Greater Lockport Development Corporation
- Assets
- $4.8m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 9
- Location
- Lockport, NY
- Founding
- 08/1983
- Data as of
- 12/2023
- EIN
- 22-2438263
Organization Overview
Greater Lockport Development Corporation is located in Lockport, NY. The organization was established in 1983. 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, Greater Lockport Development Corporation employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Lockport 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 12/2023, Greater Lockport Development Corporation generated $1.7m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 28.1% each year . All expenses for the organization totaled $2.1m during the year ending 12/2023. While expenses have increased by 19.0% per year over the past 9 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
FURTHERING ECONOMIC DEVELOPMENT IN THE CITY OF LOCKPORT
Describe the Organization's Program Activity:
PROVIDE ECONOMIC DEVELOPMENT ASSISTANCE TO LOCAL BUSINESSES AND ENHANCE EMPLOYMENT OPPORTUNITIES FOR THE SURROUNDING COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Bennett Chairman | OfficerTrustee | 1 | $0 |
Kathy Dimillo Vice Chair | OfficerTrustee | 1 | $0 |
Franklin Knowles Treasurer | OfficerTrustee | 1 | $0 |
Deanna Alterio Brennen Secretary | OfficerTrustee | 1 | $0 |
Maggie Luupo Director | Trustee | 1 | $0 |
Jody Chesko Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,341,681 |
| All other contributions, gifts, grants, and similar amounts not included above | $151,131 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,492,812 |
| Total Program Service Revenue | $0 |
| Investment income | $55,793 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$132,534 |
| Net Gain/Loss on Asset Sales | $297,508 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,726,053 |
| 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 | $115,504 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,494 |
| Payroll taxes | $9,998 |
| 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 | $67,843 |
| Advertising and promotion | $1,335 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,316 |
| Interest | $82 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $5,515 |
| All other expenses | $5,578 |
| Total functional expenses | $2,075,147 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,111,506 |
| Savings and temporary cash investments | $151,892 |
| Pledges and grants receivable | $85,997 |
| Accounts receivable, net | $33,850 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $59,678 |
| Net Land, buildings, and equipment | $3,343,147 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,786,070 |
| Accounts payable and accrued expenses | $98,610 |
| Grants payable | $0 |
| Deferred revenue | $79,158 |
| 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 | $2,852,058 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $71,728 |
| Total liabilities | $3,101,554 |
| Net assets without donor restrictions | $1,680,612 |
| Net assets with donor restrictions | $3,904 |
| 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 | $4,786,070 |
Grants Awarded
Over the last fiscal year, Greater Lockport Development Corporation has awarded $298,000 in support to 20 organizations.
| Grant Recipient | Amount |
|---|---|
80 MAIN STREET CATERING PURPOSE: ECONOMIC DEVELOPMENT | $20,000 |
BENSON CUSTOM PURPOSE: ECONOMIC DEVELOPMENT | $20,000 |
BIG WILLIE'S HAS STYLE PURPOSE: ECONOMIC DEVELOPMENT | $12,000 |
CALDERONE PURPOSE: ECONOMIC DEVELOPMENT | $16,500 |
DEI CUTS AND STYLES PURPOSE: ECONOMIC DEVELOPMENT | $10,000 |
FLIGHT OF FIVE PURPOSE: ECONOMIC DEVELOPMENT | $19,500 |