Center For Economic Growth
- Assets
- $2.0m
- Revenue
- $2.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Albany, NY
- Founding
- 08/1989
- Data as of
- 12/2021
- EIN
- 22-2880333
Organization Overview
Center For Economic Growth is located in Albany, NY. The organization was established in 1989. According to its NTEE Classification (V22) the organization is classified as: Economics, under the broad grouping of Social Science and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Center For Economic Growth 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, Center For Economic Growth generated $2.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.8%) each year. All expenses for the organization totaled $2.2m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (4.7%) per year over the past 7 years. 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
SEE SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUSINESS GROWTH SOLUTIONS (BGS) - OBJECTIVE IS TO SERVICE SMALL TO MEDIUM SIZED COMPANIES (SMES) IN THE MANUFACTURING AND TECHNOLOGY SECTORS ACROSS SEVERAL INDUSTRIES AND HELP THEM GROW AND COMPETE IN THE 21ST CENTURY. THE PROGRAM IS SUPPPORTED BY NEW YORK STATES NYSTAR PROGRAM (DIVISION OF SCIENCE, TECHNOLOGY AND INNOVATION) AND THE NIST (NATIONAL INSTITUE OF STANDARDS AND TECHNOLGY) THROUGH THE MANUFACTURING EXTENSION PARTNERSHIP PROGRAM. THESE SERVICES HELP SMES REALIZE NEW REVENUES AND INCREASE PROFITABILITY THROUGH ASSISTING THEM IN INCREASING SALES, IMPROVING PRODUCTIVITY AND OPERATIONS, LAUNCHING NEW PRODUCTS, ALIGNING EXECUTIVE TEAM STRATEGIES AND MORE. INTERNAL CEG TEAM MEMBERS, AS WELL AS THIRD-PARTY PARTNERS, PROVIDE THESE SERVICES. CEG IS ALSO RECOGNIZED AS THE REGIONAL TECHNOLOGY DEVELOPMENT CENTER (RTDC), FOCUSED ON PROMOTING TECHNOLOGY DEVELOPMENT, TECHNOLOGY TRANSFER, MANAGEMENT, AND TECHNICAL ASSISTANCE ACROSS A BROAD BASE OF MANUFACTURING AND TECHNOLOGY SECTORS. THIS DESIGNATION ALLOWS CEG TO LEVERAGE GRANT FUNDS FOR CLIENTS THROUGH PARTNERS SUCH AS NATIONAL GRID AND THE WORKFORCE DEVELOPMENT INSTITUTE.
WORKFORCE DEVELOPMENT AND EDUCATION - WORKING DILIGENTLY TO BUILD A SKILLED WORKFORCE AND EDUCATION PIPELINE; TO CULTIVATE A STRONG SKILLED WORKFORCE; ENSURE ALIGNMENT OF EDUCATION PARTNER OFFERINGS TO LOCAL COMPANIES NEEDS, ATTRACT NEW WORKERS, AND PREPARE OUR YOUTH FOR FUTURE JOBS. CEG'S PRIMARY FOCUS IS IN MANUFACTURING AND TECHNOLOGY BASED JOBS FOR BOTH SKILLED WORKFORCE, HIGH TECH JOBS, AND MANAGEMENT. CEG IS FUNDED BY BOTH REGIONAL COUNTY WORKFORCE INVESTMENT BOARDS (WIBS), AND THE MANUFACTURING ALLIANCE OF CENTRAL NEW YORK (MACNY).
