Civic Intelligence

Luther Forest Technology Campus Economic Development Corporation

990 • Fiscal year 2017 • EIN 20-1263893

Jan 01, 2017 to Dec 31, 2017 • Filed on Oct 19, 2018

Organization ProfileLUTHERFOREST.ORG

View Organization Page

519 BroadwaySaratoga Springs, NY 12866

(518) 587-4500

Siviq Scores

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

Liabilities / Assets

78th percentile

0.60x

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

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Liabilities / Revenue

96th percentile

9.93x

Higher debt load relative to revenue than 96% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Net Margin

95th percentile

67%

Higher net margin than 95% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Top Officer Pay

12th percentile

$0

Higher top officer pay than 12% of similar nonprofits.

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

2017 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2017

Asset Growth

21st percentile

-2.6%

Faster asset growth than 21% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Revenue Growth

2nd percentile

-74%

Faster revenue growth than 2% of similar nonprofits.

2017 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets78th percentile

Assets

Down

$19,577,066

Down $518,065 (-2.6%) from 2016

Net Assets

Up

$7,876,476

Up $789,325 (+11%) from 2016

Liabilities

Down

$11,700,590

Down $1,307,390 (-10%) from 2016

Revenue And Expenses
Liabilities / Revenue96th percentileNet Margin95th percentile

Revenue

Down

$1,177,740

Down $3,367,565 (-74%) from 2016

Expenses

Down

$388,415

Down $184,895 (-32%) from 2016

Net Income

Down

$789,325

Down $3,182,670 (-80%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth21st percentile

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

$80M$60M$40M$20M$0Assets 2010: $63,176,779Liabilities 2010: $29,944,539Net Assets 2010: $33,232,2402010Assets 2011: $29,560,654Liabilities 2011: $18,230,145Net Assets 2011: $11,330,5092011Assets 2012: $27,685,679Liabilities 2012: $17,439,348Net Assets 2012: $10,246,3312012Assets 2013: $21,730,571Liabilities 2013: $17,252,456Net Assets 2013: $4,478,1152013Assets 2014: $21,307,982Liabilities 2014: $17,805,568Net Assets 2014: $3,502,4142014Assets 2015: $20,537,815Liabilities 2015: $17,422,659Net Assets 2015: $3,115,1562015Assets 2016: $20,095,131Liabilities 2016: $13,007,980Net Assets 2016: $7,087,1512016Assets 2017: $19,577,066Liabilities 2017: $11,700,590Net Assets 2017: $7,876,4762017Assets 2018: $17,679,127Liabilities 2018: $11,365,883Net Assets 2018: $6,313,2442018Assets 2019: $17,636,116Liabilities 2019: $11,428,686Net Assets 2019: $6,207,4302019Assets 2020: $17,461,739Liabilities 2020: $11,402,865Net Assets 2020: $6,058,8742020

Highlighted filing

2017

Assets$19,577,066
Liabilities$11,700,590
Net Assets$7,876,476
Open 2017 Filing

Operations Trend

Revenue Growth2nd percentile

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

$30M$20M$10M$0-$10MExpenses 2010: $21,636,9962010Expenses 2011: $26,102,0712011Revenue 2012: $3,989,808Expenses 2012: $5,073,986Net Income 2012: -$1,084,1782012Revenue 2013: $42,343Expenses 2013: $5,810,559Net Income 2013: -$5,768,2162013Revenue 2014: $156,872Expenses 2014: $1,132,573Net Income 2014: -$975,7012014Revenue 2015: $660,603Expenses 2015: $1,047,861Net Income 2015: -$387,2582015Revenue 2016: $4,545,305Expenses 2016: $573,310Net Income 2016: $3,971,9952016Revenue 2017: $1,177,740Expenses 2017: $388,415Net Income 2017: $789,3252017Revenue 2018: -$1,196,490Expenses 2018: $366,742Net Income 2018: -$1,563,2322018Revenue 2019: $149,318Expenses 2019: $301,526Net Income 2019: -$152,2082019Revenue 2020: $174,322Expenses 2020: $294,745Net Income 2020: -$120,4232020

