Upstate Venture Connect Corporation
- Assets
- $121.9k
- Revenue
- $277.5k
- Investments
- $0.0
- Employees
- 2
- Location
- Little Falls, NY
- Founding
- 08/2010
- Data as of
- 12/2021
- EIN
- 27-1606453
Organization Overview
Upstate Venture Connect Corporation is located in Little Falls, NY. The organization was established in 2010. According to its NTEE Classification (S19) the organization is classified as: Support N.E.C., under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Upstate Venture Connect Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Upstate Venture Connect 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 12/2021, Upstate Venture Connect Corporation generated $277.5k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.7% each year. All expenses for the organization totaled $248.3k during the year ending 12/2021. 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
THE CORPORATION IS ORGANIZED TO ACCELERATE GROWTH OF UPSTATE NEW YORK'S TECHNOLOGICAL ECONOMY. THE CORPORATION WILLACCELERATE THE CREATION AND GROWTH OF KNOWLEDGE BASED BUSINESS FUELED BY PRIVATE INVESTORCAPITAL, PROMOTE COLLABORATION ACROSS NY AND TO PROMOTE RESIDENTS AND ALUMNI TO CONNECT AS PART OF TECH ECONOMY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
UPSTATE VENTURE CONNECT HAD SOME SEMINARS TO TRY TO ACCELERATE THE CREATION AND GROWTH OF KNOWLEDGE BASED BUSINESS FUELED BY PROVATE CAPITAL, PROMOTE COLLABORATION ACROSS NY AND TO PROMOTE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Syed Nasir Ali CEO | Officer | 40 | $100,000 |
Martin Babinec Chairman | Trustee | 2 | $0 |
Zachary Shulman Trustee | Trustee | 1 | $0 |
Marnie Lavigne Trustee | Trustee | 1 | $0 |
Christine Tate Trustee | Trustee | 1 | $0 |
Jeff Valentine Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $15,535 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $25,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $217,602 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $258,137 |
| Total Program Service Revenue | $19,367 |
| 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 | $277,504 |
| 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. | $100,000 |
| Compensation of current officers, directors, key employees. | $25,000 |
| Compensation to disqualified persons | $20,358 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $13,259 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,224 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $54,578 |
| Advertising and promotion | $1,866 |
| Office expenses | $5,440 |
| 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 | $38,672 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,582 |
| All other expenses | $0 |
| Total functional expenses | $248,279 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $105,061 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,800 |
| 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 | $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 | $0 |
| Total assets | $121,861 |
| Accounts payable and accrued expenses | $24,700 |
| 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 | $0 |
| Total liabilities | $24,700 |
| Net assets without donor restrictions | $97,161 |
| 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 | $121,861 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Upstate Venture Connect Corporation has recieved totaling $4,793.
| Awarding Organization | Amount |
|---|---|
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $2,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $2,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $750 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $43 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Ted Foundation Inc New York, NY | $82,825,056 | $86,531,507 |
National Elevator Industry Educational Program Attleboro Falls, MA | $187,712,359 | $37,822,732 |
Building 77 Qalicb Inc Brooklyn, NY | $189,975,269 | $15,386,005 |
Nonprofit Development Corporation Inc Butler, PA | $3,393,535 | $1,924,841 |
Ascend Foundation Inc New York, NY | $4,154,499 | $2,910,361 |
Ownership Works Inc New York, NY | $21,261,059 | $21,548,708 |
Upstate Venture Connect Corporation Little Falls, NY | $121,861 | $277,504 |
Joie De Vie Properties Inc River Edge, NJ | $2,727,381 | $246,224 |
Beautiful Trouble Inc New York, NY | $258,057 | $346,876 |
Center In Midland Pa Midland, PA | $232,032 | $289,321 |
South Asian Engagement Foundation A Nj Nonprofit Corporation Metuchen, NJ | $127,911 | $224,254 |
Hubweek Inc Boston, MA | $966,556 | $899,423 |