Capitalize Albany Corporation

Organization Overview

Capitalize Albany Corporation is located in Albany, NY. The organization was established in 1981. 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. As of 12/2023, Capitalize Albany Corporation employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Capitalize Albany 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 12/2023, Capitalize Albany Corporation generated $3.8m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 12.4% each year . All expenses for the organization totaled $2.0m during the year ending 12/2023. While expenses have increased by 4.1% per year over the past 8 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.

Since 2016, Capitalize Albany Corporation has awarded 52 individual grants totaling $954,492. 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.

Mission & Program ActivityExcerpts From the 990 Filing

TAX YEAR

2023

Describe the Organization's Mission:

Part 3 - Line 1

FACILITATING STRATEGIC ECONOMIC DEVELOPMENT AND TRANSFORMATIVE INVESTMENT IN THE CITY OF ALBANY.

Describe the Organization's Program Activity:

Part 3 - Line 4a

CAPITALIZE ALBANY CORPORATION (CAC) PROVIDES ECONOMIC DEVELOPMENT SERVICES IN THE CITY OF ALBANY, WHICH INCLUDE AMONG OTHER THINGS: (1) THE MANAGEMENT OF THE CITY OF ALBANY INDUSTRIAL DEVELOPMENT AGENCY AND CITY OF ALBANY CAPITAL RESOURCES CORPORATION (2) THE ADMINISTRATION OF SMALL BUSINESS GRANT PROGRAMS ON BEHALF OF THE CITY OF ALBANY AND (3) THE DEVELOPMENT AND IMPLEMENTATION OF STRATEGIC ECONOMIC DEVELOPMENT INITIATIVES SUCH AS IMPACT DOWNTOWN AND THE LIBERTY PARK DEVELOPMENT AND CLINTON MARKET COLLECTIVE.


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Board, Officers & Key Employees

Name (title)Compensation
Sarah Reginelli
President (until 11/17/23)
$199,667
Ashley Mohl
Interim Pres/dir Econ Devel
$147,165
Andrew Corcione
Director Of Real Estate Dev
$117,954
Thomas Conoscenti
Vice President (until 6/30/23)
$85,538
Kaweeda Adams
Director
$0
Michael Fancher
Director
$0

Outside Vendors & Contractors

Vendor Name (Service)Compensation
Tw&a Construction Management
Construction Management
$143,919
Bst & Co Cpas Llc
Outsourced Accounting Services
$133,870
View All Vendors

Financial Statements

Statement of Revenue
Federated campaigns$0
Membership dues$23,000
Fundraising events$0
Related organizations$0
Government grants $2,393,815
All other contributions, gifts, grants, and similar amounts not included above$74,275
Noncash contributions included in lines 1a–1f $0
Total Revenue from Contributions, Gifts, Grants & Similar$2,491,090
Total Program Service Revenue$36,065
Investment income $248,599
Tax Exempt Bond Proceeds $0
Royalties $0
Net Rental Income $237,860
Net Gain/Loss on Asset Sales $184,924
Net Income from Fundraising Events $0
Net Income from Gaming Activities $0
Net Income from Sales of Inventory $0
Miscellaneous Revenue$0
Total Revenue $3,840,269

Grants Awarded

Over the last fiscal year, Capitalize Albany Corporation has awarded $210,754 in support to 13 organizations.

Grant RecipientAmount

FIDENS BREWING COMPANY LLC

PURPOSE: BIG GRANT

$25,000

FAITH CREATIVE NAMES

PURPOSE: BIG GRANT

$22,452

NOR JEWELERS LLC

PURPOSE: BIG GRANT

$21,971

IRIE VYBEZ LLC

PURPOSE: BIG GRANT

$6,300

MAC EQUIPMENT

PURPOSE: BIG GRANT

$25,000

WGM74 LLC

PURPOSE: BIG GRANT

$11,430
View Grant Profile

Peer Organizations

Organization NameAssets
Harristown Development Corporation
Harrisburg, PA
$18,623,535
Homestart Inc
Boston, MA
$16,639,054
The Community Action Agency Of Western Connecticut Inc
Danbury, CT
$13,618,038
South Bronx Overall Economic Development Corporation
Bronx, NY
$12,019,062
Greater Jamaica Development Corp
Jamaica, NY
$7,601,973
Massachusetts Manufacturing Extension Partnership Inc
Auburn, MA
$9,326,531
43north Bpc Inc
Buffalo, NY
$8,181,242
Economic Development Growth Enterprises Corporation
Rome, NY
$8,193,120
Rising Tide Community Loan Fund
Bethlehem, PA
$8,811,127
Dorchester Bay Economic Development Corporation
Dorchester, MA
$10,163,285
Pittsburgh Downtown Partnership
Pittsburgh, PA
$9,502,366
Newark Downtown District Management Corporation
Newark, NJ
$8,541,889
Buffalo & Erie County Industrial Land Development Corp
Buffalo, NY
$6,783,218
Rdc Commercial Center Inc
Brooklyn, NY
$4,484,188
Upper Manhattan Empowerment Zone Development Corporation
New York, NY
$5,950,446
Hester Street Collaborative Inc
New York, NY
$4,512,361
Grow America Fund Inc
New York, NY
$3,801,712
Gmdc Two Inc
Brooklyn, NY
$3,942,853
Enterprise Center
Philadelphia, PA
$6,353,979
Flatbush Development Corporation
Brooklyn, NY
$3,907,106
Metrohartford Alliance Inc
Hartford, CT
$5,912,005
North Central Pennsylvania Regional Planning And Development Commi
Ridgway, PA
$5,098,321
Union County Economic Development Corp
Cranford, NJ
$4,807,989
Ridc Ltc 48
Pittsburgh, PA
$2,513,926
Rochester Economic Development Corporation
Rochester, NY
$1,673,115

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