Ceg Of The Capital Region Inc
- Assets
- $1.5m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Albany, NY
- Founding
- 07/2019
- Data as of
- 12/2022
- EIN
- 82-2369976
Organization Overview
Ceg Of The Capital Region Inc is located in Albany, NY. The organization was established in 2019. According to its NTEE Classification (Y03) the organization is classified as: Professional Societies & Associations, under the broad grouping of Mutual & Membership Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ceg Of The Capital Region Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2022, Ceg Of The Capital Region Inc generated $1.7m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 0.1% each year. All expenses for the organization totaled $1.2m during the year ending 12/2022. 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
CEG IS DEDICATED TO DRIVING ECONOMIC GROWTH IN NEW YORK'S EIGHT-COUNTY, 1.1 MILLION-PERSON CAPITAL REGION. AS THE NONPROFIT REGIONAL ECONOMIC DEVELOPMENT ORGANIZATION, THE ORGANIZATION DOES THIS BY PROACTIVELY MARKETING THE REGION TO ATTRACT INVESTMENT AND TALENT; GROWING MANUFACTURING AND WORKFORCE CAPABILITIES, LEVERAGING INDUSTRY CLUSTERS, AND DEVELOPING THE ENTREPRENEURIAL ECOSYSTEM. CEG SERVES AS A CATALYST AND WORKS WITH PARTNERS AND STAKEHOLDERS TO PREPARE THE REGION TO COMPETE AND MOVE HIGH-IMPACT STRATEGIES AND PROJECTS FORWARD. CEG IS SUPPORTED BY INVESTORS IN BUSINESS, GOVERNMENT, EDUCATION, AND THE NONPROFIT SECTORS WHO ARE COMMITTED TO SUSTAINABLE ECONOMIC GROWTH AND SHARED PROSPERITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUSINESS GROWTH/INDUSTRY - CEG DEVELOPS STRATEGIES AND MARKETS THE COMPETITIVE ASSETS OF THE CAPITAL REGION TO TARGETED DOMESTIC AND INTERNATIONAL BUSINESS IN HIGH GROWTH SECTORS THAT CORRESPOND TO THE REGION'S INDUSTRY CLUSTERS. THE ORGANIZATION'S ATTRACTION STRATEGY INCLUDES ATTENDANCE AT INDUSTRY SPECIFIC EVENTS AND TRADE SHOWS, DIRECT OUTREACH AND MEETINGS WITH DECISION MAKERS, AND DIGITAL MARKETING. CEG WORKS WITH PROSPECTIVE EXPANSION AND RELOCATION CLIENTS BY IDENTIFYING APPROPRIATE SITES, DEVELOPING PROPOSALS AND RESPONSES TO INFORMATION, PROVIDING ECONOMIC DATA, COORDINATING RESOURCES SUCH AS INCENTIVES AND WORKFORCE DEVELOPMENT NEEDS. WORK IS DONE IN PARTNERSHIP WITH EMPIRE STATE DEVELOPMENT, LOCAL MUNICIPALITIES, AND OTHER LOCAL ECONOMIC DEVELOPMENT AGENCIES.
TALENT DEVELOPMENT/TALENT ATTRACTION - CEG HAS A DEDICATED TALENT ATTRACTION STRATEGY TO HELP GROW ITS WORKFORCE BY MARKETING THE REGION DIGITALLY TO TARGET AREAS, CERTAIN DEMOGRAPHIC POPULATIONS, AND/OR WITHIN TARGET INDUSTRIES. FURTHERMORE, CEG WORKS TO RETAIN THE REGION'S GRADUATING COLLEGE STUDENTS AND INTERNS.
CEG ACTIVELY SECURES SUPPORT FROM INVESTORS IN BUSINESS, GOVERNMENT, EDUCATION, AND NON-PROFIT SECTORS WHO ARE COMMITTED TO SUSTAINABLE ECONOMIC GROWTH AND PROSPERITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Bennett MD Chair | OfficerTrustee | 1 | $0 |
Laura Poltynski Secretary/tr | OfficerTrustee | 1 | $0 |
David Demarco Director | Trustee | 1 | $0 |
Richard Hendrick Director | Trustee | 1 | $0 |
Roger Ramsammy PHD Director | Trustee | 1 | $0 |
John Tattersall Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $1,033,380 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $316,262 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,349,642 |
| Total Program Service Revenue | $314,636 |
| Investment income | $5,734 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$387 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,683,325 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $110 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $2,362 |
| Fees for services: Other | $309,204 |
| Advertising and promotion | $119,948 |
| Office expenses | $5,524 |
| Information technology | $13,753 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $4,997 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $229,060 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,462 |
| Insurance | $1,221 |
| All other expenses | $541,393 |
| Total functional expenses | $1,229,034 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $190 |
| Savings and temporary cash investments | $423,924 |
| Pledges and grants receivable | $326,594 |
| Accounts receivable, net | $109,135 |
| 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 | $13,099 |
| Net Land, buildings, and equipment | $2,353 |
| Investments—publicly traded securities | $584,147 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,459,442 |
| Accounts payable and accrued expenses | $142,445 |
| Grants payable | $0 |
| Deferred revenue | $481,059 |
| 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 | $1,130,475 |
| Total liabilities | $1,753,979 |
| Net assets without donor restrictions | -$294,537 |
| 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 | $1,459,442 |