Civic Intelligence

Southern Tier Economic Development Inc

990 • Fiscal year 2014 • EIN 16-1475745

Jan 01, 2014 to Dec 31, 2014 • Filed on May 13, 2015

Organization Profilen/a
C/O Sayles Evans 1 W Church StElmira, NY 14901

(607) 734-2271

Siviq Scores

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

Liabilities / Assets

98th percentile

1.76x

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

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Liabilities / Revenue

100th percentile

3455.44x

Higher debt load relative to revenue than 100% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Net Margin

1st percentile

-6875%

Higher net margin than 1% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Top Officer Pay

19th percentile

$0

Higher top officer pay than 19% of similar nonprofits.

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

2014 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2014

Asset Growth

22nd percentile

-3.4%

Faster asset growth than 22% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2013 to 2014

Revenue Growth

1st percentile

-90%

Faster revenue growth than 1% of similar nonprofits.

2014 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2013 to 2014

Balance Sheet
Liabilities / Assets98th percentile

Assets

Down

$9,802,201

Down $342,802 (-3.4%) from 2013

Net Assets

Down

-$7,426,618

Down $342,802 (-4.8%) from 2013

Liabilities

Flat

$17,228,819

Flat from 2013

Revenue And Expenses
Liabilities / Revenue100th percentileNet Margin1st percentile

Revenue

Down

$4,986

Down $47,319 (-90%) from 2013

Expenses

Down

$347,788

Down $47,320 (-12%) from 2013

Net Income

Up

-$342,802

Up $1 (+0.0%) from 2013

Historical Trend

Balance Sheet Trend

Asset Growth22nd percentile

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

$20M$10M$0-$10MAssets 2011: $10,830,605Liabilities 2011: $15,498,856Net Assets 2011: -$4,668,2512011Assets 2012: $10,487,806Liabilities 2012: $15,498,856Net Assets 2012: -$5,011,0502012Assets 2013: $10,145,003Liabilities 2013: $17,228,819Net Assets 2013: -$7,083,8162013Assets 2014: $9,802,201Liabilities 2014: $17,228,819Net Assets 2014: -$7,426,6182014Assets 2015: $9,459,398Liabilities 2015: $17,228,819Net Assets 2015: -$7,769,4212015Assets 2016: $90Liabilities 2016: $8,553,000Net Assets 2016: -$8,552,9102016

Highlighted filing

2014

Assets$9,802,201
Liabilities$17,228,819
Net Assets-$7,426,618
Open 2014 Filing

Operations Trend

Revenue Growth1st percentile

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

$5.0M$0-$5.0M-$10MExpenses 2011: $352,9512011Expenses 2012: $346,0182012Revenue 2013: $52,305Expenses 2013: $395,108Net Income 2013: -$342,8032013Revenue 2014: $4,986Expenses 2014: $347,788Net Income 2014: -$342,8022014Revenue 2015: $0Expenses 2015: $342,803Net Income 2015: -$342,8032015Revenue 2016: -$9,273,577Expenses 2016: $185,685Net Income 2016: -$9,459,2622016

Highlighted filing

2014

Revenue$4,986
Expenses$347,788
Net Income-$342,802
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
May 13, 2015
Return Version
2014v5.0
Gross Receipts
$4,986
Mission and Program Overview

Mission

Southern tier economic development, inc., was formed to reduce unemployment, promote job opportunities by attracting industry to the southern tier of new york state, to encourage the development of industry in the community and lessen the burden of government, thus performing an essential governmental function.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$10,144,867$9,802,065▼ $342,802
Cash and Non-Interest-Bearing Accounts$136$136→ $0
Rtn Earn Endowment Incm Other Fnds$-7,083,816$-7,426,618▼ $342,802
Total Assets$10,145,003$9,802,201▼ $342,802
Liabilities
Mortgage Notes Payable Secured by Investment Property$8,611,633$8,611,633→ $0
Unsecured Notes Loans Payable$8,553,000$8,553,000→ $0
Other Liabilities$64,186$64,186→ $0
Total Liabilities$17,228,819$17,228,819→ $0
Net Assets / Fund Balance
Total Net Assets Fund Balance$-7,083,816$-7,426,618▼ $342,802
Total Liabilities and Net Assets / Fund Balance$10,145,003$9,802,201▼ $342,802

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$8,552,065$4,817,245$13,369,310
Equipment-$1,772,722$1,772,722
Land$1,250,000-$1,250,000
Compensation and Service Providers
Top Officer Pay19th percentile

Board Members and Trustees

NameTitle
Kevin D KeeleyPresident, D
John F PotterV.president,
Kimberlee MiddaughDirector
Susan J SkidmoreDirector
Douglas C TifftSecretary, D
Ronald E AllisonTreasurer, D
Revenue and Support

Revenue Composition

Contributions and Grants
$4,986
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$4,986
Change in Net Assets
$-342,802
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$347,788
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
Depreciation Depletion-$342,802-$342,802
Fees for Services Legal-$2,681-$2,681
Insurance-$2,305-$2,305
Total Functional Expenses$0$347,788$0$347,788
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
Operator Investment$64,186
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
No
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
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

“Form 990 is available to all members of the organization's governing body. The organization's legal counsel reviews form 990.”

