Adirondack Economic Development Corp
- Assets
- $3.7m
- Revenue
- $950.2k
- Investments
- $0.0
- Employees
- 9
- Location
- Saranac Lake, NY
- Founding
- 07/1996
- Data as of
- 12/2023
- EIN
- 22-2243540
Organization Overview
Adirondack Economic Development Corp is located in Saranac Lake, NY. The organization was established in 1996. 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, Adirondack Economic Development Corp employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Adirondack Economic Development Corp 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, Adirondack Economic Development Corp generated $950.2k in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 27.1% each year . All expenses for the organization totaled $757.0k during the year ending 12/2023. While expenses have increased by 17.8% per year over the past 5 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO FOSTER AND SUPPORT THE GROWTH OF SUSTAINABLE NORTH COUNTRY COMMUNITIES THROUGH PROVIDING ASSISTANCE TO ASPIRING ENTREPRENEURS AND EXISTING SMALL BUSINESS OWNERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE TECHNICAL BUSINESS ASSISTANCE TO SMALL BUSINESSES; PROVIDE CONSULTATIONS TO LOCAL MUNICIPALITIES FOR ECONOMIC DEVELOPMENT PLANNING AND PROJECTS.
PROVIDE LOAN FUNDS FOR SMALL BUSINESSES VIA SBA AND US DEPARTMENT OF AGRICULTURE PROGRAMS AND LOCAL LOAN ASSISTANCE PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Victoria Duley Executive Dir. | Officer | 37.5 | $105,615 |
Beverly Deso Comptroller | Officer | 37.5 | $47,675 |
Kevin Wilson Accountant | Officer | 37.5 | $9,748 |
Cedric Carter Director | Trustee | 0.2 | $0 |
Heather Couture Treasurer | OfficerTrustee | 0.3 | $0 |
Robert Aiken Chairperson | OfficerTrustee | 0.3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $675,916 |
| All other contributions, gifts, grants, and similar amounts not included above | $160,584 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $836,500 |
| Total Program Service Revenue | $113,520 |
| Investment income | $189 |
| 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 | $950,209 |
| 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. | $163,038 |
| Compensation of current officers, directors, key employees. | $131 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $231,524 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $31,743 |
| Office expenses | $4,149 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $23,006 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $20,257 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,016 |
| Insurance | $2,896 |
| All other expenses | $54,260 |
| Total functional expenses | $757,038 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $727,562 |
| Savings and temporary cash investments | $851,424 |
| Pledges and grants receivable | $239,947 |
| Accounts receivable, net | $15,333 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,532,765 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $12,910 |
| Net Land, buildings, and equipment | $13,106 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $319,809 |
| Total assets | $3,712,856 |
| Accounts payable and accrued expenses | $19,925 |
| Grants payable | $0 |
| Deferred revenue | $24,244 |
| 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 | $2,320,833 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $48,025 |
| Total liabilities | $2,413,027 |
| Net assets without donor restrictions | $1,276,118 |
| Net assets with donor restrictions | $23,711 |
| 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 | $3,712,856 |