Civic Intelligence

Greater Glens Falls Local Development Corporation

990 • Fiscal year 2015 • EIN 14-1674747

Jan 01, 2015 to Dec 31, 2015 • Filed on Mar 17, 2016

Organization Profilewww.glensfallsldc.com
42 Ridge StGlens Falls, NY 12801

(518) 761-3833

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

45th percentile

0.06x

Higher debt load relative to assets than 45% of similar nonprofits.

2015 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

98th percentile

10.71x

Higher debt load relative to revenue than 98% of similar nonprofits.

2015 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2015

Net Margin

1st percentile

-1056%

Higher net margin than 1% of similar nonprofits.

2015 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

57th percentile

$0

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2015 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2015

Asset Growth

15th percentile

-7.3%

Faster asset growth than 15% of similar nonprofits.

2015 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Revenue Growth

91st percentile

49%

Faster revenue growth than 91% of similar nonprofits.

2015 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets45th percentile

Assets

Down

$2,651,767

Down $209,923 (-7.3%) from 2014

Net Assets

Down

$2,487,495

Down $161,846 (-6.1%) from 2014

Liabilities

Down

$164,272

Down $48,077 (-23%) from 2014

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin1st percentile

Revenue

Up

$15,333

Up $5,064 (+49%) from 2014

Expenses

Up

$177,179

Up $85,865 (+94%) from 2014

Net Income

Down

-$161,846

Down $80,801 (-100%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth15th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0M$3.0M$2.0M$1.0M$0Assets 2010: $2,689,370Liabilities 2010: $584,182Net Assets 2010: $2,105,1882010Assets 2011: $1,902,526Liabilities 2011: $7,236Net Assets 2011: $1,895,2902011Assets 2012: $2,812,892Liabilities 2012: $403,664Net Assets 2012: $2,409,2282012Assets 2013: $3,386,624Liabilities 2013: $325,828Net Assets 2013: $3,060,7962013Assets 2014: $2,861,690Liabilities 2014: $212,349Net Assets 2014: $2,649,3412014Assets 2015: $2,651,767Liabilities 2015: $164,272Net Assets 2015: $2,487,4952015Assets 2016: $2,594,783Liabilities 2016: $157,485Net Assets 2016: $2,437,2982016Assets 2017: $2,581,285Liabilities 2017: $179,616Net Assets 2017: $2,401,6692017Assets 2018: $2,690,123Liabilities 2018: $373,971Net Assets 2018: $2,316,1522018Assets 2019: $2,860,868Liabilities 2019: $625,531Net Assets 2019: $2,235,3372019Assets 2020: $2,679,975Liabilities 2020: $469,086Net Assets 2020: $2,210,8892020Assets 2021: $3,029,527Liabilities 2021: $487,874Net Assets 2021: $2,541,6532021Assets 2022: $2,853,769Liabilities 2022: $360,899Net Assets 2022: $2,492,8702022Assets 2023: $2,576,941Liabilities 2023: $305,533Net Assets 2023: $2,271,4082023Assets 2024: $2,377,342Liabilities 2024: $276,326Net Assets 2024: $2,101,0162024

Highlighted filing

2015

Assets$2,651,767
Liabilities$164,272
Net Assets$2,487,495
Open 2015 Filing

Operations Trend

Revenue Growth91st percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$1.0M$500K$0-$500KExpenses 2010: $291,2092010Expenses 2011: $270,2952011Expenses 2012: $314,8162012Revenue 2013: $779,115Expenses 2013: $127,547Net Income 2013: $651,5682013Revenue 2014: $10,269Expenses 2014: $91,314Net Income 2014: -$81,0452014Revenue 2015: $15,333Expenses 2015: $177,179Net Income 2015: -$161,8462015Revenue 2016: $14,612Expenses 2016: $64,809Net Income 2016: -$50,1972016Revenue 2017: $22,382Expenses 2017: $58,011Net Income 2017: -$35,6292017Revenue 2018: $38,167Expenses 2018: $123,684Net Income 2018: -$85,5172018Revenue 2019: $140,154Expenses 2019: $220,969Net Income 2019: -$80,8152019Revenue 2020: $77,684Expenses 2020: $102,132Net Income 2020: -$24,4482020Revenue 2021: $376,260Expenses 2021: $45,496Net Income 2021: $330,7642021Revenue 2022: $287,113Expenses 2022: $335,896Net Income 2022: -$48,7832022Revenue 2023: $187,152Expenses 2023: $408,614Net Income 2023: -$221,4622023Revenue 2024: $273,391Expenses 2024: $442,661Net Income 2024: -$169,2702024

Highlighted filing

2015

Revenue$15,333
Expenses$177,179
Net Income-$161,846
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Mar 17, 2016
Return Version
2015v2.0
Gross Receipts
$15,333
Mission and Program Overview

Mission

The corporation makes revolving loans available to local businesses to enhance redevelopment for the purpose of providing job opportunities and reducing unemployment. The corporation also participates in other econcomic development activities such as seeking grants, administering grants and other programs.

