Civic Intelligence

Putnam County Economic Development Corporation

990 • Fiscal year 2021 • EIN 16-1513649

Jan 01, 2021 to Dec 31, 2021 • Filed on May 03, 2022

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

63rd percentile

0.04x

Higher debt load relative to assets than 63% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Source year 2021

Liabilities / Revenue

68th percentile

0.07x

Higher debt load relative to revenue than 68% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Source year 2021

Net Margin

68th percentile

20%

Higher net margin than 68% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Source year 2021

Top Officer Pay

93rd percentile

$79,608

Higher top officer pay than 93% of similar nonprofits.

Top officer pay equals 49.6% of source-year revenue.

2021 filings • 501(c)6 • <$500k nonprofits • Source year 2021

Asset Growth

55th percentile

9.7%

Faster asset growth than 55% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Annualized from 2020 to 2021

Revenue Growth

33rd percentile

-11%

Faster revenue growth than 33% of similar nonprofits.

2021 filings • 501(c)6 • <$500k nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets63rd percentile

Assets

Up

$306,641

Up $27,133 (+9.7%) from 2020

Net Assets

Up

$295,704

Up $30,836 (+12%) from 2020

Liabilities

Down

$10,937

Down $3,703 (-25%) from 2020

Revenue And Expenses
Liabilities / Revenue68th percentileNet Margin68th percentile

Revenue

Down

$160,414

Down $19,989 (-11%) from 2020

Expenses

Up

$128,897

Up $8,932 (+7.4%) from 2020

Net Income

Down

$31,517

Down $28,921 (-48%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth55th 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

2021

Assets$306,641
Liabilities$10,937
Net Assets$295,704
Open 2021 Filing

Operations Trend

Revenue Growth33rd 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

2021

Revenue$160,414
Expenses$128,897
Net Income$31,517
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
May 3, 2022
Return Version
2021v4.0
Gross Receipts
$160,414
Mission and Program Overview

Mission

County-based economic development corporation

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$270,421$304,689▲ $34,268
Prepaid Expenses and Deferred Charges$6,405$1,289▼ $5,116
Land, Buildings, and Equipment, Net$2,001$663▼ $1,338
Total Assets$279,508$306,641▲ $27,133
Other Assets Total$681--
Liabilities
Accounts Payable and Accrued Expenses$14,640$10,937▼ $3,703
Total Liabilities$14,640$10,937▼ $3,703
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$264,868$295,704▲ $30,836
Total Net Assets Fund Balance$264,868$295,704▲ $30,836
Total Liabilities and Net Assets / Fund Balance$279,508$306,641▲ $27,133

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$663$29,070-
Compensation and Service Providers
Top Officer Pay93rd percentile

Employees

NameTitleFull / Part TimeBaseTotal
Kathleen AbelsPresidentPT$79,608$79,608

Board Members and Trustees

NameTitle
Robert ZubrychiChairman
Cathryn FaddeDirector
Don MinichinoDirector
John KrausDirector
Joseph RobertoDirector
Marjorie KeithDirector
Mark HirkoDirector
Alana MikhalevskySecretary
Walter RecherSecretary
Richard WeissTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$160,301
Program Service Revenue
$0
Investment Income
$113
Other Revenue
$0
All Other Contributions
$6,301
Change in Net Assets
$31,517

Audited Revenue Reconciliation

Revenue per Audited Statements
$160,414
Total Revenue per Audited Statements
$160,414
Total Revenue per Form 990
$160,414
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$95,577
Other Expenses$33,320
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$79,608--$79,608
Fees for Services Accounting-$10,748-$10,748
Other Salaries and Wages-$8,845-$8,845
Payroll Taxes$6,412$712-$7,124
Occupancy$3,151$3,150-$6,301
Insurance$2,106$1,886-$3,992
Depreciation Depletion-$1,338-$1,338
Other Expenses$750--$750
Information Technology$726--$726
All Other Expenses$499--$499
Office Expenses-$497-$497
Conferences and Meetings-$324-$324
Total Functional Expenses$101,397$27,500$0$128,897

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$128,897
Total Expenses per Audited Statements$128,897
Total Expenses per Form 990$128,897
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
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
2022-05-03
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
2

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

“P/Y ADJ -681”

Raw XML Appendix352 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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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/ExplanationTxt5P/Y ADJ -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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ReturnHeader/BuildTS02022-09-23 18:48:47Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0KATHLEEN ABELS
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum08458081021
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-05-03
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0PUTNAM COUNTY ECONOMIC DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION
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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/PreparationDt02022-05-09
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0JOSEPH P DAPONTE
ReturnHeader/ReturnTs02022-05-12T12:50:54-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0KATHLEEN
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ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$306,641
Liabilities
$10,937
Net assets
$295,704
Revenue
$160,414
Expenses
$128,897
Net income
$31,517
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
2021Detailed filing. Detailed filing data is available for this year.$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
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$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
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2021 filings • 501(c)6 • <$500k nonprofits