Civic Intelligence

Putnam County Economic Development Corporation

990 • Fiscal year 2019 • EIN 16-1513649

Jan 01, 2019 to Dec 31, 2019 • Filed on May 11, 2020

Organization ProfileWWW.PUTNAMEDC.ORG
40 Gleneida Ave Rm 310Carmel, NY 10512

(845) 808-1021

Siviq Scores

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

Liabilities / Assets

72nd percentile

0.08x

Higher debt load relative to assets than 72% of similar nonprofits.

2019 filings • 501(c)6 • <$500k nonprofits • Source year 2019

Liabilities / Revenue

78th percentile

0.10x

Higher debt load relative to revenue than 78% of similar nonprofits.

2019 filings • 501(c)6 • <$500k nonprofits • Source year 2019

Net Margin

98th percentile

60%

Higher net margin than 98% of similar nonprofits.

2019 filings • 501(c)6 • <$500k nonprofits • Source year 2019

Top Officer Pay

78th percentile

$27,500

Higher top officer pay than 78% of similar nonprofits.

Top officer pay equals 14.9% of source-year revenue.

2019 filings • 501(c)6 • <$500k nonprofits • Source year 2019

Asset Growth

93rd percentile

69%

Faster asset growth than 93% of similar nonprofits.

2019 filings • 501(c)6 • <$500k nonprofits • Annualized from 2018 to 2019

Revenue Growth

32nd percentile

-7.3%

Faster revenue growth than 32% of similar nonprofits.

2019 filings • 501(c)6 • <$500k nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets72nd percentile

Assets

Up

$222,744

Up $90,563 (+69%) from 2018

Net Assets

Up

$204,430

Up $110,483 (+118%) from 2018

Liabilities

Down

$18,314

Down $19,920 (-52%) from 2018

Revenue And Expenses
Liabilities / Revenue78th percentileNet Margin98th percentile

Revenue

Down

$184,541

Down $14,571 (-7.3%) from 2018

Expenses

Down

$74,739

Down $132,815 (-64%) from 2018

Net Income

Up

$109,802

Up $118,244 (+1401%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth93rd percentile

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

$400K$300K$200K$100K$0Assets 2010: $145,548Liabilities 2010: $10,708Net Assets 2010: $134,8402010Assets 2011: $136,860Liabilities 2011: $6,468Net Assets 2011: $130,3922011Assets 2012: $117,649Liabilities 2012: $7,810Net Assets 2012: $109,8392012Assets 2013: $116,178Liabilities 2013: $15,531Net Assets 2013: $100,6472013Assets 2014: $140,086Liabilities 2014: $3,595Net Assets 2014: $136,4912014Assets 2015: $231,502Liabilities 2015: $24,606Net Assets 2015: $206,8962015Assets 2016: $180,212Liabilities 2016: $30,122Net Assets 2016: $150,0902016Assets 2017: $127,343Liabilities 2017: $24,954Net Assets 2017: $102,3892017Assets 2018: $132,181Liabilities 2018: $38,234Net Assets 2018: $93,9472018Assets 2019: $222,744Liabilities 2019: $18,314Net Assets 2019: $204,4302019Assets 2020: $279,508Liabilities 2020: $14,640Net Assets 2020: $264,8682020Assets 2021: $306,641Liabilities 2021: $10,937Net Assets 2021: $295,7042021Assets 2022: $344,894Liabilities 2022: $10,968Net Assets 2022: $333,9262022Assets 2023: $382,153Liabilities 2023: $10,844Net Assets 2023: $371,3092023

Highlighted filing

2019

Assets$222,744
Liabilities$18,314
Net Assets$204,430
Open 2019 Filing

Operations Trend

Revenue Growth32nd percentile

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

$300K$200K$100K$0-$100KExpenses 2010: $172,3892010Expenses 2011: $151,0912011Expenses 2012: $154,4872012Revenue 2013: $186,418Expenses 2013: $195,610Net Income 2013: -$9,1922013Revenue 2014: $207,245Expenses 2014: $171,401Net Income 2014: $35,8442014Revenue 2015: $182,347Expenses 2015: $111,942Net Income 2015: $70,4052015Revenue 2016: $114,968Expenses 2016: $171,774Net Income 2016: -$56,8062016Revenue 2017: $120,406Expenses 2017: $168,107Net Income 2017: -$47,7012017Revenue 2018: $199,112Expenses 2018: $207,554Net Income 2018: -$8,4422018Revenue 2019: $184,541Expenses 2019: $74,739Net Income 2019: $109,8022019Revenue 2020: $180,403Expenses 2020: $119,965Net Income 2020: $60,4382020Revenue 2021: $160,414Expenses 2021: $128,897Net Income 2021: $31,5172021Revenue 2022: $169,005Expenses 2022: $130,783Net Income 2022: $38,2222022Revenue 2023: $175,782Expenses 2023: $138,399Net Income 2023: $37,3832023