The corporation makes revolving loans available to local businesses to enhance redevelopment for the purpose of providing job oppotunities and reducing unemployment.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,009,431$2,011,069▲ $1,638
Other Notes and Loans Receivable, Net$228,878$298,637▲ $69,759
Savings and Temporary Cash Investments$456,531$246,561▼ $209,970
Cash and Non-Interest-Bearing Accounts$99,450$91,568▼ $7,882
Prepaid Expenses and Deferred Charges$3,786$3,932▲ $146
Accounts Receivable-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$2,861,690$2,651,767▼ $209,923
Other Assets Total$63,614$0▼ $63,614
Liabilities
Mortgage Notes Payable Secured by Investment Property$152,000$144,602▼ $7,398
Unsecured Notes Loans Payable$58,258--
Deferred Revenue-$18,675-
Accounts Payable and Accrued Expenses$2,091$995▼ $1,096
Total Liabilities$212,349$164,272▼ $48,077
Net Assets / Fund Balance
Unrestricted Net Assets$2,417,051$1,838,654▼ $578,397
Temporarily Rstr Net Assets$232,290$648,841▲ $416,551
Total Net Assets Fund Balance$2,649,341$2,487,495▼ $161,846
Total Liabilities and Net Assets / Fund Balance$2,861,690$2,651,767▼ $209,923

Asset Categories

AssetBook ValueDepreciationBasis
Land$1,421,165-$1,421,165
Buildings$589,904--
Compensation and Service Providers
Top Officer Pay57th percentile

Board Members and Trustees

NameTitle
John DiamondChairman
Todd FeigenbaumVice-Chairman
Dan HallDirector
Roy ThomasDirector
Edward BartholomewCEO
Michael McCarthyCFO
Judith CalogeroSecretary
Lois RobinsonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,500
Investment Income
$13,833
Other Revenue
$0
Change in Net Assets
$-161,846

Audited Revenue Reconciliation

Revenue per Audited Statements
$15,333
Total Revenue per Audited Statements
$15,333
Total Revenue per Form 990
$15,333
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$177,179
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Fees for Services Accounting-$15,924-$15,924
Insurance$14,536--$14,536
Advertising$11,968--$11,968
Fees for Services Other$9,760--$9,760
Fees for Services Management-$7,500-$7,500
Fees for Services Legal$5,227--$5,227
Office Expenses$3,903--$3,903
Interest$3,698--$3,698
Other Expenses$981$2,487-$981
Total Functional Expenses$151,268$25,911$0$177,179

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$177,179
Total Expenses per Audited Statements$177,179
Total Expenses per Form 990$177,179
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B: Form 990 Review Process

“The 990 is reviewed by the Executive Director and Chief Financial Officer before submission. It is distributed to the governing committee when the audit is presented.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“All governing documents are posted in PDF form on Greater Glens Falls Local Development's website in accordance with the PAAA.”

Filing and Contact Details

Filer

Filer Name
Greater Glens Falls Local Development
EIN
14-1674747
Phone
5187613833
Address
42 Ridge St, Glens Falls, NY 12801

Signing Officer

Name
Edward Bartholomew
Title
CEO
Signed
2016-03-17
Discuss with paid preparer
Yes

Organization Details

Formed
1984
Legal Domicile
Ny
Voting Board Members
8
Independent Board Members
6
Employees
0

Preparer

Firm
Whittemore Dowen & Ricciardelli Llp
Address
333 AVIATION RD BLDG B, QUEENSBURY, NY 12804-2915
Preparer
Colin D Combs CPA
Phone
5187920918
Supplemental Narrative

