| Pledges and grants receivable | $5,391 |
| Accounts receivable, net | $21,601 |
| 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 | $34,028 |
| Net Land, buildings, and equipment | $4,533,413 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,114,849 |
| Accounts payable and accrued expenses | $128,664 |
| Grants payable | $0 |
| Deferred revenue | $9,037 |
| 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 | $3,185,944 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $69,429 |
| Total liabilities | $3,393,074 |
| Net assets without donor restrictions | $1,721,775 |
| 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 | $5,114,849 |
Grants Awarded
Over the last fiscal year, Greater Lockport Development Corporation has awarded $298,000 in support to 20 organizations.
| Grant Recipient | Amount |
|---|---|
BENSON CUSTOM PURPOSE: ECONOMIC DEVELOPMENT | $20,000 |
80 MAIN STREET CATERING PURPOSE: ECONOMIC DEVELOPMENT | $20,000 |
ULTIMATE PHYSIQUE PURPOSE: ECONOMIC DEVELOPMENT | $20,000 |
SCRIPTS CAF PURPOSE: ECONOMIC DEVELOPMENT | $20,000 |
WIDE WATERS PURPOSE: ECONOMIC DEVELOPMENT | $20,000 |
NEXT LEVEL PLASTICS PURPOSE: ECONOMIC DEVELOPMENT | $20,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Greater Lockport Development Corporation has recieved totaling $325,945.
| Awarding Organization | Amount |
|---|---|
Niagara County Brownfield Development Corporation Sanborn, NY PURPOSE: BROWNFIELD REDEVELOPMENT | $325,945 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
43north Bpc Inc Buffalo, NY | $13,425,800 | $3,001,464 |
Grameen America Inc Jackson Heights, NY | $237,127,552 | $50,248,348 |
Harristown Development Corporation Harrisburg, PA | $29,766,695 | $19,028,512 |
Homestart Inc Boston, MA | $5,713,584 | $14,864,192 |
The Community Action Agency Of Western Connecticut Inc Danbury, CT | $3,614,776 | $12,103,732 |
Massachusetts Manufacturing Extension Partnership Inc Auburn, MA | $5,456,400 | $10,807,956 |
Greater Jamaica Development Corp Jamaica, NY | $43,416,674 | $8,397,998 |
South Bronx Overall Economic Development Corporation Bronx, NY | $11,273,834 | $9,485,057 |
Dorchester Bay Economic Development Corporation Dorchester, MA | $50,118,730 | $16,286,134 |
National Basketball Association Foundation New York, NY | $26,984,536 | $31,000,000 |
Newark Downtown District Management Corporation Newark, NJ | $7,203,712 | $5,205,083 |
Rdc Commercial Center Inc Brooklyn, NY | $15,313,985 | $4,091,889 |