Warren County Local Development Corporation
- Assets
- $1.5m
- Revenue
- $70.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Lake George, NY
- Founding
- 05/2001
- Data as of
- 12/2022
- EIN
- 14-1681502
Organization Overview
Warren County Local Development Corporation is located in Lake George, NY. The organization was established in 2001. 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. Warren County 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 12/2022, Warren County Local Development Corporation generated $70.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (4.7%) each year. All expenses for the organization totaled $249.3k during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE HOME SITE ASSISTANCE TO LOW INCOME HOMEOWNERS AND LOANS TO SMALL BUSINESSES WHO EMPLOY LOW TO MIDDLE INCOME INDIVIDUALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SEE SCHEDULE O:A COUNTY WIDE PROGRAM TO ASSIST LOW-INCOME HOMEOWNERS TO IMPROVE THEIR HOUSING AND LENDER OF LAST RESORT LOANS TO SMALL BUSINESSES WHO EMPLOY LOW TO MODERATE INCOME INDIVIDUALS. LOAN FUND: INQUIRIES REGARDING FUNDING SOURCES FOR SMALL BUSINESSES IN WARREN COUNTY WERE RECEIVED ON A LESS THAN REGULAR BASIS THROUGHOUT 2022 DUE IN LARGE PART TO THE EXISTENCE OF MORE FAVORABLE FUNDING SOURCES SUCH AS WARREN COUNTY'S ARPA GRANTS FOR BUSINESSES AFFECTED BY THE PANDEMIC; THE LAKE GEORGE LAKE CHAMPLAIN REGIONAL PLANNING BOARD'S NO-INTEREST LOAN PROGRAM; AND ARPA FUNDS AVAILABLE THROUGH THE CITY OF GLENS FALLS ECONOMIC DEVELOPMENT CORPORATION. POTENTIAL BORROWERS WERE DIRECTED TO APPLY FOR THESE OTHER FUNDS, SO NO APPLICATIONS WERE FORWARDED TO BORROWERS IN 2022. NONETHELESS, WCLDC STAFF MET WITH SIX BUSINESSES LOOKING FOR FUNDING, BUSINESS START-UP RECOMMENDATIONS, NETWORKING OPPORTUNITIES OR INTRODUCTIONS. THE FOLLOWING IS A GEOGRAPHIC BREAKDOWN OF WHERE BUSINESSES WERE LOCATED AND THE NUMBER OF INQUIRIES FOR EACH LOCATION: 1 GLENS FALLS, 1 BOLTON, 3 QUEENSBURY AND 1 FOR WARREN COUNTY AT LARGE.- THREE (3) LOANS WERE PAID OFF DURING 2022- TWO (2) DELINQUENT LOANS WERE DEEMED UNCOLLECTIBLE AND WERE WRITTEN OFF- ONE (1) DELINQUENT LOAN REACHED A SETTLEMENT FOR PARTIAL PAYMENT AND THE REMAINDER WAS WRITTEN OFF- TWO 10-WEEK CYLE CLASSES OF STARTUP ADK (AKA MICROENTERPRISE ASSISTANCE PROGRAM) TOOK PLACE IN COLLABORATION WITH SUNY ADIRONDACK AND WASHINGTON COUNTY LDC. THE SPRING CLASS HAD 9 PARTICIPANTS; THE FALL CLASS HAD 9 PARTICIPANTS.- SIGNIFICANT DISCUSSIONS WERE HELD AT THE WCLDC BOARD LEVEL ON A POTENTIAL ADDITIONAL USE OF WCLDC FUNDS TO MEET EVOLVING COMMUNITY NEEDS IN THE AREAS OF PRE-DEVELOPMENT HOUSING FUNDS, LAND BANKS, CRITICAL REPAIRS, CHILDCARE, WORKFORCE TRAINING AND OTHER MEANS TO SUPPORT THE BUSINESS AND GENERAL COMMUNITY. THIS WILL CONTINUE TO BE A FOCUS OF THE WCLDC IN 2023.NO GRANTS WERE APPROVED DURING 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Mcdevitt Chairman | OfficerTrustee | 1 | $0 |
Michael Wild Vice Chairman | OfficerTrustee | 1 | $0 |
Craig Leggett Treasurer | OfficerTrustee | 1 | $0 |
Robert Landry Secretary | OfficerTrustee | 1 | $0 |
Eugene Merlino Assistant Treasurer | OfficerTrustee | 1 | $0 |
Brad Macgowan Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $50,000 |
| 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 | $50,000 |
| Total Program Service Revenue | $14,538 |
| Investment income | $5,826 |
| 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 | $70,364 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $50,000 |
| Fees for services: Legal | $2,183 |
| 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 | $6,600 |
| Advertising and promotion | $0 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $190,566 |
| Total functional expenses | $249,349 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $449,844 |
| Savings and temporary cash investments | $805,131 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $20,833 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $260,652 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,536,460 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $1,536,460 |
| 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 | $1,536,460 |