Long Island Development Corporation
- Assets
- $13.0m
- Revenue
- $6.2m
- Investments
- $0.0
- Employees
- 4
- Location
- Hauppauge, NY
- Founding
- 03/1981
- Data as of
- 09/2021
- EIN
- 11-2556172
Organization Overview
Long Island Development Corporation is located in Hauppauge, NY. The organization was established in 1981. 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 09/2021, Long Island Development Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Long Island 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 09/2021, Long Island Development Corporation generated $6.2m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 36.0% each year . All expenses for the organization totaled $1.5m during the year ending 09/2021. While expenses have increased by 7.0% per year over the past 6 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSIST SMALL BUSINESSES/NFP ENTITIES WITH LOANS & TECHNICAL ASSISTANCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LIDC WAS CERTIFIED BY US SMALL BUSINESS ADMINISTRATION (SBA) IN 1980 TO MAKE LOANS UNDER SECTION 503 (NOW 504) TO SMALL BUSINESSES FOR ACQUISITION AND RENOVATION OF CAPITAL ASSETS- UP TO 40% OF PROJECT COST IN A SUBORDINATE LOAN POSITION. LIDC NO LONGER PROVIDES THESE LOANS DIRECTLY, BUT WORKS WITH NEW YORTK STATE EMPIRE STATE DEVELOPMENT AND NEW YORK BUSINESS DEVELOPMENT CORPORATION TO REFER AND SERVICE SBA 504 LOANS WITH THEM.
LIDC HAS ENTERED INTO A CONTRACT WITH THE NEW YORK STATE DEPARTMENT OF ECONOMIC DEVELOPMENT (NYSDED) TO ADMINISTER A $2,500,000 LOAN FUND TO DISBURSE LOANS TO MANUFACTURERS AND OTHER TARGETED INDUSTRIES USING FUNDS PROVIDED BY THE ECONOMIC DEVELOPMENT ADMINISTRATION (EDA) UNDER THE U.S. DEPARTMENT OF COMMERCE THROUGH NYSDED.
LIDC HAS ENTERED INTO A CONTRACT WITH THE DEPARTMENT OF COMMERCE'S ECONOMIC DEVELOPMENT ADMINISTRATION (EDA) TO ADMINISTER A $6,570,000 REVOLVING LOAN FUND TO ALLEVIATE SUDDEN AND SEVERE ECONOMIC DISLOCATION CAUSED BY THE CORONAVIRUS (COVID-19) PANDEMIC, TO PROVIDE PERMANENT RESOURCES TO SUPPORT ECONOMIC RESILIENCY, AND TO FURTHER THE LONG-TERM ECONOMIC ADJUSTMENT OBJECTIVES OF LONG ISLAND. THE PROJECT IS FUNDED UNDER THE ADDITIONAL SUPPLEMENTAL APPROPRIATIONS FOR CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (CARES ACT).
LIDC HAS ENTERED INTO CONTRACTS WITH THE NYSDED AND JDA TO ADMINISTER A $750,000 FUND TO ASSIST COMMERCIAL FISHERMEN AND RELATED INDUSTRIES NEGATIVELY IMPACTED BY POLLUTION AND REGULATION ON LONG ISLAND. THE FUNDS ARE USED FOR WORKING CAPITAL AND CAPITAL ASSET LOANS TO ELIGIBLE SMALL BUSINESSES.LIDC ENTERED INTO AN AGREEMENT WITH THE NYS URBAN DEVELOPMENT CORPORATION ("UDC") TO PROVIDE WORKING CAPITAL LOANS TO SMALL BUSINESSES IN TARGETED INDUSTRIES, INCLUDING NON-RETAIL STATE MINORITY AND/OR WOMEN OWENED BUSINESSES CERTIFIED BY NYS, ANY BUSINESSES LOCATED IN A NYS EMPIRE ZONE, OR NYS EXCELSIOR CERTIFIED.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gina Slater Parker President/ceo/board Member | OfficerTrustee | 40 | $267,043 |
Phyllis Hill Slater Chairman/board Member | OfficerTrustee | 10 | $0 |
Isabel Medina Treasurer/secretary | OfficerTrustee | 5 | $0 |
Diana Weir Vice Chair | OfficerTrustee | 5 | $0 |
Michelle Dibenedetto Board Member | Trustee | 5 | $0 |
Michael Fields Board Member | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,240,700 |
| All other contributions, gifts, grants, and similar amounts not included above | $19,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,259,700 |
| Total Program Service Revenue | $950,229 |
| Investment income | $308 |
| 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 | $6,220,737 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $12,000 |
| 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. | $268,825 |
| Compensation of current officers, directors, key employees. | $13,441 |
| Compensation to disqualified persons | $114,703 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $50,311 |
| Other employee benefits | $0 |
| Payroll taxes | $25,628 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $112,878 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $19,367 |
| Office expenses | $13,424 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $60,972 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,532 |
| Interest | $6,454 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,909 |
| Insurance | $69,643 |
| All other expenses | $36,104 |
| Total functional expenses | $1,512,654 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $178,087 |
| Savings and temporary cash investments | $6,861,906 |
| 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 | $5,830,685 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $34,602 |
| Net Land, buildings, and equipment | $21,086 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $24,483 |
| Total assets | $12,950,849 |
| Accounts payable and accrued expenses | $66,967 |
| 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 | $230,310 |
| Total liabilities | $297,277 |
| Net assets without donor restrictions | $155,818 |
| Net assets with donor restrictions | $12,497,754 |
| 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 | $12,950,849 |
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 |