Buffalo Urban Development Corporation
- Assets
- $98.5m
- Revenue
- $5.3m
- Investments
- $0.0
- Employees
- 3
- Location
- Buffalo, NY
- Founding
- 08/2014
- Data as of
- 12/2021
- EIN
- 22-2324226
Organization Overview
Buffalo Urban Development Corporation is located in Buffalo, NY. The organization was established in 2014. According to its NTEE Classification (S99) the organization is classified as: Community Improvement & Capacity Building N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Buffalo Urban Development Corporation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Buffalo Urban 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, Buffalo Urban Development Corporation generated $5.3m in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $6.6m during the year ending 12/2021. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SUPPORT THE URBAN ECONOMIC DEVELOPMENT EFFORTS OF THE REGION THROUGH THE ACQUISITION, REMEDIATION AND MANAGEMENT OF DISTRESSED PROPERTIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MISSION OF BUFFALO URBAN DEVELOPMENT (BUDC) IS TO SUPPORT THE URBAN ECONOMIC DEVELOPMENT EFFORTS OF THE REGION THROUGH THE ACQUISITION, REMEDIATION AND MANAGEMENT OF DISTRESSED PROPERTIES, AND TO ENGAGE IN RELATED REAL ESTATE DEVELOPMENT ACTIVITIES FOR THE PURPOSE OF ATTRACTING AND/OR RETAINING NEW AND EXISTING BUSINESSES TO THE CITY AS PART OF THE REGION. THE MISSION OF BUDC ALSO INCLUDES SUPPORTING THE REVITALIZATION OF DOWNTOWN BUFFALO BY SERVING AS THE LEAD MANAGEMENT ENTITY FOR BUFFALO BUILDING REUSE PROJECT (BBRP) INITIATIVES, WORKING IN COLLABORATION WITH THE CITY OF BUFFALO, INCLUDING THE COORDINATION OF FINANCIAL ASSISTANCE FOR DOWNTOWN ADAPTIVE RE-USE PROJECTS AND PUBLIC RIGHT-OF-WAY IMPROVEMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Hon Byron Brown Chairman | OfficerTrustee | 1 | $0 |
Dennis Penman Director | Trustee | 1 | $0 |
Catherine Amdur Director | Trustee | 1 | $0 |
Dottie Gallagher Director | Trustee | 1 | $0 |
Janique Curry Director | Trustee | 1 | $0 |
Dennis Elsenbeck Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Apollo Dismantlingservices Llc Asbestos Abatement & Demolition | 12/30/20 | $198,757 |
Hurwitz & Fine Pc Attorney Services | 12/30/20 | $166,647 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,510,760 |
| Investment income | $549,731 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $145,589 |
| Net Gain/Loss on Asset Sales | -$147,345 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,250,163 |
| Statement of Expenses | |
|---|---|
| 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. | $349,681 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $41,487 |
| Other employee benefits | $62,576 |
| Payroll taxes | $29,034 |
| Fees for services: Management | $70,408 |
| Fees for services: Legal | $149,953 |
| Fees for services: Accounting | $11,350 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,600,936 |
| Advertising and promotion | $21,057 |
| Office expenses | $1,609 |
| Information technology | $1,242 |
| Royalties | $0 |
| Occupancy | $214,311 |
| Travel | $52 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $15,706 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $79,506 |
| Insurance | $159,654 |
| All other expenses | $0 |
| Total functional expenses | $6,562,772 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $6,790,756 |
| Pledges and grants receivable | $10,160,553 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $61,853,679 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,188,754 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,809,423 |
| Total assets | $98,495,982 |
| Accounts payable and accrued expenses | $835,057 |
| Grants payable | $0 |
| Deferred revenue | $14,416,673 |
| 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 | $627,131 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $15,878,861 |
| Net assets without donor restrictions | $78,992,716 |
| Net assets with donor restrictions | $3,624,405 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $82,617,121 |