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

“The legal counsel for the organizaition monitors compliance with the conflict of interest policy.”

Form 990, Page 6, Part VI, Line 19

“All organization's governing documents/financial statements and policies are available upon request and may be obtained from organization's legal counsel. Organization's certificate of incorporation/forms 990 may be obtained from new york state office of the attorney general, and are available on the website of the new york state charities bureau.”

Filing and Contact Details

Filer

Filer Name
Southern Tier Economic Development
EIN
16-1475745
Phone
6077342271
Address
C/O SAYLES EVANS 1 W CHURCH ST, ELMIRA, NY 14901

Signing Officer

Name
Kevin D Keeley
Title
President
Phone
6077342271
Signed
2015-05-13
Discuss with paid preparer
Yes

Organization Details

Formed
1995
Legal Domicile
Ny
Voting Board Members
6
Independent Board Members
6
Employees
0

Preparer

Firm
Sayles & Evans
Address
1 W CHURCH ST, ELMIRA, NY 14901
Preparer
Steven E Agan
Phone
6077342271
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

“Southern tier economic development, inc., was formed to reduce unemployment, promote job opportunities by attracting industry to the southern tier of new york state, to encourage the development of industry in the community and lessen the burden of government, thus performing an essential governmental function.”

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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0SOUTHERN TIER ECONOMIC DEVELOPMENT, INC., WAS FORMED TO REDUCE UNEMPLOYMENT, PROMOTE JOB OPPORTUNITIES BY ATTRACTING INDUSTRY TO THE SOUTHERN TIER OF NEW YORK STATE, TO ENCOURAGE THE DEVELOPMENT OF INDUSTRY IN THE COMMUNITY AND LESSEN THE BURDEN OF GOVERNMENT, THUS PERFORMING AN ESSENTIAL GOVERNMENTAL FUNCTION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 IS AVAILABLE TO ALL MEMBERS OF THE ORGANIZATION'S GOVERNING BODY. THE ORGANIZATION'S LEGAL COUNSEL REVIEWS FORM 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE LEGAL COUNSEL FOR THE ORGANIZAITION MONITORS COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ALL ORGANIZATION'S GOVERNING DOCUMENTS/FINANCIAL STATEMENTS AND POLICIES ARE AVAILABLE UPON REQUEST AND MAY BE OBTAINED FROM ORGANIZATION'S LEGAL COUNSEL. ORGANIZATION'S CERTIFICATE OF INCORPORATION/FORMS 990 MAY BE OBTAINED FROM NEW YORK STATE OFFICE OF THE ATTORNEY GENERAL, AND ARE AVAILABLE ON THE WEBSITE OF THE NEW YORK STATE CHARITIES BUREAU.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
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IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 19
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ReturnHeader/BuildTS02016-02-25 16:41:14Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0KEVIN D KEELEY
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum06077342271
ReturnHeader/BusinessOfficerGrp/SignatureDt02015-05-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SOUTHERN TIER ECONOMIC DEVELOPMENT
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ReturnHeader/Filer/USAddress/CityNm0ELMIRA
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01 W CHURCH ST
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ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
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ReturnHeader/PreparerPersonGrp/PreparerPersonNm0STEVEN E AGAN
ReturnHeader/ReturnTs02015-05-14T10:28:32-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-01-01
ReturnHeader/TaxPeriodEndDt02014-12-31
ReturnHeader/TaxYr02014

Document Assets

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Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$9,802,201
Liabilities
$17,228,819
Net assets
-$7,426,618
Revenue
$4,986
Expenses
$347,788
Net income
-$342,802
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2016Detailed filing. Detailed filing data is available for this year.$0.00$8.55$8.55$9.27$0.19$9.46
2015Detailed filing. Detailed filing data is available for this year.$9.46$17.2$7.77$0.00$0.34$0.34
2014Detailed filing. Detailed filing data is available for this year.$9.80$17.2$7.43$0.00$0.35$0.34
2013Detailed filing. Detailed filing data is available for this year.$10.1$17.2$7.08$0.05$0.40$0.34
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.5$15.5$5.01$0.35
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$10.8$15.5$4.67$0.35