Civic Intelligence

Niagara Tobacco Asset

EIN 16-1594402 • 501(c)3 • Lockport, NY

Profile

Issuance of asset-backed bonds to purchase rights, title, and interest from county of niagara, ny under the master settlement agreement. Collection of initial and annual payments to be made by the original participating manufacturers.

175 Hawley StreetLockport, NY 14094

www.niagaracounty.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

100th percentile

9.42x

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

501(c)3 • $5M-$10M nonprofits • Source year 2025

Liabilities / Revenue

99th percentile

24.13x

Higher debt load relative to revenue than 99% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Net Margin

9th percentile

-30%

Higher net margin than 9% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Source year 2025

Top Officer Pay

23rd percentile

$0

Higher top officer pay than 23% of similar nonprofits.

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

501(c)3 • $5M-$10M nonprofits • Source year 2025

Asset Growth

15th percentile

-8.1%

Faster asset growth than 15% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Revenue Growth

19th percentile

-12%

Faster revenue growth than 19% of similar nonprofits.

501(c)3 • $5M-$10M nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets100th percentile

Assets

Down

$6,750,186

Down $442,077 (-6.1%) from 2023

Liabilities

Down

$58,604,406

Down $483,850 (-0.8%) from 2023

Net Assets

Up

-$51,854,220

Up $41,773 (+0.1%) from 2023

Operations
Liabilities / Revenue99th percentileNet Margin9th percentile

Revenue

Down

$2,758,695

Down $966,671 (-26%) from 2023

Expenses

Down

$3,083,347

Down $132,062 (-4.1%) from 2023

Net Income

Down

-$324,652

Down $834,609 (-164%) from 2023

Trend Graphs

Balance Sheet Trend

Asset Growth15th percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$100M$50M$0-$50M-$100MAssets 2010: $4,706,113Liabilities 2010: $64,105,377Net Assets 2010: -$59,399,2642010Assets 2011: $4,588,319Liabilities 2011: $64,822,751Net Assets 2011: -$60,234,4322011Assets 2012: $7,784,823Liabilities 2012: $65,879,259Net Assets 2012: -$58,094,4362012Assets 2013: $7,611,275Liabilities 2013: $66,662,795Net Assets 2013: -$59,051,5202013Assets 2014: $7,279,015Liabilities 2014: $68,240,421Net Assets 2014: -$60,961,4062014Assets 2015: $9,976,351Liabilities 2015: $67,759,166Net Assets 2015: -$57,782,8152015Assets 2016: $6,854,121Liabilities 2016: $64,009,197Net Assets 2016: -$57,155,0762016Assets 2017: $6,796,759Liabilities 2017: $63,720,356Net Assets 2017: -$56,923,5972017Assets 2018: $6,749,622Liabilities 2018: $63,208,850Net Assets 2018: -$56,459,2282018Assets 2019: $6,376,741Liabilities 2019: $62,740,375Net Assets 2019: -$56,363,6342019Assets 2020: $6,526,273Liabilities 2020: $62,083,395Net Assets 2020: -$55,557,1222020Assets 2021: $6,699,671Liabilities 2021: $61,096,401Net Assets 2021: -$54,396,7302021Assets 2022: $7,163,718Liabilities 2022: $60,047,655Net Assets 2022: -$52,883,9372022Assets 2023: $7,192,263Liabilities 2023: $59,088,256Net Assets 2023: -$51,895,9932023Assets 2024: $6,750,186Liabilities 2024: $58,604,406Net Assets 2024: -$51,854,2202024

