Civic Intelligence

Franklin County Local Development Corporation

990 • Fiscal year 2023 • EIN 14-1763507

Jan 01, 2023 to Dec 31, 2023 • Filed on Jun 24, 2024

Organization ProfileWWW.FRANKLINIDA.ORG
360 W Main StMalone, NY 12953

(518) 483-9472

Siviq Scores

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

Liabilities / Assets

33rd percentile

0.05x

Higher debt load relative to assets than 33% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

48th percentile

0.18x

Higher debt load relative to revenue than 48% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Net Margin

17th percentile

-17%

Higher net margin than 17% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

31st percentile

$0

Higher top officer pay than 31% of similar nonprofits.

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

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Asset Growth

22nd percentile

-6.0%

Faster asset growth than 22% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

16th percentile

-26%

Faster revenue growth than 16% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets33rd percentile

Assets

Down

$2,550,163

Down $162,495 (-6.0%) from 2022

Net Assets

Down

$2,429,101

Down $114,402 (-4.5%) from 2022

Liabilities

Down

$121,062

Down $48,093 (-28%) from 2022

Revenue And Expenses
Liabilities / Revenue48th percentileNet Margin17th percentile

Revenue

Down

$656,958

Down $231,881 (-26%) from 2022

Expenses

Down

$771,360

Down $549,749 (-42%) from 2022

Net Income

Up

-$114,402

Up $317,868 (+74%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth22nd percentile

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

$4.0M$3.0M$2.0M$1.0M$0Assets 2011: $3,506,144Liabilities 2011: $850,947Net Assets 2011: $2,655,1972011Assets 2012: $3,731,938Liabilities 2012: $845,405Net Assets 2012: $2,886,5332012Assets 2013: $3,917,284Liabilities 2013: $740,108Net Assets 2013: $3,177,1762013Assets 2014: $3,612,717Liabilities 2014: $640,060Net Assets 2014: $2,972,6572014Assets 2015: $3,730,478Liabilities 2015: $558,561Net Assets 2015: $3,171,9172015Assets 2016: $3,478,341Liabilities 2016: $435,772Net Assets 2016: $3,042,5692016Assets 2017: $3,520,257Liabilities 2017: $330,439Net Assets 2017: $3,189,8182017Assets 2018: $3,555,059Liabilities 2018: $196,666Net Assets 2018: $3,358,3932018Assets 2019: $3,526,750Liabilities 2019: $68,843Net Assets 2019: $3,457,9072019Assets 2020: $3,548,800Liabilities 2020: $46,299Net Assets 2020: $3,502,5012020Assets 2021: $3,825,928Liabilities 2021: $845,725Net Assets 2021: $2,980,2032021Assets 2022: $2,712,658Liabilities 2022: $169,155Net Assets 2022: $2,543,5032022Assets 2023: $2,550,163Liabilities 2023: $121,062Net Assets 2023: $2,429,1012023Assets 2024: $2,365,932Liabilities 2024: $79,808Net Assets 2024: $2,286,1242024

Highlighted filing

2023

Assets$2,550,163
Liabilities$121,062
Net Assets$2,429,101
Open 2023 Filing

Operations Trend

Revenue Growth16th percentile

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

$1.5M$1.0M$500K$0-$500K-$1.0MExpenses 2011: $19,7592011Expenses 2012: $12,9692012Revenue 2013: $300,023Expenses 2013: $9,380Net Income 2013: $290,6432013Revenue 2014: $171,172Expenses 2014: $373,916Net Income 2014: -$202,7442014Revenue 2015: $216,789Expenses 2015: $17,530Net Income 2015: $199,2592015Revenue 2016: $194,748Expenses 2016: $324,096Net Income 2016: -$129,3482016Revenue 2017: $156,075Expenses 2017: $8,826Net Income 2017: $147,2492017Revenue 2018: $207,609Expenses 2018: $39,034Net Income 2018: $168,5752018Revenue 2019: $520,566Expenses 2019: $421,052Net Income 2019: $99,5142019Revenue 2020: $732,965Expenses 2020: $688,371Net Income 2020: $44,5942020Revenue 2021: $376,410Expenses 2021: $898,708Net Income 2021: -$522,2982021Revenue 2022: $888,839Expenses 2022: $1,321,109Net Income 2022: -$432,2702022Revenue 2023: $656,958Expenses 2023: $771,360Net Income 2023: -$114,4022023Revenue 2024: $711,325Expenses 2024: $854,302Net Income 2024: -$142,9772024

Highlighted filing

2023

Revenue$656,958
Expenses$771,360
Net Income-$114,402
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Jun 24, 2024
Return Version
2023v5.0
Gross Receipts
$656,958
Mission and Program Overview

Mission

The ldc is committed to serving new and existing businesses and industries, and to assist with the creation and retention of quality jobs through direct and collaborative funding of projects for the economic well being of franklin county.

