Columbia Economic Development Corporation

Organization Overview

Columbia Economic Development Corporation is located in Hudson, NY. The organization was established in 1994. 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 12/2023, Columbia Economic Development Corporation employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Columbia Economic 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 12/2023, Columbia Economic Development Corporation generated $1.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $1.2m during the year ending 12/2023. While expenses have increased by 0.4% per year over the past 9 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

Describe the Organization's Mission:

Part 3 - Line 1

PROMOTING AND DEVELOPING THE INDUSTRY AND JOB DEVELOPMENT RATE IN THE COUNTY OF COLUMBIA, NEW YORK.

Describe the Organization's Program Activity:

Part 3 - Line 4a

DURING THE YEAR, $943,500 WAS LENT TO VARIOUS LOCAL BUSINESSES OFFSET BY $623,778 OF LOAN REPAYMENTS. PROGRAM EXPENSES INCLUDED PAYROLL EXPENSES FOR EMPLOYEES WORKING ON PROMOTING THE CORPORATION'S MISSION AND MEETING PROGRAM EXPECTATIONS, WHILE OTHER EXPENSES INCLUDED OFFICE AND MARKETING AND CONSULTING EXPENSES RELATED TO RUNNING THE PROGRAM.


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Board, Officers & Key Employees

Name (title)Compensation
David Fingar
Chairman
$0
James Calvin
Vice Chair
$0
Sarah Sterling
Secretary
$0
Tarah Gay
Treasurer
$0
Ruth Adams
Director
$0
Richard Cummings
Director
$0

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$30,086
Fundraising events$0
Related organizations$0
Government grants $963,305
All other contributions, gifts, grants, and similar amounts not included above$21,825
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$1,015,216
Total Program Service Revenue$85,886
Investment income $40,300
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 $1,181,402

Grants Awarded

Over the last fiscal year, Columbia Economic Development Corporation has awarded $75,150 in support to 2 organizations.

Grant RecipientAmount

COLUMBIA COUNTY CHAMBER OF COMMERCE

PURPOSE: THE LOAN PROGRAM OFERS LOANS TO LOCAL BUSINESSES OFTEN AT A DISCOUNTED INTEREST RATE, TO ATTRACT BUSINESS TO THE COUNTY AS WELL AS EXPAND BUSINESS GROWTH FROM EXISTING BUSINESSES ALREADY LOCATED IN THE COUNTY.

$65,000

COLUMBIA COUNTY

PURPOSE: THE LOAN PROGRAM OFERS LOANS TO LOCAL BUSINESSES OFTEN AT A DISCOUNTED INTEREST RATE, TO ATTRACT BUSINESS TO THE COUNTY AS WELL AS EXPAND BUSINESS GROWTH FROM EXISTING BUSINESSES ALREADY LOCATED IN THE COUNTY.

$10,150
View Grant Profile

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