Highlighted filing

2017

Revenue$1,177,740
Expenses$388,415
Net Income$789,325
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Oct 19, 2018
Return Version
2017v2.3
Gross Receipts
$1,589,095
Mission and Program Overview

Mission

Luther forest technology campus economic development corporation encourages the location and expansion of the nanotechnology and other industries and the creation of job opportunities in saratoga county.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$19,920,678$19,482,342▼ $438,336
Prepaid Expenses and Deferred Charges$95,834$37,953▼ $57,881
Accounts Receivable$30,954--
Cash and Non-Interest-Bearing Accounts$26,974$14,960▼ $12,014
Total Assets$20,095,131$19,577,066▼ $518,065
Other Assets Total$20,691$41,811▲ $21,120
Liabilities
Mortgage Notes Payable Secured by Investment Property$10,346,164$10,229,497▼ $116,667
Other Liabilities$1,199,799$1,236,799▲ $37,000
Accounts Payable and Accrued Expenses$1,462,017$234,294▼ $1,227,723
Total Liabilities$13,007,980$11,700,590▼ $1,307,390
Net Assets / Fund Balance
Unrestricted Net Assets$7,087,151$7,876,476▲ $789,325
Total Net Assets Fund Balance$7,087,151$7,876,476▲ $789,325
Total Liabilities and Net Assets / Fund Balance$20,095,131$19,577,066▼ $518,065

Asset Categories

AssetBook ValueDepreciationBasis
Land$19,138,610-$19,138,610
Buildings$288,462$120,731$409,193
Other Land Buildings$55,084$128,836$183,920
Equipment$186$744$930
Compensation and Service Providers
Top Officer Pay12th percentile

Board Members and Trustees

NameTitle
Tom RoohanChairman
Cliff VanwagnerVice Chairma
Bob BurdickMember
Dave WallingfordMember
N Robert HayesMember
Joseph W Dalton JrSecretary
Rick DunnTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Amanus Consulting GroupConsulting36 PHILA STREET, SUITE 4, Saratoga Spring, NY 12866$110,000
Revenue and Support

Revenue Composition

Contributions and Grants
$1,265,398
Program Service Revenue
$0
Investment Income
$-236,355
Other Revenue
$148,697
Change in Net Assets
$789,325

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Other Non Cash Contri Table1$1,265,398Fair Market Value
Total Noncash Contributions1$1,265,398-

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,177,740
Total Revenue per Audited Statements
$1,177,740
Total Revenue per Form 990
$1,177,740
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$388,415
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
Fees for Services Management$111,400--$111,400
Depreciation Depletion$42,268--$42,268
Insurance$31,906$3,400-$35,306
Fees for Services Accounting-$20,793-$20,793
Fees for Services Legal-$7,240-$7,240
Interest-$2,779-$2,779
Fees for Services Other$2,090--$2,090
Office Expenses-$1,303-$1,303
Other Expenses$8,495$250-$250
Total Functional Expenses$352,650$35,765$0$388,415

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$388,415
Total Expenses per Audited Statements$388,415
Total Expenses per Form 990$388,415
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
Asset Retirement Obligation$979,799
Deposits$257,000
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 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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 3

“Amanus consulting group performed financial services and management activities that are normally conducted by an officer of the corporaton on a daily basis.”

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

“Treasurer reviews form 990 before filing.”

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

“The conflict of interest is signed by all board members”

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

“The board of directors approved an employment agreement between the organization and the top management.”

Form 990, Page 6, Part VI, Line 19

“The organization's financial statements are available to the public, on request, for inspection at the office of the organization between the hours of 9 am and 5 pm. The form 990 can be found on the guide star website.”

