Advance Albany County Alliance Local Development Corporation
- Assets
- $361.3k
- Revenue
- $122.0k
- Investments
- $0.0
- Employees
- 2
- Location
- Albany, NY
- Founding
- Data as of
- 12/2021
- EIN
- 85-4222366
Organization Overview
Advance Albany County Alliance Local Development Corporation is located in Albany, NY. According to its NTEE Classification (J01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Employment and related organizations. As of 12/2021, Advance Albany County Alliance Local Development Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Advance Albany County Alliance Local Development 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, Advance Albany County Alliance Local Development Corporation generated $122.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (65.1%) each year.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE EXEMPT PURPOSE FOR WHICH THE CORPORATION IS FORMED IS TO RELIEVE AND REDUCE UNEMPLOYMENT IN ALBANY COUNTY, PROMOTE AND PROVIDE FOR ADDITIONAL AND MAXIMUM ADULT EMPLOYMENT IN THE COUNTY BETTER AND MAINTAIN ADULT JOB OPPORTUNITIES IN THE COUNTY, CARRY ON SCIENTIFIC RESEARCH FOR THE PURPOSE OF AIDING THE COUNTY BY ATTRACTING NEW INDUSTRY OR BY ENCOURAGING THE DEVELOPMENT OR RETENTION OF INDUSTRY IN THE COUNTY, LESSEN THE BURDENS OF GOVERNMENT AND ACT IN THE PUBLIC INTEREST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DISTRIBUTION OF GRANTS TO QUALIFYING SMALL BUSINESSES IN ALBANY COUNTY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kevin Catalano Sr Vice President /dir. Comm Lending | Officer | 37.5 | $105,000 |
Alan Goldberg Chairman | OfficerTrustee | 1 | $0 |
Alan Alexander Treasurer | OfficerTrustee | 1 | $0 |
Marcia White Secretary | OfficerTrustee | 1 | $0 |
Kevin O'connor CEO | Officer | 1 | $0 |
Andrew Joyce Ex-Officio | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $121,976 |
| 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 | $121,976 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $500,000 |
| 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 | $135,826 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $87,078 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $16,464 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $4,060 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,246 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $466 |
| Insurance | $395 |
| All other expenses | $106 |
| Total functional expenses | $770,949 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $195,351 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $121,976 |
| 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 | $5,398 |
| Net Land, buildings, and equipment | $38,616 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $361,341 |
| Accounts payable and accrued expenses | $9,580 |
| 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 | $734 |
| Total liabilities | $10,314 |
| Net assets without donor restrictions | $0 |
| 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 | $351,027 |
| Total liabilities and net assets/fund balances | $361,341 |
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