Financial Statement Notes

Part X : FIN48 Footnote

“The Organization is exempt from income taxes as a not-for-profit corporation under tax section 501(c)(4) as determined by the Internal Revenue Service and, accordingly, these financial statements do not reflect a provision for income taxes. As of December 31, 2015 the tax years that remain subject to examination by tax authorities begin with 2012.”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt03932
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IRS990/PYRevenuesLessExpensesAmt0-81045
IRS990/PYTotalExpensesAmt091314
IRS990/PYTotalRevenueAmt010269
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-161846
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0true
IRS990/RelatedOrganizationCtrlEntInd0false
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IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt01500
IRS990/RoyaltiesGrp/TotalAmt00
IRS990/RoyaltiesRevenueGrp/TotalRevenueColumnAmt00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0456531
IRS990/SavingsAndTempCashInvstGrp/EOYAmt0246561
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt0589904
IRS990ScheduleD/BuildingsGrp/InvestmentCostOrOtherBasisAmt0589904
IRS990ScheduleD/ExpensesSubtotalAmt0177179
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt01421165
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01421165
IRS990ScheduleD/RevenueSubtotalAmt015333
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0The Organization is exempt from income taxes as a not-for-profit corporation under tax section 501(c)(4) as determined by the Internal Revenue Service and, accordingly, these financial statements do not reflect a provision for income taxes. As of December 31, 2015 the tax years that remain subject to examination by tax authorities begin with 2012.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
IRS990ScheduleD/TotalBookValueLandBuildingsAmt02011069
IRS990ScheduleD/TotalExpensesPerForm990Amt0177179
IRS990ScheduleD/TotalRevenuePerForm990Amt015333
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt015333
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0177179
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0The 990 is reviewed by the Executive Director and Chief Financial Officer before submission. It is distributed to the governing committee when the audit is presented.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1All governing documents are posted in PDF form on Greater Glens Falls Local Development's website in accordance with the PAAA.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Line 11b: Form 990 Review Process
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
IRS990ScheduleR/AssetExchangeInd0false
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd0false
IRS990ScheduleR/AssetSaleToOtherOrgInd0false
IRS990ScheduleR/DivRelatedOrganizationInd0false
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd0false
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd0false
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0City Government
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt042 Ridge St
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Glens Falls
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NY
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd012801
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd0false
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd0false
IRS990ScheduleR/PaidEmployeesSharingInd0true
IRS990ScheduleR/PerformOfServicesByOtherOrgInd0false
IRS990ScheduleR/PerformOfServicesForOthOrgInd0false
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd0false
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd0false
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd0true
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd0false
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd0false
IRS990ScheduleR/SharingOfFacilitiesInd0true
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt02153
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt1357
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt2100000
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0Actual Payment
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt1Actual Payment
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt2MOU
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0The City of Glens Falls and related agen
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt1The City of Glens Falls and related agen
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt2The City of Glens Falls and related agen
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IRS990/TerminateOperationsInd0false
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IRS990/TotalEmployeeCnt00
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0151268
IRS990/TotalFunctionalExpensesGrp/TotalAmt0177179
IRS990/TotalGrossUBIAmt00
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IRS990/TotalLiabilitiesEOYAmt0164272
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IRS990/TotalLiabilitiesGrp/EOYAmt0164272
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IRS990/TotalProgramServiceExpensesAmt0151268
IRS990/TotalProgramServiceRevenueAmt01500
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IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02651767
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IRS990/UnrestrictedNetAssetsGrp/EOYAmt01838654
IRS990/UnsecuredNotesLoansPayableGrp/BOYAmt058258
IRS990/UponRequestInd0X
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Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,651,767
Liabilities
$164,272
Net assets
$2,487,495
Revenue
$15,333
Expenses
$177,179
Net income
-$161,846
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$2.38$0.28$2.10$0.27$0.44$0.17
2023Detailed filing. Detailed filing data is available for this year.$2.58$0.31$2.27$0.19$0.41$0.22
2022Detailed filing. Detailed filing data is available for this year.$2.85$0.36$2.49$0.29$0.34$0.05
2021Detailed filing. Detailed filing data is available for this year.$3.03$0.49$2.54$0.38$0.05$0.33
2020Detailed filing. Detailed filing data is available for this year.$2.68$0.47$2.21$0.08$0.10$0.02
2019Detailed filing. Detailed filing data is available for this year.$2.86$0.63$2.24$0.14$0.22$0.08
2018Detailed filing. Detailed filing data is available for this year.$2.69$0.37$2.32$0.04$0.12$0.09
2017Detailed filing. Detailed filing data is available for this year.$2.58$0.18$2.40$0.02$0.06$0.04
2016Detailed filing. Detailed filing data is available for this year.$2.59$0.16$2.44$0.01$0.06$0.05
2015Detailed filing. Detailed filing data is available for this year.$2.65$0.16$2.49$0.02$0.18$0.16
2014Detailed filing. Detailed filing data is available for this year.$2.86$0.21$2.65$0.01$0.09$0.08
2013Detailed filing. Detailed filing data is available for this year.$3.39$0.33$3.06$0.78$0.13$0.65
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.81$0.40$2.41$0.31
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.90$0.01$1.90$0.27
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.69$0.58$2.11$0.29