The edc is committed to serving new and existing businesses and industries, and to assist with the creation and retention of quality jobs through direct and collaborative funding of projects for the economic well being of franklin county.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$1,216,231$1,220,343▲ $4,112
Other Notes and Loans Receivable, Net$1,090,978$1,124,513▲ $33,535
Pledges and Grants Receivable$364,864$179,480▼ $185,384
Land, Buildings, and Equipment, Net$36,739$21,262▼ $15,477
Prepaid Expenses and Deferred Charges$3,846$4,565▲ $719
Total Assets$2,712,658$2,550,163▼ $162,495
Liabilities
Accounts Payable and Accrued Expenses$141,543$89,929▼ $51,614
Deferred Revenue-$20,000-
Other Liabilities$27,612$11,133▼ $16,479
Total Liabilities$169,155$121,062▼ $48,093
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,543,503$2,429,101▼ $114,402
Total Net Assets Fund Balance$2,543,503$2,429,101▼ $114,402
Total Liabilities and Net Assets / Fund Balance$2,712,658$2,550,163▼ $162,495

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$21,262$64,182$85,444
Compensation and Service Providers
Top Officer Pay31st percentile

Board Members and Trustees

NameTitle
James EllisChairman
Sherry BoyeaVice Chair
Stephen ErmanAssistant Se
Jeremy EvansCEO
Daniel MillsMember
Nate MonetteMember
Madelyn FleurySecretary
Archie MckeeTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$444,178
Program Service Revenue
$173,595
Investment Income
$39,160
Other Revenue
$25
All Other Contributions
$7,000
Change in Net Assets
$-114,402

Audited Revenue Reconciliation

Revenue per Audited Statements
$656,958
Total Revenue per Audited Statements
$656,958
Total Revenue per Form 990
$656,958
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$360,807
Other Expenses$219,683
Salaries, Compensation, and Employee Benefits$190,870
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$360,807--$360,807
Other Salaries and Wages$137,955$15,328-$153,283
Other Employee Benefits$33,848$3,739-$37,587
Advertising$15,693--$15,693
Depreciation Depletion$7,738$7,737-$15,475
Fees for Services Legal$5,323$5,323-$10,646
Office Expenses$6,195$2,735-$8,930
Fees for Services Accounting$3,391$3,391-$6,782
Conferences and Meetings$5,972--$5,972
Occupancy$1,812$1,812-$3,624
Insurance$1,251$1,251-$2,502
Interest-$321-$321
Other Expenses$160$160-$320
Total Functional Expenses$729,312$42,048$0$771,360

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$771,360
Total Expenses per Audited Statements$771,360
Total Expenses per Form 990$771,360
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
NORI'S VILLAGE MARKETSaranac Lake, NY-Dri Sl$66,712
Hes Ventures LLCSaranac Lake, NY-Dri Sl$57,400
County of Franklin IndustrialMalone, NY-Subsidy$50,000
Franklin Square PropertiesMalone, NY-Nyms$50,000
Black Mountain Property ManagementSaranac Lake, NY-Dri Sl$49,500
Larkin EnterprisesTupper Lake, NY-Smart Growth$24,500
ROMANO'S SARANAC LANES INCSaranac Lake, NY-Dri Sl$23,407
Waterhole Music LoungeSaranac Lake, NY-Microenterprisegrant$13,134
Adirondack Hamlets to HutsSaranac Lake, NYGovMicroenterprisegrant$10,000
Historic Saranac LakeSaranac Lake, NY-Microenterprise Gran$10,000
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
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Operating Lease Liability$11,133
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 11B

“Board reviews a draft copy of the 990 before submission”

Form 990, Page 6, Part VI, Line 12C

“Directors are required to sign a conflict of interest policy and disclose conflicts.”

Form 990, Page 6, Part VI, Line 15A

“Compensation is reviewed and approved by the governing board.”

Form 990, Page 6, Part VI, Line 15B

“Compensation for employees is determined and approved by the governing board.”

