Three Rivers Development Corp
- Assets
- $701.5k
- Revenue
- $489.8k
- Investments
- $0.0
- Employees
- 2
- Location
- Corning, NY
- Founding
- 06/1971
- Data as of
- 12/2023
- EIN
- 51-0243697
Organization Overview
Three Rivers Development Corp is located in Corning, NY. The organization was established in 1971. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Three Rivers Development Corp employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Three Rivers Development Corp 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 12/2023, Three Rivers Development Corp generated $489.8k in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (2.6%) each year. All expenses for the organization totaled $458.3k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (6.2%) per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO FACILITATE AND DRIVE COMMUNITY AND ECONOMIC INITIATIVES AND COLLABORATIONS THAT GROW THE REGIONAL ECONOMY AND ENHANCE THE OVERALL QUALITY OF LIFE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT - JOB CREATION AND RETENTION
PUBLIC PROJECTS - CAPITAL INVESTMENT & REAL ESTATE REDEVELOPMENT
COMMUNITY PROMOTIONS - MARKETING, BUSINESS ATTRACTION, AND EVENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Chris Sharkey Chair Of The Board | OfficerTrustee | 1 | $0 |
Dawn Burlew Vice Chair | OfficerTrustee | 1 | $0 |
George Welch Sr Secretary | OfficerTrustee | 1 | $0 |
Tom Pisano Treasurer | OfficerTrustee | 1 | $0 |
Susan Bull Board Member | Trustee | 1 | $0 |
Craig Burton Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $472,338 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $5,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $477,338 |
| Total Program Service Revenue | $0 |
| Investment income | $12,464 |
| 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 | $489,802 |
| 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. | $148,094 |
| Compensation of current officers, directors, key employees. | $25,176 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $65,408 |
| Pension plan accruals and contributions | $2,290 |
| Other employee benefits | $4,375 |
| Payroll taxes | $15,480 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,068 |
| Fees for services: Accounting | $31,453 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $8,521 |
| Advertising and promotion | $0 |
| Office expenses | $5,550 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $30,000 |
| Travel | $7,837 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $6,512 |
| All other expenses | $324 |
| Total functional expenses | $458,300 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $226,012 |
| Savings and temporary cash investments | $422,002 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $12,980 |
| Net Land, buildings, and equipment | $3,346 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $37,128 |
| Total assets | $701,468 |
| Accounts payable and accrued expenses | $22,560 |
| 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 | $37,128 |
| Total liabilities | $59,688 |
| Net assets without donor restrictions | $641,780 |
| 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 | $701,468 |