Highlighted filing

2024

Assets$6,750,186
Liabilities$58,604,406
Net Assets-$51,854,220
Open 2024 Filing

Operations Trend

Revenue Growth19th percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$10M$5.0M$0-$5.0MExpenses 2010: $4,354,6912010Expenses 2011: $4,286,7872011Revenue 2012: $3,506,860Expenses 2012: $4,343,377Net Income 2012: -$836,5172012Revenue 2013: $3,445,445Expenses 2013: $4,402,529Net Income 2013: -$957,0842013Revenue 2014: $4,687,736Expenses 2014: $6,597,622Net Income 2014: -$1,909,8862014Revenue 2015: $6,394,348Expenses 2015: $3,215,757Net Income 2015: $3,178,5912015Revenue 2016: $3,827,878Expenses 2016: $3,200,139Net Income 2016: $627,7392016Revenue 2017: $3,329,826Expenses 2017: $3,098,347Net Income 2017: $231,4792017Revenue 2018: $3,581,440Expenses 2018: $3,117,071Net Income 2018: $464,3692018Revenue 2019: $3,220,284Expenses 2019: $3,124,690Net Income 2019: $95,5942019Revenue 2020: $3,563,387Expenses 2020: $2,756,876Net Income 2020: $806,5112020Revenue 2021: $3,919,268Expenses 2021: $3,110,725Net Income 2021: $808,5432021Revenue 2022: $4,262,501Expenses 2022: $3,226,557Net Income 2022: $1,035,9442022Revenue 2023: $3,725,366Expenses 2023: $3,215,409Net Income 2023: $509,9572023Revenue 2024: $2,758,695Expenses 2024: $3,083,347Net Income 2024: -$324,6522024

Highlighted filing

2024

Revenue$2,758,695
Expenses$3,083,347
Net Income-$324,652
Open 2024 Filing

Filings

Most recent year

2024 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$6,750,186
Liabilities
$58,604,406
Net assets
-$51,854,220
Revenue
$2,758,695
Expenses
$3,083,347
Net income
-$324,652
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.75$58.6$51.9$2.76$3.08$0.32
2023Summary only. Only limited summary data is available for this year.$7.19$59.1$51.9$3.73$3.22$0.51
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$7.16$60.0$52.9$4.26$3.23$1.04
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.70$61.1$54.4$3.92$3.11$0.81
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.53$62.1$55.6$3.56$2.76$0.81
2019Summary only. Only limited summary data is available for this year.$6.38$62.7$56.4$3.22$3.12$0.10
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.75$63.2$56.5$3.58$3.12$0.46
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$6.80$63.7$56.9$3.33$3.10$0.23
2016Summary only. Only limited summary data is available for this year.$6.85$64.0$57.2$3.83$3.20$0.63
2015Detailed filing. Detailed filing data is available for this year.$9.98$67.8$57.8$6.39$3.22$3.18
2014Detailed filing. Detailed filing data is available for this year.$7.28$68.2$61.0$4.69$6.60$1.91
2013Summary only. Only limited summary data is available for this year.$7.61$66.7$59.1$3.45$4.40$0.96
2012Summary only. Only limited summary data is available for this year.$7.78$65.9$58.1$3.51$4.34$0.84
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.59$64.8$60.2$4.29
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$4.71$64.1$59.4$4.35
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Oct 15, 2025
Return Version
2024v5.2
Gross Receipts
$2,758,695
Mission and Program Overview

Mission

Issuance of asset-backed bonds to purchase rights, title, and interest from county of Niagara, NY under the master settlement agreement. Collection of initial and annual payments to be made by the original participating manufacturers.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$3,652,278$3,654,280▲ $2,002
Cash and Non-Interest-Bearing Accounts$100,736$105,025▲ $4,289
Accounts Receivable-$0-
Other Notes and Loans Receivable, Net-$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-
Land, Buildings, and Equipment, Net-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Prepaid Expenses and Deferred Charges-$0-
Total Assets$7,192,263$6,750,186▼ $442,077
Other Assets Total$3,439,249$2,990,881▼ $448,368
Liabilities
Tax Exempt Bond Liabilities$53,286,339$53,165,438▼ $120,901
Deferred Revenue$3,302,889$3,096,458▼ $206,431
Other Liabilities$2,326,698$2,181,280▼ $145,418
Accounts Payable and Accrued Expenses$172,330$161,230▼ $11,100
Total Liabilities$59,088,256$58,604,406▼ $483,850
Net Assets / Fund Balance
Net Assets With Donor Restrictions$3,615,215$6,607,983▲ $2,992,768
Net Assets Without Donor Restrictions$-55,511,208$-58,462,203▼ $2,950,995
Total Net Assets Fund Balance$-51,895,993$-51,854,220▲ $41,773
Total Liabilities and Net Assets / Fund Balance$7,192,263$6,750,186▼ $442,077

