Canastota Development Corporation
- Assets
- $493.0k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Canastota, NY
- Founding
- 05/2002
- Data as of
- 06/2022
- EIN
- 16-1096074
Organization Overview
Canastota Development Corporation is located in Canastota, NY. The organization was established in 2002. 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. Canastota 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 06/2022, Canastota Development Corporation generated $101.1k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.9% each year. All expenses for the organization totaled $53.9k during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3
EXPENSES INCURRED IN CONJUNCTION WITH THE PROVISION OF FACILITIES TO STARTUP BUSINESSES. FROM THE PERIOD BEGINNING 7/01/18 & ENDING 6/30/19 THE MADISON COUNTY BUSINESS INCUBATOR CENTER, LOCATED WITHIN THE CANASTOTA INDUSTRIAL PARK & MEASURING 14,400 SQ. FEET, PROVIDED AFFORDABLE RENTAL SPACE TO 9 TENANTS FOR STARTUPS. SPACE IS RENTED TO NEW TENANTS AT A BASE RATE OF 3.50 PER SQUARE FOOT FOR THE FIRST YEAR THAT THEY ARE LOCATED WITHIN THE INCUBATOR CENTER. RENTAL EXPENSE INCLUDES THE CHARGES FOR HEAT, WATER, SEWER, MAINTENANCE, AND SNOW REMOVAL. EACH YEAR TENANTS RECEIVE A RENT INCREASE OF 0.50 PER SQUARE FOOT OF SPACE OCCUPIED. THE BUILDING WAS AT FULL CAPACITY WITH NO UNOCCUPIED BAY UNITS OR OFFICE SUITES AT 6/30/19. AN ACTIVE ON-GOING ADVERTISING CAMPAIGN WILL WORK TO IDENTIFY & WELCOME NEW TENANTS TO THE INCUBATOR TO ANY NEWLY AVAILABLE UNITS WITHIN THE COMING YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Todd Rouse President | 1 | $0 | |
Gerald Gortner Vice Preside | 1 | $0 | |
Robert Menikheim Tresaurer | 1 | $0 | |
Lori Torrey Director | 1 | $0 | |
Joel Arsenault Director | 1 | $0 | |
Martin Knox Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $100,830 |
| Membership dues | $0 |
| Investment income | $285 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $0 |
| Total Revenue | $101,115 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $7,838 |
| Professional fees and other payments to independent contractors | $5,460 |
| Occupancy, rent, utilities, and maintenance | $28,132 |
| Printing, publications, postage, and shipping | $0 |
| Other expenses | $12,498 |
| Total expenses | $53,928 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $445,901 |
| Other assets | $0 |
| Total assets | $492,987 |
| Total liabilities | $419 |
| Net assets or fund balances | $492,568 |
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