Franklin County Local Development Corporation
- Assets
- $2.6m
- Revenue
- $657.0k
- Investments
- $0.0
- Employees
- 3
- Location
- Malone, NY
- Founding
- 09/1995
- Data as of
- 12/2023
- EIN
- 14-1763507
Organization Overview
Franklin County Local Development Corporation is located in Malone, NY. The organization was established in 1995. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2023, Franklin County Local Development Corporation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Franklin County 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 12/2023, Franklin County Local Development Corporation generated $657.0k in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 13.1% each year . All expenses for the organization totaled $771.4k during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2019, Franklin County Local Development Corporation has awarded 52 individual grants totaling $1,664,863. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE EDC IS COMMITTED TO SERVING NEW AND EXISTING BUSINESSES AND INDUSTRIES, AND TO ASSIST WITH THE CREATION AND RETENTION OF QUALITY JOBS THROUGH DIRECT AND COLLABORATIVE FUNDING OF PROJECTS FOR THE ECONOMIC WELL BEING OF FRANKLIN COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT ACTIVITIES
GRANTS TO OTHERS, IDA AND SUPPORT OF BUSINESSES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Ellis Chairman | OfficerTrustee | 1 | $0 |
Sherry Boyea Vice Chair | OfficerTrustee | 1 | $0 |
Archie Mckee Treasurer | OfficerTrustee | 1 | $0 |
Madelyn Fleury Secretary | Trustee | 1 | $0 |
Stephen Erman Assistant Se | OfficerTrustee | 1 | $0 |
Daniel Mills Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $437,178 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $444,178 |
| Total Program Service Revenue | $173,595 |
| Investment income | $39,160 |
| 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 | $656,958 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $360,807 |
| 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 | $153,283 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $37,587 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,646 |
| Fees for services: Accounting | $6,782 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $15,693 |
| Office expenses | $8,930 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,624 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,972 |
| Interest | $321 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $15,475 |
| Insurance | $2,502 |
| All other expenses | $0 |
| Total functional expenses | $771,360 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,220,343 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $179,480 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,124,513 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,565 |
| Net Land, buildings, and equipment | $21,262 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,550,163 |
| Accounts payable and accrued expenses | $89,929 |
| Grants payable | $0 |
| Deferred revenue | $20,000 |
| 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 | $11,133 |
| Total liabilities | $121,062 |
| Net assets without donor restrictions | $2,429,101 |
| 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 | $2,550,163 |
Grants Awarded
Over the last fiscal year, Franklin County Local Development Corporation has awarded $354,653 in support to 10 organizations.
| Grant Recipient | Amount |
|---|---|
ADIRONDACK HAMLETS TO HUTS PURPOSE: MICROENTERPRISEGRANT | $10,000 |
BLACK MOUNTAIN PROPERTY MANAGEMENT PURPOSE: DRI SL | $49,500 |
COUNTY OF FRANKLIN INDUSTRIALDEVELOPMENT AGENCY PURPOSE: SUBSIDY | $50,000 |
HES VENTURES LLC PURPOSE: DRI SL | $57,400 |
HISTORIC SARANAC LAKE PURPOSE: MICROENTERPRISE GRAN | $10,000 |
LARKIN ENTERPRISES PURPOSE: SMART GROWTH | $24,500 |