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$2,990,881--
Compensation and Service Providers
Top Officer Pay23rd percentile

Board Members and Trustees

NameTitle
Rebecca WydyshPresident
William CollinsVice President
Anthony PaglieiInd. Member
Claude JoergMember
Kyle R AndrewsMember
Richard UpdegroveMember
Karen S CastleSec/Treasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,535,687
Investment Income
$223,008
Other Revenue
$0
Change in Net Assets
$-324,652

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,758,695
Total Revenue per Audited Statements
$2,758,695
Total Revenue per Form 990
$2,758,695
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$3,083,347
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
Interest$2,982,637--$2,982,637
Insurance$23,513--$23,513
Fees for Services Other$22,000--$22,000
Fees for Services Accounting-$14,180-$14,180
Other Expenses$40,000$1,017-$1,017
Total Functional Expenses$3,068,150$15,197$0$3,083,347

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$3,083,347
Expenses per Audited Statements$2,716,922
Total Expenses per Audited Statements$2,716,922
Expenses Not Reported on Financial Statements$366,425
Other Expense Adjustments$366,425
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
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
Premium On Bonds Payable$2,181,280

Bond Issues

BondIssuerIssuedIssue PricePurpose
BTSR Series 2014 Sr Bonds2014-09-09$44,295,000Refunding issuance
ANiagara Tobacco Asset Sec2005-11-15$17,754,556Securitize future settlements

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$44,295,000---
A$17,754,556-$18,760,000$3,780,877

Bond Financing Compliance

No rebate due
No
Rebate not yet due
No
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
No
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
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, Section B, Line 11B

“Form 990 is reviewed by the officers and directors prior to submission.”

Form 990, Part VI, Section C, Line 19

“No documents available to the public.”

Filing and Contact Details

Filer

Filer Name
Niagara Tobacco Asset Securitization
EIN
16-1594402
Phone
7164389438
Address
175 Hawley Street, Lockport, NY 14094

Signing Officer

Name
Karen S Castle
Title
Secretary/Treasurer
Signed
2025-10-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Karen S Castle
Formed
2000
Legal Domicile
Ny
Voting Board Members
6
Independent Board Members
1
Employees
0
Volunteers
7

Preparer

Firm
Kristin Rumbold CPA PC
Address
126 Professional Pkwy, Lockport, NY 14094
Preparer
Kristin E Rumbold
Phone
7166943433
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Amortization of premium on Tobacco Settlement Bonds Payable = $145418”

Form 990, Part XI, Line 9

“Deferred Gain on refunding = $206431”

Form 990, Part XI, Line 9

“Net Unrealized Gain = $14576”

Financial Statement Notes

Part XII, Line 4B: Other revenue amounts included on 990 but not included in F/S

“Deferred Gain on refunding $206431 Amortization of premium on Tobacco Settl $145418 Net Unrealized Gain $14576”

Raw XML AppendixShowing 400 of 454 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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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Deferred Gain on refunding $206431 Amortization of premium on Tobacco Settl $145418 Net Unrealized Gain $14576
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Part XII, Line 4b: Other revenue amounts included on 990 but not included in F/S
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IRS990ScheduleK/SupplementalInformationDetail/ExplanationTxt0Schedule K, Part I, Bond Issues:(A) Issuer name: Niagara Tobacco Asset Securitization(F) Description of purpose: Securitize future tobacco settlement revenues
IRS990ScheduleK/SupplementalInformationDetail/FormAndLineReferenceDesc0Part VI
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IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt0Niagara Tobacco Asset Sec
IRS990ScheduleK/TaxExemptBondsIssuesGrp/IssuerName/BusinessNameLine1Txt1TSR Series 2014 Sr Bonds
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0Form 990 is reviewed by the officers and directors prior to submission.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1No documents available to the public.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2Amortization of premium on Tobacco Settlement Bonds Payable = $145418
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3Deferred Gain on refunding = $206431
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4Net Unrealized Gain = $14576
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0Form 990, Part VI, Section B, Line 11b
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1Form 990, Part VI, Section C, Line 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2Form 990, Part XI, Line 9
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3Form 990, Part XI, Line 9
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4Form 990, Part XI, Line 9
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