Griffiss Local Development Corporation
- Assets
- $28.8m
- Revenue
- $3.9m
- Investments
- $2.1m
- Employees
- 14
- Location
- Rome, NY
- Founding
- 03/1995
- Data as of
- 12/2021
- EIN
- 16-1471446
Organization Overview
Griffiss Local Development Corporation is located in Rome, NY. The organization was established in 1995. 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 12/2021, Griffiss Local Development Corporation employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Griffiss 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 12/2021, Griffiss Local Development Corporation generated $3.9m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.4%) each year. All expenses for the organization totaled $4.8m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.8%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO REDEVELOP THE FORMER GRIFFISS AIR FORCE BASE IN ROME, NEW YORK, INTO A BUSINESS AND TECHNOLOGY PARK.
Describe the Organization's Program Activity:
GRIFFISS REDEVELOPMENT-TO COORDINATE REDEVELOPMENT OF THE GRIFFISS BUSINESS AND TECHNOLOGY PARK INCLUDING THE LEASING AND/OR SALE OF UNOCCUPIED BUILDINGS AND VACANT LANDS WITHIN THE PARK.
MARKETING AND PROMOTION- INCLUDES ALL DIRECT AND INDIRECT EXPENSES ATTRIBUTABLE TO THE OVERALL MARKETING AND PROMOTION OF THE GRIFFISS BUSINESS AND TECHNOLOGY PARK FACILITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elis Delia Chairman | OfficerTrustee | 1 | $0 |
Kevin Martin Vice Chairman | OfficerTrustee | 1 | $0 |
Deborah Grogan Treasurer | OfficerTrustee | 1 | $0 |
Jennifer Waters Secretary | Officer | 1 | $0 |
Evan Degennaro Member | Trustee | 1 | $0 |
Erin Weiman Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Economic Development Growth Enterprises Service Fee | 12/30/21 | $486,447 |
Saunders Kahler Llp Legal Services | 12/30/21 | $125,490 |
Monroe Tractor & Implement Co Equipment | 12/30/21 | $138,200 |
Griffiss Utility Service Corporation Utilities | 12/30/21 | $247,032 |
Pyramind Brokerage Company Commission For Bae Systems | 12/30/21 | $113,019 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $3,427,234 |
| Investment income | $1,238 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$87,532 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,861,279 |
| 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 | $585,879 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $138,628 |
| Payroll taxes | $48,573 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $132,434 |
| Fees for services: Accounting | $26,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $687,463 |
| Advertising and promotion | $10,292 |
| Office expenses | $22,649 |
| Information technology | $27,026 |
| Royalties | $0 |
| Occupancy | $766,292 |
| Travel | $58,717 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $287,382 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,417,881 |
| Insurance | $99,223 |
| All other expenses | $0 |
| Total functional expenses | $4,821,797 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,462,330 |
| Savings and temporary cash investments | $1,143,731 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $132,888 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $143,505 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $24,447 |
| Net Land, buildings, and equipment | $16,988,332 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,120,556 |
| Investments—program-related | $0 |
| Intangible assets | $132,000 |
| Other assets | $5,675,689 |
| Total assets | $28,823,478 |
| Accounts payable and accrued expenses | $132,085 |
| Grants payable | $0 |
| Deferred revenue | $137,411 |
| 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 | $8,768,286 |
| Unsecured mortgages and notes payable | $548,734 |
| Other liabilities | $559,291 |
| Total liabilities | $10,145,807 |
| Net assets without donor restrictions | $18,677,671 |
| 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 | $28,823,478 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Griffiss Local Development Corporation has recieved totaling $15,000.
| Awarding Organization | Amount |
|---|---|
Rome Community Foundation Rome, NY PURPOSE: EXPANSION OF PARK AND NATURE TRAIL | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |
Greater Boston Convention And Tourist Bureau Inc Boston, MA | $3,175,283 | $8,778,402 |
Choose New Jersey Inc Newark, NJ | $7,145,867 | $9,053,939 |
Dauphin County Economic Development Corporation Harrisburg, PA | $8,424,591 | $10,449,757 |
Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc Bethlehem, PA | $58,069,128 | $6,233,285 |
Greater Pittsburgh Convention & Visitors Bureau Inc Pittsburgh, PA | $10,210,665 | $8,196,256 |