Ogdensburg Land Bank Corporation
- Assets
- $430.7k
- Revenue
- $159.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Ogdensburg, NY
- Founding
- Data as of
- 12/2023
- EIN
- 83-2813688
Organization Overview
Ogdensburg Land Bank Corporation is located in Ogdensburg, NY. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood 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. Ogdensburg Land Bank 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 12/2023, Ogdensburg Land Bank Corporation generated $159.1k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 5 years, the organization has seen revenues fall by an average of (12.2%) each year. All expenses for the organization totaled $35.0k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (35.2%) per year over the past 5 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 ADDRESS THE PROBLEMS OF VACANT, ABANDONED, OR TAX DELINQUENT PROPERTY. TO RETURN THAT PROPERTY TO PRODUCTIVE USE IN ORDER TO STRENGTHEN THE ECONOMY, IMPROVE THE QUALITY OF LIFE, AND IMPROVE THE FINANCIAL CONDITION OF THE MUNICIPALITY, THROUGH THE USE OF THE POWERS AND TOOLS GRANTED TO LAND BANKS BY NEW YORK STATE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO IMPROVE THE FINANCIAL CONDITION OF THE MUNICIPALITY, TO IMPROVE THE QUALITY OF LIFE AND CITIZEN SAFETY, AND TO RETURN PROPERTY TO PRODUCTIVE USE THROUGH THE DEMOLITION OR IMPROVEMENT OF BLIGHTED PROPERTIES. TWO PROPERTIES WERE SOLD DURING 2023. AS OF DECEMBER 31, 2023 THE CORPORATION OWNED THIRTEEN PROPERTIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Phil Cosmo Vice Chairperson | OfficerTrustee | 0.5 | $0 |
James Morrison Chairperson | OfficerTrustee | 0.5 | $0 |
Thomas Hannan Treasurer | OfficerTrustee | 0.5 | $0 |
Laura Pearson Secretary | OfficerTrustee | 0.5 | $0 |
Marcia Lemay Director | Trustee | 0.5 | $0 |
Kevin Mcdonough Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $22,735 |
| 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 | $22,735 |
| Total Program Service Revenue | $136,390 |
| 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 | $159,125 |
| 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 | $5,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $16,613 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $9,880 |
| All other expenses | $0 |
| Total functional expenses | $34,975 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $428,263 |
| Savings and temporary cash investments | $0 |
| 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 | $2,394 |
| 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 | $430,657 |
| Accounts payable and accrued expenses | $3,000 |
| 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 | $3,000 |
| Net assets without donor restrictions | $427,657 |
| 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 | $430,657 |