Syracuse Economic Development Corporation
- Assets
- $17.1m
- Revenue
- $2.9m
- Investments
- $0.0
- Employees
- 0
- Location
- Syracuse, NY
- Founding
- 08/1985
- Data as of
- 12/2022
- EIN
- 16-1159198
Organization Overview
Syracuse Economic Development Corporation is located in Syracuse, NY. The organization was established in 1985. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Syracuse 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 12/2022, Syracuse Economic Development Corporation generated $2.9m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 27.0% each year . All expenses for the organization totaled $185.3k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Syracuse Economic Development Corporation has awarded 40 individual grants totaling $344,605. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE GOAL OF THE SYRACUSE ECONOMIC DEVELOPMENT CORPORATION (SEDCO) IS TO PROVIDE TECHNICAL AND FINANCIAL ASSISTANCE TO BUSINESSES AND OTHER LOCAL ECONOMIC DEVELOPMENT ENTITIES THAT OPERATE IN THE CITY OF SYRACUSE, NEW YORK AS A MEANS OF SUPPORTING BUSINESS EXPANSION AND JOB CREATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED FINANCING FOR PUBLIC/PRIVATE DEVELOPMENT PROJECTS IN THE CITY OF SYRACUSE, NEW YORK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard Driscoll Vice President | OfficerTrustee | 1 | $0 |
Sheena Solomon Secretary | OfficerTrustee | 1 | $0 |
Nicholas Petragnani Jr Treasurer | OfficerTrustee | 1 | $0 |
Michael Quigley Director | Trustee | 1 | $0 |
Hon Michael Greene Director | Trustee | 1 | $0 |
Ashanti Dickerson Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,717,267 |
| 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 | $2,717,267 |
| Total Program Service Revenue | $158,186 |
| Investment income | $0 |
| 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 | $2,875,453 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $28,200 |
| 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 | $80,757 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $27,119 |
| Payroll taxes | $5,817 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,523 |
| Fees for services: Accounting | $14,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $453 |
| Office expenses | $5,661 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,270 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $815 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,356 |
| All other expenses | $0 |
| Total functional expenses | $185,252 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,612,848 |
| Savings and temporary cash investments | $105,127 |
| Pledges and grants receivable | $360,620 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,012,657 |
| 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 | $17,091,252 |
| Accounts payable and accrued expenses | $20,792 |
| Grants payable | $0 |
| Deferred revenue | $3,161,799 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $545,756 |
| 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 | $3,728,347 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $7,509,284 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $5,853,621 |
| Total liabilities and net assets/fund balances | $17,091,252 |
Grants Awarded
Over the last fiscal year, Syracuse Economic Development Corporation has awarded $28,200 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CNY UNIFORM PLUS PURPOSE: COVID-19 RELIEF | $8,200 |
DOWNTOWN SYRACUSE FOUNDATION PURPOSE: COVID-19 RELIEF | $20,000 |