Genesee Gateway Local Development Corporation
- Assets
- $15.2m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Batavia, NY
- Founding
- 12/2005
- Data as of
- 12/2021
- EIN
- 33-1101375
Organization Overview
Genesee Gateway Local Development Corporation is located in Batavia, NY. The organization was established in 2005. 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. Genesee Gateway 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 12/2021, Genesee Gateway Local Development Corporation generated $1.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (7.8%) each year. All expenses for the organization totaled $1.9m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE ECONOMIC DEVELOPMENT INITIATIVES IN GENESEE COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVELOPMENT OF REAL PROPERTY TO ENCOURAGE ECONOMIC GROWTH IN GENESEE COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donald Cunningham Chairman | OfficerTrustee | 2 | $0 |
Thomas Felton Vice Chairman | OfficerTrustee | 2 | $0 |
Sarah Noble-Moag Secretary | OfficerTrustee | 2 | $0 |
Gregg Torrey Treasurer | OfficerTrustee | 2 | $0 |
Todd Bender Director | Trustee | 2 | $0 |
Paul Battaglia Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $18,500 |
| All other contributions, gifts, grants, and similar amounts not included above | $154,075 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $172,575 |
| Total Program Service Revenue | $773,453 |
| Investment income | $4,310 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $152,979 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,105,058 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $958,145 |
| 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 | $83,388 |
| 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 | $52,004 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $16,335 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $167,565 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $196,410 |
| Insurance | $26,818 |
| All other expenses | $1,088 |
| Total functional expenses | $1,894,716 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $79,092 |
| Savings and temporary cash investments | $5,001,236 |
| Pledges and grants receivable | $34,980 |
| Accounts receivable, net | $8,074 |
| Loans from Officers, Directors, or Controlling Persons | $106,311 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $939,976 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $10,439 |
| Net Land, buildings, and equipment | $5,095,660 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,896,097 |
| Total assets | $15,171,865 |
| Accounts payable and accrued expenses | $46,279 |
| Grants payable | $0 |
| Deferred revenue | $56,571 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $109,944 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,922,972 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $5,135,766 |
| Net assets without donor restrictions | $9,387,751 |
| Net assets with donor restrictions | $648,348 |
| 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 | $15,171,865 |
Grants Awarded
Over the last fiscal year, Genesee Gateway Local Development Corporation has awarded $958,145 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
GENESEE VALLEY BOCES PURPOSE: WORKFORCE DEVELOPMENT GRANT TO ACQUIRE EQUIPMENT TO PROVIDE MECHATRONICS TRAINING SERVICES | $658,145 |
GENESEE COUNTY ECONOMIC DEVELOPMENT CENTER PURPOSE: SUPPORT CONTINUATION OF THE ECONOMIC DEVELOPMENT PROGRAM AND DEVELOPMENT OF WNY STAMP PROJECT. | $300,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Genesee Gateway Local Development Corporation has recieved totaling $13,324.
| Awarding Organization | Amount |
|---|---|
Ecmc Foundation Minneapolis, MN PURPOSE: Program Support | $13,324 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
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 |