Highlighted filing

2019

Revenue$184,541
Expenses$74,739
Net Income$109,802
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
May 11, 2020
Return Version
2019v5.0
Gross Receipts
$184,541
Mission and Program Overview

Mission

County-based economic development corporation

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$117,579$217,990▲ $100,411
Pledges and Grants Receivable$14,583--
Land, Buildings, and Equipment, Net$19$3,339▲ $3,320
Prepaid Expenses and Deferred Charges-$734-
Total Assets$132,181$222,744▲ $90,563
Other Assets Total-$681-
Liabilities
Accounts Payable and Accrued Expenses$35,734$16,439▼ $19,295
Deferred Revenue$2,500$1,875▼ $625
Total Liabilities$38,234$18,314▼ $19,920
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$93,947$204,430▲ $110,483
Total Net Assets Fund Balance$93,947$204,430▲ $110,483
Total Liabilities and Net Assets / Fund Balance$132,181$222,744▲ $90,563

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$3,339$26,394-
Compensation and Service Providers
Top Officer Pay78th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Kathleen AbelsPresidentPT$27,500$27,500

Board Members and Trustees

NameTitle
Richard WeissChairman
Cathryn FaddeDirector
Daniel LearyDirector
Jeffrey KellogDirector
Joseph RobertoDirector
Marjorie KeithDirector
Robert ZubryckiDirector
Alana MikhalevskySecretary
Gerald KleinTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$184,426
Program Service Revenue
$0
Investment Income
$115
Other Revenue
$0
All Other Contributions
$6,301
Change in Net Assets
$109,802

Audited Revenue Reconciliation

Revenue per Audited Statements
$184,541
Total Revenue per Audited Statements
$184,541
Total Revenue per Form 990
$184,541
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$41,463
Other Expenses$33,276
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$27,500--$27,500
Fees for Services Accounting-$12,308-$12,308
Other Salaries and Wages-$10,661-$10,661
Occupancy$3,151$3,150-$6,301
Payroll Taxes$2,380$922-$3,302
Insurance$1,311$1,614-$2,925
All Other Expenses$1,366$169-$1,535
Other Expenses$1,000$67-$1,000
Office Expenses-$711-$711
Depreciation Depletion-$681-$681
Conferences and Meetings-$140-$140
Travel$37--$37
Total Functional Expenses$44,316$30,423$0$74,739

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$74,739
Expenses per Audited Statements$74,058
Total Expenses per Audited Statements$74,058
Expenses Not Reported on Financial Statements$681
Other Expense Adjustments$681
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Gerald Klein JrBank PresidentOrg Has Cd at Bd MemNo-
Joseph RobertoBank PresidentOrg Maintains AcctsNo-
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 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
Yes
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

“Form 990 is provided to the treasurer, who reviews it with the audit committee and board members”

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

“All officers and board members receive related party questionnaires each year”

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

“Committee for executive search and compensation review.”

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

“Committee for executive search and compensation review.”

Form 990, Page 6, Part VI, Line 19

“Policies and financial statements are available on organization website”

Filing and Contact Details

Filer

Filer Name
Putnam County Economic Development
EIN
16-1513649
Phone
8458081021
Address
40 GLENEIDA AVE RM 310, CARMEL, NY 10512

Signing Officer

Name
Kathleen Abels
Title
President
Phone
8458081021
Signed
2020-05-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kathleen Abels
Formed
1997
Legal Domicile
Ny
Voting Board Members
10
Independent Board Members
10
Employees
3

Preparer

Firm
Arnell Daponte & Company LLC
Address
98 MILL PLAIN RD W, DANBURY, CT 06811
Preparer
Joseph P Daponte
Phone
2037979681
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Book / tax depreciation difference 681”

Financial Statement Notes

Schedule D, Page 4, Part XII, Line 4B

“Book / tax depreciation difference 681”

