Binghamton Local Development Corp
- Assets
- $4.2m
- Revenue
- $489.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Binghamton, NY
- Founding
- 07/1988
- Data as of
- 08/2019
- EIN
- 22-2482535
Organization Overview
Binghamton Local Development Corp is located in Binghamton, NY. The organization was established in 1988. According to its NTEE Classification (Z99) the organization is classified as: Unknown, under the broad grouping of Unknown and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Binghamton Local 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 08/2019, Binghamton Local Development Corp generated $489.9k in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 8.6% each year. All expenses for the organization totaled $462.3k during the year ending 08/2019. While expenses have increased by 14.4% per year over the past 3 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
2019
Describe the Organization's Mission:
Part 3 - Line 1
TO FURTHER SUSTAINABLE ECONOMIC DEVELOPMENT IN THE CITY OF BINGHAMTON BY ATTRACTING NEW BUSINESS, RETAINING AND GROWING ESTABLISHED BUSINESS, BUILDING INDUSTRIAL AND COMMERCIAL CAPACITY, PROMOTING EMPLOYMENT, AND FOSTERING ENTREPRENEURSHIP AND INNOVATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO FURTHER SUSTAINABLE ECONOMIC DEVELOPMENT IN THE CITY OF BINGHAMTON BY ATTRACTING NEW BUSINESS, RETAINING AND GROWING ESTABLISHED BUSINESS, BUILDING INDUSTRIAL AND COMMERCIAL CAPACITY, PROMOTING EMPLOYMENT, AND FOSTERING ENTREPRENEURSHIP AND INNOVATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Richard David Mayor | Trustee | 0.5 | $0 |
Kenneth Frank Corporation Counsel | Trustee | 0.5 | $0 |
Clarence Shager Comptroller | OfficerTrustee | 0.5 | $0 |
Juliet Berling Director | Trustee | 0.5 | $0 |
Arthur Smith Vice President | OfficerTrustee | 0.5 | $0 |
Per Stromhaug Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $378,984 |
| Investment income | $2,028 |
| 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 | $489,939 |
| 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. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| 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 | $6,464 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $24,492 |
| Office expenses | $423 |
| 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 | $867 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,281 |
| All other expenses | $0 |
| Total functional expenses | $462,252 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $58,857 |
| Savings and temporary cash investments | $1,966,079 |
| Pledges and grants receivable | $75,810 |
| Accounts receivable, net | $40,750 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,525,567 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,241,393 |
| Accounts payable and accrued expenses | $425,750 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $891 |
| Total liabilities | $426,641 |
| Net assets without donor restrictions | $134,665 |
| Net assets with donor restrictions | $3,680,087 |
| 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 | $3,814,752 |