ENTREPRENEURSHIP - WITH STRONG MANAGEMENT, RESEARCH, AND TECHNICAL COLLEGES IN THE CAPITAL REGION (RENSSELAER POLYTECHNIC INSTITUTE, UNIVERSITY AT ALBANY, UNION-CLARKSON, ETC), THE CAPITAL REGION HAS BEEN KNOWN FOR ITS TECHNOLOGY ENTREPRENEURS AND STARTUP SUCCESSES. CEG HAS BEEN AT THE HEART OF MANY OF THESE SUCCESSES FOR OVER 30 YEARS. CEG INITIATES COLLABORATION WITH REGIONAL BUSINESSES, INSTITUTIONS, INCUBATORS, UNIVERSITIES AND INVESTORS TOWARDS DEVELOPING A GAP-FREE ENTREPRENEURSHIP PIPELINE TO SUPPORT OUR LOCAL ENTREPRENEURSHIP ECOSYSTEM. CEG'S BGS PROGRAM REVENUES PROVIDE THE PRIMARY SUPPORT FOR THIS PROGRAM AS WELL AS STATE LEGISLATIVE FUNDS, AND THE REGIONAL INNOVATION HOTSPOT (INNOVATE518). THESE PROGRAMS SUPPORT OUR EFFORTS TO COACH STARTUPS AND CONNECT THEM WITH INVESTORS THROUGH THE VENTUREB PROGRAM, SUPPORT MWBE ENTERPRISES THROUGH THE KEYBANK BUSINESS BOOST AND BUILDING PROGRAM, AND SPONSORSHIP OF THE TECH VALLEY CENTER OF GRAVITY PROTOTYPING CENTER AND MANUFACTURING INCUBATOR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas J Bell Proj. Direct | 40 | $101,652 | |
Christine A Holle Vp, Finance | Officer | 3 | $5,277 |
John Bennett MD Chair | OfficerTrustee | 1 | $0 |
Laura Poltynski Secretary/tr | OfficerTrustee | 1 | $0 |
Mark N Eagan President & | Officer | 0 | $0 |
David Demarco Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,663,626 |
| All other contributions, gifts, grants, and similar amounts not included above | $161,859 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,825,485 |
| Total Program Service Revenue | $396,476 |
| Investment income | $90 |
| 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 | $2,266,001 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $418,151 |
| 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. | $5,277 |
| Compensation of current officers, directors, key employees. | $5,277 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $551,665 |
| Pension plan accruals and contributions | $37,888 |
| Other employee benefits | $57,825 |
| Payroll taxes | $51,123 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $21,349 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $832,046 |
| Advertising and promotion | $2,411 |
| Office expenses | $29,878 |
| Information technology | $58,630 |
| Royalties | $0 |
| Occupancy | $58,945 |
| Travel | $3,168 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $9,144 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,291 |
| Insurance | $9,581 |
| All other expenses | $0 |
| Total functional expenses | $2,173,029 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $269,960 |
| Savings and temporary cash investments | $197,827 |
| Pledges and grants receivable | $378,321 |
| Accounts receivable, net | $74,204 |
| 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 | $500 |
| Net Land, buildings, and equipment | $23,199 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,058,107 |
| Total assets | $2,002,118 |
| Accounts payable and accrued expenses | $252,825 |
| Grants payable | $0 |
| Deferred revenue | $115,806 |
| 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 | $44,930 |
| Total liabilities | $413,561 |
| Net assets without donor restrictions | $1,588,557 |
| Net assets with donor restrictions | $0 |
| 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 | $2,002,118 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Center For Economic Growth has recieved totaling $2,500.
| Awarding Organization | Amount |
|---|---|
Renaissance Corporation Of Albany Albany, NY PURPOSE: GENERAL | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Institute For Economic Research Inc Great Barrington, MA | $214,395,947 | $3,768,400 |
The Institute For New Economic Thinking Inc New York, NY | $26,645,757 | $24,831,883 |
Council For Economic Education New York, NY | $5,635,385 | $6,851,531 |
Secured Finance Network Inc New York, NY | $3,073,536 | $3,338,734 |
Sifma Foundation For Investor Education Fie Inc New York, NY | $10,781,139 | $4,561,649 |
Economic Club Of New York New York, NY | $9,916,092 | $3,506,192 |
Center For Economic Growth Albany, NY | $2,002,118 | $2,266,001 |
Applied Economics Clinic Arlington, MA | $422,527 | $1,026,764 |
Schumacher Center For A New Economics Great Barrington, MA | $912,234 | $672,691 |
Institute For Economics And Peace New York, NY | $187,362 | $427,518 |
Mainsail Network Inc New York, NY | $57,987 | $204,862 |
Cloud Institute For Sustainability Education Ancram, NY | $83,303 | $249,374 |