Greater Glens Falls Local Development Corporation
- Assets
- $3.0m
- Revenue
- $376.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Glens Falls, NY
- Founding
- 04/1990
- Data as of
- 12/2021
- EIN
- 14-1674747
Organization Overview
Greater Glens Falls Local Development Corporation is located in Glens Falls, NY. The organization was established in 1990. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood 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. Greater Glens Falls Local Development Corporation 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 12/2021, Greater Glens Falls Local Development Corporation generated $376.3k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 58.0% each year . All expenses for the organization totaled $45.5k 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
THE CORPORATION MAKES REVOLVING LOANS AVAILABLE TO LOCAL BUSINESSES TO ENHANCE REDEVELOPMENT FOR THE PURPOSE OF PROVIDING JOB OPPORTUNITIES AND REDUCING UNEMPLOYMENT. THE CORPORATION ALSO PARTICIPATES IN OTHER ECONCOMIC DEVELOPMENT ACTIVITIES SUCH AS SEEKING GRANTS, ADMINISTERING GRANTS AND OTHER PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IMPROVEMENTS TO CITY OF GLENS FALLS BUSINESSES AND PROPERTIES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mark Toomey CFO | Officer | 10 | $9,178 |
Dan Hall Chairman | OfficerTrustee | 1 | $0 |
Judith Calogero Chairman | OfficerTrustee | 1 | $0 |
Todd Feigenbaum Secretary | OfficerTrustee | 1 | $0 |
Lois Robinson Treasurer | OfficerTrustee | 1 | $0 |
John Cordes Vice Chairman | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $371,648 |
| 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 | $371,648 |
| Total Program Service Revenue | $4,473 |
| Investment income | $139 |
| 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 | $376,260 |
| 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. | $9,178 |
| Compensation of current officers, directors, key employees. | $9,178 |
| 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 | $5,648 |
| Fees for services: Accounting | $9,730 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $390 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,678 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,583 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $17,021 |
| All other expenses | $0 |
| Total functional expenses | $45,496 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $28,219 |
| Savings and temporary cash investments | $817,449 |
| 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 | $29,521 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,549 |
| Net Land, buildings, and equipment | $2,011,069 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $138,720 |
| Total assets | $3,029,527 |
| Accounts payable and accrued expenses | $39,170 |
| 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 | $148,304 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $300,400 |
| Total liabilities | $487,874 |
| Net assets without donor restrictions | $1,733,528 |
| Net assets with donor restrictions | $808,125 |
| 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 | $3,029,527 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Codman Square Neighborhood Development Corporation Dorchester, MA | $49,534,179 | $9,221,133 |
New Jersey Community Development Corporation Inc Paterson, NJ | $38,005,348 | $12,337,768 |
Allegheny Conference On Community Development Pittsburgh, PA | $14,597,444 | $7,655,898 |
Broc-Community Action In Southwestern Vermont Rutland, VT | $4,592,577 | $9,366,618 |
Urban Edge Housing Corp Roxbury, MA | $48,065,772 | $13,249,471 |
Jamaica Plain Neighborhood Development Corporation Jamaica Plain, MA | $42,347,137 | $8,553,419 |
Fifth Avenue Association Business Improvement District Inc New York, NY | $1,371,227 | $6,747,998 |
Fifth Avenue Committee Incorporated Brooklyn, NY | $7,015,493 | $7,933,714 |
Hamden Economic Developmente Corporation Hamden, CT | $3,370,551 | $167,824 |
Warren And Forest Counties Economic Opportunity Council Warren, PA | $10,674,151 | $7,590,481 |
Opportunity Communities Llc Chelsea, MA | $1,253,175 | $6,991,638 |
Just A Start Inc Cambridge, MA | $43,187,600 | $7,410,722 |