Raw XML Appendix363 raw XML fields

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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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd1false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc0ORG HAS CD AT BD MEM
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionDesc1ORG MAINTAINS ACCTS
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS PROVIDED TO THE TREASURER, WHO REVIEWS IT WITH THE AUDIT COMMITTEE AND BOARD MEMBERS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1ALL OFFICERS AND BOARD MEMBERS RECEIVE RELATED PARTY QUESTIONNAIRES EACH YEAR
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2COMMITTEE FOR EXECUTIVE SEARCH AND COMPENSATION REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3COMMITTEE FOR EXECUTIVE SEARCH AND COMPENSATION REVIEW.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4POLICIES AND FINANCIAL STATEMENTS ARE AVAILABLE ON ORGANIZATION WEBSITE
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5BOOK / TAX DEPRECIATION DIFFERENCE 681
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XI, LINE 9
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0132181
IRS990/TotalAssetsEOYAmt0222744
IRS990/TotalAssetsGrp/BOYAmt0132181
IRS990/TotalAssetsGrp/EOYAmt0222744
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt0184426
IRS990/TotalEmployeeCnt03
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt030423
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt044316
IRS990/TotalFunctionalExpensesGrp/TotalAmt074739
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt038234
IRS990/TotalLiabilitiesEOYAmt018314
IRS990/TotalLiabilitiesGrp/BOYAmt038234
IRS990/TotalLiabilitiesGrp/EOYAmt018314
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt093947
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IRS990/TotalProgramServiceExpensesAmt044316
IRS990/TotalReportableCompFromOrgAmt027500
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0115
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0184541
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0132181
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0222744
IRS990/TravelGrp/ProgramServicesAmt037
IRS990/TravelGrp/TotalAmt037
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt040 GLENEIDA
IRS990/USAddress/CityNm0CARMEL
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd010512
IRS990/VotingMembersGoverningBodyCnt010
IRS990/VotingMembersIndependentCnt010
IRS990/WebsiteAddressTxt0WWW.PUTNAMEDC.ORG
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ReturnHeader/BuildTS02021-04-22 16:20:28Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0KATHLEEN ABELS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum08458081021
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-05-11
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PUTNAM COUNTY ECONOMIC DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0PUTN
ReturnHeader/Filer/EIN0161513649
ReturnHeader/Filer/PhoneNum08458081021
ReturnHeader/Filer/USAddress/AddressLine1Txt040 GLENEIDA AVE RM 310
ReturnHeader/Filer/USAddress/CityNm0CARMEL
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd010512
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0B89D40E2F51C29FBDA726C87544665591FC6DBBD
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0B89D40E2F51C29FBDA726C87544665591FC6DBBD
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt074.92.44.245
ReturnHeader/FilingSecurityInformation/IPDt02020-07-10
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm013:36:42
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0204052653
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0ARNELL DAPONTE & COMPANY LLC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt098 MILL PLAIN RD W
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0DANBURY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CT
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd006811
ReturnHeader/PreparerPersonGrp/PhoneNum02037979681
ReturnHeader/PreparerPersonGrp/PreparationDt02020-07-10
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOSEPH P DAPONTE
ReturnHeader/ReturnTs02020-07-10T13:36:42-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-01-01
ReturnHeader/TaxPeriodEndDt02019-12-31
ReturnHeader/TaxYr02019

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$222,744
Liabilities
$18,314
Net assets
$204,430
Revenue
$184,541
Expenses
$74,739
Net income
$109,802
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$3.82$0.11$3.71$1.76$1.38$0.37
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.45$0.11$3.34$1.69$1.31$0.38
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.07$0.11$2.96$1.60$1.29$0.32
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.80$0.15$2.65$1.80$1.20$0.60
2019Detailed filing. Detailed filing data is available for this year.$2.23$0.18$2.04$1.85$0.75$1.10
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.32$0.38$0.94$1.99$2.08$0.08
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.27$0.25$1.02$1.20$1.68$0.48
2016Summary only. Only limited summary data is available for this year.$1.80$0.30$1.50$1.15$1.72$0.57
2015Summary only. Only limited summary data is available for this year.$2.32$0.25$2.07$1.82$1.12$0.70
2014Detailed filing. Detailed filing data is available for this year.$1.40$0.04$1.36$2.07$1.71$0.36
2013Detailed filing. Detailed filing data is available for this year.$1.16$0.16$1.01$1.86$1.96$0.09
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.18$0.08$1.10$1.54
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.37$0.06$1.30$1.51
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.46$0.11$1.35$1.72