Civic Intelligence

Greater Glens Falls Local Development Corporation

990 • Fiscal year 2017 • EIN 14-1674747

Jan 01, 2017 to Dec 31, 2017 • Filed on May 11, 2018

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

50th percentile

0.07x

Higher debt load relative to assets than 50% of similar nonprofits.

2017 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2017

Liabilities / Revenue

97th percentile

8.03x

Higher debt load relative to revenue than 97% of similar nonprofits.

2017 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2017

Net Margin

2nd percentile

-159%

Higher net margin than 2% of similar nonprofits.

2017 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2017

Top Officer Pay

66th percentile

$6,710

Higher top officer pay than 66% of similar nonprofits.

Top officer pay equals 30.0% of source-year revenue.

2017 filings • 501(c)4 • $1M-$5M nonprofits • Source year 2017

Asset Growth

34th percentile

-0.5%

Faster asset growth than 34% of similar nonprofits.

2017 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Revenue Growth

89th percentile

53%

Faster revenue growth than 89% of similar nonprofits.

2017 filings • 501(c)4 • $1M-$5M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets50th percentile

Assets

Down

$2,581,285

Down $13,498 (-0.5%) from 2016

Net Assets

Down

$2,401,669

Down $35,629 (-1.5%) from 2016

Liabilities

Up

$179,616

Up $22,131 (+14%) from 2016

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin2nd percentile

Revenue

Up

$22,382

Up $7,770 (+53%) from 2016

Expenses

Down

$58,011

Down $6,798 (-10%) from 2016

Net Income

Up

-$35,629

Up $14,568 (+29%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth34th 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

2017

Assets$2,581,285
Liabilities$179,616
Net Assets$2,401,669
Open 2017 Filing

Operations Trend

Revenue Growth89th 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

2017

Revenue$22,382
Expenses$58,011
Net Income-$35,629
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
May 11, 2018
Return Version
2017v2.2
Gross Receipts
$22,382
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.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$2,011,069$2,011,069→ $0
Savings and Temporary Cash Investments$327,289$318,825▼ $8,464
Other Notes and Loans Receivable, Net$251,692$246,583▼ $5,109
Prepaid Expenses and Deferred Charges$3,997$3,997→ $0
Accounts Receivable$736$0▼ $736
Cash and Non-Interest-Bearing Accounts-$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$2,594,783$2,581,285▼ $13,498
Other Assets Total-$811-
Liabilities
Mortgage Notes Payable Secured by Investment Property$136,608$155,219▲ $18,611
Deferred Revenue$18,675$18,675→ $0
Accounts Payable and Accrued Expenses$2,202$4,911▲ $2,709
Other Liabilities-$811-
Total Liabilities$157,485$179,616▲ $22,131
Net Assets / Fund Balance
Unrestricted Net Assets$1,791,071$1,755,034▼ $36,037
Temporarily Rstr Net Assets$646,227$646,635▲ $408
Total Net Assets Fund Balance$2,437,298$2,401,669▼ $35,629
Total Liabilities and Net Assets / Fund Balance$2,594,783$2,581,285▼ $13,498

Asset Categories

AssetBook ValueDepreciationBasis
Land$1,421,165-$1,421,165
Buildings$589,904--
Compensation and Service Providers
Top Officer Pay66th percentile

Employees

NameTitleOtherTotal
Michael McCarthyCFO$6,710$6,710

Board Members and Trustees

NameTitle
John DiamondChairman
Todd FeigenbaumVice-Chairman
Dan HallDirector
Mary GoodenDirector
Maury ThompsonDirector
Roy ThomasDirector
Edward BartholomewCEO
Judith CalogeroSecretary
Lois RobinsonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$7,500
Program Service Revenue
$14,719
Investment Income
$163
Other Revenue
$0
Change in Net Assets
$-35,629

Audited Revenue Reconciliation

Revenue per Audited Statements
$22,382
Total Revenue per Audited Statements
$22,382
Total Revenue per Form 990
$22,382
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$58,011
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-$16,155-$16,155
Insurance$15,223--$15,223
Fees for Services Management-$7,500-$7,500
Fees for Services Legal$7,357--$7,357
Fees for Services Other$4,266--$4,266
Office Expenses$1,823--$1,823
Occupancy-$1,752-$1,752
Interest$1,380$95-$1,475
Advertising$1,431--$1,431
Other Expenses$156--$156
Total Functional Expenses$32,509$25,502$0$58,011

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$58,011
Total Expenses per Audited Statements$58,011
Total Expenses per Form 990$58,011
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
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-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to other program$811
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

“Financial records are reviewed by the Chief Financial Officer and corrected, if necessary. The Chief Financial Officer presents financial reports to the governing committee on a bi-monthly basis. 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 12C: Explanation of Monitoring and Enforcement of Conflicts

“The purpose of the Conflict of Interest Policy is to protect the interest and integrity of the Organization's interests when it is contemplating entering into a transaction or arrangement that may benefit the private interest of a director, officer, member, or any employee. If the Board of Directors receives written notice of a potential or existing conflict, the person of interest may not participate in the deliberations or vote on any matter concerning the possible conflict of interest. The Conflict of Interest Policy is reviewed, and amended as necessary, at the Organization's annual meeting.”

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 Corporations'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
2018-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Edward Bartholomew
Formed
1984
Legal Domicile
Ny
Voting Board Members
8
Independent Board Members
8
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, 2017, the tax years that remain subject to examination by tax authorities begin with 2014.”

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IRS990/PrincipalOfficerNm0Edward Bartholomew
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0Due to other program
IRS990ScheduleD/RevenueSubtotalAmt022382
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, 2017, the tax years that remain subject to examination by tax authorities begin with 2014.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part X : FIN48 Footnote
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IRS990ScheduleD/TotalExpensesPerForm990Amt058011
IRS990ScheduleD/TotalLiabilityAmt0811
IRS990ScheduleD/TotalRevenuePerForm990Amt022382
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Financial records are reviewed by the Chief Financial Officer and corrected, if necessary. The Chief Financial Officer presents financial reports to the governing committee on a bi-monthly basis. 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1The purpose of the Conflict of Interest Policy is to protect the interest and integrity of the Organization's interests when it is contemplating entering into a transaction or arrangement that may benefit the private interest of a director, officer, member, or any employee. If the Board of Directors receives written notice of a potential or existing conflict, the person of interest may not participate in the deliberations or vote on any matter concerning the possible conflict of interest. The Conflict of Interest Policy is reviewed, and amended as necessary, at the Organization's annual meeting.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2All governing documents are posted in PDF form on Greater Glens Falls Local Development Corporations'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 12c: Explanation of Monitoring and Enforcement of Conflicts
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part VI, Line 19: Other Organization Documents Publicly Available
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0The City of Glens Falls
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt1Glens Falls Civic Development Corp
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0City Government
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt042 Ridge St
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt142 Ridge Street
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0Glens Falls
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm1Glens Falls
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IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt02437298
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt02401669

Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,581,285
Liabilities
$179,616
Net assets
$2,401,669
Revenue
$22,382
Expenses
$58,011
Net income
-$35,629
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