Ontario County Economic Development Corporation
- Assets
- $4.8m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Canandaigua, NY
- Founding
- 09/2011
- Data as of
- 12/2022
- EIN
- 27-1727452
Organization Overview
Ontario County Economic Development Corporation is located in Canandaigua, NY. The organization was established in 2011. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ontario County Economic Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2022, Ontario County Economic Development Corporation generated $1.0m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 20.8% each year . All expenses for the organization totaled $1.1m during the year ending 12/2022. While expenses have increased by 28.3% per year over the past 8 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.
Since 2015, Ontario County Economic Development Corporation has awarded 40 individual grants totaling $1,523,805. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
RELIEVE AND REDUCE UNEMPLOYMENT, TO BETTER & MAINTAIN JOB OPPORTUNITIES, PROMOTE & PROVIDE FOR ADDITIONAL EMPLOYMENT, TO HELP INCREASE THE TAX BASE OF ONTARIO COUNTY THROUGH THE ATTRACTION OF PRIVATE SECTOR INVESTMENT, AND TO LESSEN THE BURDENS OF GOVERNMENT AND ACT IN PUBLIC INTEREST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTING EMPLOYMENT, ENCOURAGING DEVELOPMENT AND ATTRACTING NEW INDUSTRY TO THE AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen Parkhurst Director | Trustee | 2 | $0 |
Robert Sollenne Chairman | OfficerTrustee | 5 | $0 |
Kevin Hill Treasurer | OfficerTrustee | 5 | $0 |
Joseph Bridgeford Vice Chairman | OfficerTrustee | 5 | $0 |
Fred Lightfoote Director | Trustee | 2 | $0 |
Walter Matyjas Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $916,230 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $916,230 |
| Total Program Service Revenue | $127,019 |
| Investment income | $346 |
| 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 | $1,043,595 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $944,000 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $13,982 |
| Fees for services: Accounting | $5,250 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $106,717 |
| Advertising and promotion | $9,390 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,608 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $818 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,301 |
| All other expenses | $0 |
| Total functional expenses | $1,139,634 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $750 |
| Savings and temporary cash investments | $916,080 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,300 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $3,909,625 |
| 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 | $4,828,755 |
| Accounts payable and accrued expenses | $1,660 |
| Grants payable | $0 |
| Deferred revenue | $710,098 |
| 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 | $711,758 |
| Net assets without donor restrictions | $3,704,291 |
| Net assets with donor restrictions | $412,706 |
| 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 | $4,828,755 |
Grants Awarded
Over the last fiscal year, Ontario County Economic Development Corporation has awarded $944,000 in support to 23 organizations.
| Grant Recipient | Amount |
|---|---|
ONTARO COUNTY PURPOSE: TRAINING | $50,000 |
PORT 100 LLC PURPOSE: TRAINING | $30,000 |
WND CONSENTINO INC PURPOSE: COVID RELIEF | $60,000 |
REINVENTION BREWING PURPOSE: COVID RELIEF | $20,000 |
FINGER LAKES EXTRUSION PURPOSE: COVID RELIEF | $24,000 |
MACNAMARA-LARKIN LLC PURPOSE: COVID RELIEF | $60,000 |