Form 990, Page 6, Part VI, Line 19

“X”

Filing and Contact Details

Filer

Filer Name
Franklin County Economic
EIN
14-1763507
Phone
5184839472
Address
360 W MAIN ST, MALONE, NY 12953

Signing Officer

Name
Jeremy Evans
Title
CEO
Phone
5184839472
Signed
2024-06-24

Organization Details

Principal Officer
Jeremy Evans
Formed
1995
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
7
Employees
3
Volunteers
8

Preparer

Firm
Crowley & Halloran Cpas Pc
Address
215 WASHINGTON ST STE 100, WATERTOWN, NY 13601-3343
Preparer
Pamela J Halloran
Phone
3157883140
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“The edc is committed to serving new and existing businesses and industries, and to assist with the creation and retention of quality jobs through direct and collaborative funding of projects for the economic well being of franklin county.”

Financial Statement Notes

Schedule D, Page 3, Part X

“Fasb asc 740, income taxes, requires entities to disclose in their financial statements the nature of any uncertainties in their tax position. Tax years including 2020 and later are subject to examination by tax authorities. Areas that irs and state tax authorities consider when examining tax returns of a charity include, but may not be limited to, tax-exempt status and the existence and amount of unrelated business income. Franklin county economic development corporation does not believe that it has any uncertain tax positions with respect to these or other matters, and has not recorded any unrecognized tax benefits or liability for penalties or interest.”

Schedule D, Page 4, Part XIII

“Franklin county economic development corporation is not aware of any circumstances or events that make it reasonably possible that tax benefits may increase or decrease within 12 months of the date of these financial statements.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0FASB ASC 740, INCOME TAXES, REQUIRES ENTITIES TO DISCLOSE IN THEIR FINANCIAL STATEMENTS THE NATURE OF ANY UNCERTAINTIES IN THEIR TAX POSITION. TAX YEARS INCLUDING 2020 AND LATER ARE SUBJECT TO EXAMINATION BY TAX AUTHORITIES. AREAS THAT IRS AND STATE TAX AUTHORITIES CONSIDER WHEN EXAMINING TAX RETURNS OF A CHARITY INCLUDE, BUT MAY NOT BE LIMITED TO, TAX-EXEMPT STATUS AND THE EXISTENCE AND AMOUNT OF UNRELATED BUSINESS INCOME. FRANKLIN COUNTY ECONOMIC DEVELOPMENT CORPORATION DOES NOT BELIEVE THAT IT HAS ANY UNCERTAIN TAX POSITIONS WITH RESPECT TO THESE OR OTHER MATTERS, AND HAS NOT RECORDED ANY UNRECOGNIZED TAX BENEFITS OR LIABILITY FOR PENALTIES OR INTEREST.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1FRANKLIN COUNTY ECONOMIC DEVELOPMENT CORPORATION IS NOT AWARE OF ANY CIRCUMSTANCES OR EVENTS THAT MAKE IT REASONABLY POSSIBLE THAT TAX BENEFITS MAY INCREASE OR DECREASE WITHIN 12 MONTHS OF THE DATE OF THESE FINANCIAL STATEMENTS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XIII
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IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt3HES VENTURES LLC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt4HISTORIC SARANAC LAKE
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IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt6NORI'S VILLAGE MARKET
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt7ROMANO'S SARANAC LANES INC
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt8WATERHOLE MUSIC LOUNGE
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt9FRANKLIN SQUARE PROPERTIES
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine2Txt0DEVELOPMENT AGENCY
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,550,163
Liabilities
$121,062
Net assets
$2,429,101
Revenue
$656,958
Expenses
$771,360
Net income
-$114,402
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.37$0.08$2.29$0.71$0.85$0.14
2023Detailed filing. Detailed filing data is available for this year.$2.55$0.12$2.43$0.66$0.77$0.11
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.71$0.17$2.54$0.89$1.32$0.43
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.83$0.85$2.98$0.38$0.90$0.52
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.55$0.05$3.50$0.73$0.69$0.04
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.53$0.07$3.46$0.52$0.42$0.10
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.56$0.20$3.36$0.21$0.04$0.17
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.52$0.33$3.19$0.16$0.01$0.15
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.48$0.44$3.04$0.19$0.32$0.13
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.73$0.56$3.17$0.22$0.02$0.20
2014Detailed filing. Detailed filing data is available for this year.$3.61$0.64$2.97$0.17$0.37$0.20
2013Detailed filing. Detailed filing data is available for this year.$3.92$0.74$3.18$0.30$0.01$0.29
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.73$0.85$2.89$0.01
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.51$0.85$2.66$0.02