Nybdc Local Development Corporation
- Assets
- $39.8m
- Revenue
- $11.4m
- Investments
- $0.0
- Employees
- 24
- Location
- Albany, NY
- Founding
- 10/2009
- Data as of
- 09/2022
- EIN
- 26-4032355
Organization Overview
Nybdc Local Development Corporation is located in Albany, NY. The organization was established in 2009. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2022, Nybdc Local Development Corporation employed 24 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Nybdc Local 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 09/2022, Nybdc Local Development Corporation generated $11.4m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 27.9% each year . All expenses for the organization totaled $5.6m during the year ending 09/2022. While expenses have increased by 12.2% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSIST SMALL BUSINESSES IN THE ACQUISITION OF REAL PROPERTY, AND CONSTRUCTION, RENOVATION OR OTHER IMPROVEMENTS THEREON, AND THEREBY PROMOTE AND ENCOURAGE THE BUSINESS PROSPERITY AND ECONOMIC WELFARE OF THE STATE OF NEW YORK; TO ENCOURAGE AND ASSIST IN THE LOCATION OF NEW BUSINESS AND INDUSTRY IN THE STATE OF NEW YORK; AND TO PROVIDE FINANCING TO BOTH NEW AND EXISTING BUSINESSES AND INDUSTRY; AND TO CREATE AND RETAIN JOBS WITHIN THE STATE OF NEW YORK.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION MAKES LOANS TO SMALL BUSINESSES ON TERMS THAT WOULD NOT BE REASONABLY AVAILABLE FROM COMMERCIAL LENDERS DOING BUSINESS IN NYS IN ORDER TO: RELIEVE AND REDUCE UNEMPLOYMENT, PROMOTE AND PROVIDE FOR ADDITIONAL AND MAXIMUM EMPLOYMENT, AID COMMUNITIES IN NYS BY ENCOURAGING THE DEVLOPMENT AND/OR RETENTION OF INDUSTRY. THE CORPORATION CONTINUES TO EVOLVE AND OFFER A WIDE RANGE OF FINANCIAL AND BUSINESS ADVISORY SERVICES TO SMALL BUSINESSES IN NEW YORK STATE AND IS NOW OPERATING UNDER THE NAME EXCELSIOR GROWTH FUND.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven R Cohen President | Officer | 40 | $258,058 |
Rachel Van Tosh Former Senior Vice President And | 40 | $147,534 | |
Brad Seader Vice President | Officer | 40 | $133,875 |
Paola Garcia Vice President | Officer | 40 | $106,085 |
Sherri Falck Assistant Vice President | Officer | 40 | $76,866 |
G Gary Berner Chairman | OfficerTrustee | 1 | $1,750 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $7,747,570 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,747,570 |
| Total Program Service Revenue | $3,653,971 |
| Investment income | $0 |
| 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 | $11,401,541 |
| 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 | $2,689,991 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $452,115 |
| Payroll taxes | $129,669 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $52,469 |
| Fees for services: Accounting | $63,630 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $107,229 |
| Advertising and promotion | $0 |
| Office expenses | $562,155 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $18,280 |
| Travel | $35,628 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $460,812 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $5,645,203 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,722,884 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $3,568,303 |
| Accounts receivable, net | $1,809,369 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $26,295,292 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $403,331 |
| Total assets | $39,799,179 |
| Accounts payable and accrued expenses | $565,339 |
| 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 | $19,091,161 |
| Other liabilities | $94,998 |
| Total liabilities | $19,751,498 |
| Net assets without donor restrictions | $14,685,819 |
| Net assets with donor restrictions | $5,361,862 |
| 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 | $39,799,179 |
Grants Awarded
Over the last fiscal year, Nybdc Local Development Corporation has awarded $1,657,683 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
New York, NY PURPOSE: TO ADDRESS INCOME INEQUALITY IN NEW YORK CITY BY PROVIDING CAPITAL TO BUSINESSES AND ENTREPRENEURS IN HIGHLY DISTRESSED NEIGHBORHOODS. | $952,317 |
New York, NY PURPOSE: TO ADDRESS INCOME INEQUALITY IN NEW YORK CITY BY PROVIDING CAPITAL TO BUSINESSES AND ENTREPRENEURS IN HIGHLY DISTRESSED NEIGHBORHOODS. | $705,366 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Nybdc Local Development Corporation has recieved totaling $650,000.
| Awarding Organization | Amount |
|---|---|
Community Foundation For Greater Buffalo Inc Buffalo, NY PURPOSE: OPEN4 INITIATIVE | $600,000 |
Peoplefund Austin, TX PURPOSE: SUPPORT LENDING AND EDUCATION SERVICES TO UNDERSERVED SMALL BSUINESSES | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |
Greater Boston Convention And Tourist Bureau Inc Boston, MA | $3,175,283 | $8,778,402 |
Choose New Jersey Inc Newark, NJ | $7,145,867 | $9,053,939 |
Dauphin County Economic Development Corporation Harrisburg, PA | $8,424,591 | $10,449,757 |
Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc Bethlehem, PA | $58,069,128 | $6,233,285 |
Greater Pittsburgh Convention & Visitors Bureau Inc Pittsburgh, PA | $10,210,665 | $8,196,256 |