Filing and Contact Details

Filer

Filer Name
Luther Forest Technology Campus
EIN
20-1263893
Phone
5185874500
Address
519 BROADWAY, SARATOGA SPRINGS, NY 12866

Signing Officer

Name
Tom Roohan
Title
Chairman
Phone
5185874500
Signed
2018-10-19
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tom Roohan
Formed
2004
Legal Domicile
Ny
Voting Board Members
7
Independent Board Members
7
Employees
0

Preparer

Firm
Fredette Sankowski & Company
Address
25 WALTON ST, SARATOGA SPRINGS, NY 12866-2013
Preparer
Jillian M Woodcock
Phone
5185834166
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“Management has determined that the organization does not have any uncertain tax positions and associated unrecognized benefits that materially impact the financial statements or related disclosures.”

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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt02826836
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt0343882
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt04436116
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt0105305
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt088344
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt0196800
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt029630
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt032975
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0453054
IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt0320015
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearAmt043392
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt040205
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus2YearsAmt097621
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus3YearsAmt0127242
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus4YearsAmt09368
IRS990ScheduleA/OtherIncome170Grp/TotalAmt0317828
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IRS990ScheduleA/PublicSupportPY170Pct00.91680
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IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0343882
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt04436116
IRS990ScheduleA/TotalSupportAmt05206998
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt0120731
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IRS990ScheduleD/EquipmentGrp/BookValueAmt0186
IRS990ScheduleD/EquipmentGrp/DepreciationAmt0744
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt0930
IRS990ScheduleD/ExpensesSubtotalAmt0388415
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/LandGrp/BookValueAmt019138610
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt019138610
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt055084
IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt0128836
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0979799
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1257000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ASSET RETIREMENT OBLIGATION
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1DEPOSITS
IRS990ScheduleD/RevenueSubtotalAmt01177740
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT HAS DETERMINED THAT THE ORGANIZATION DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS AND ASSOCIATED UNRECOGNIZED BENEFITS THAT MATERIALLY IMPACT THE FINANCIAL STATEMENTS OR RELATED DISCLOSURES.
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IRS990ScheduleD/TotalExpensesPerForm990Amt0388415
IRS990ScheduleD/TotalLiabilityAmt01236799
IRS990ScheduleD/TotalRevenuePerForm990Amt01177740
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IRS990ScheduleM/AnyPropertyThatMustBeHeldInd0false
IRS990ScheduleM/OtherNonCashContriTableGrp/ContributionCnt01
IRS990ScheduleM/OtherNonCashContriTableGrp/Desc0DEBT RESTRUCTUR
IRS990ScheduleM/OtherNonCashContriTableGrp/MethodOfDeterminingRevenuesTxt0FAIR MARKET VALUE
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IRS990ScheduleM/OtherNonCashContriTableGrp/NoncashContributionsRptF990Amt01265398
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd0false
IRS990ScheduleM/ThirdPartiesUsedInd0false
IRS990/ScheduleORequiredInd0true
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0AMANUS CONSULTING GROUP PERFORMED FINANCIAL SERVICES AND MANAGEMENT ACTIVITIES THAT ARE NORMALLY CONDUCTED BY AN OFFICER OF THE CORPORATON ON A DAILY BASIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1TREASURER REVIEWS FORM 990 BEFORE FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE CONFLICT OF INTEREST IS SIGNED BY ALL BOARD MEMBERS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3THE BOARD OF DIRECTORS APPROVED AN EMPLOYMENT AGREEMENT BETWEEN THE ORGANIZATION AND THE TOP MANAGEMENT.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION'S FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC, ON REQUEST, FOR INSPECTION AT THE OFFICE OF THE ORGANIZATION BETWEEN THE HOURS OF 9 AM AND 5 PM. THE FORM 990 CAN BE FOUND ON THE GUIDE STAR WEBSITE.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 15A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
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IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
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IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
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IRS990/TotalAssetsGrp/BOYAmt020095131
IRS990/TotalAssetsGrp/EOYAmt019577066
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalContributionsAmt01265398
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
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IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0352650
IRS990/TotalFunctionalExpensesGrp/TotalAmt0388415
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt013007980
IRS990/TotalLiabilitiesEOYAmt011700590
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IRS990/UponRequestInd0X
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IRS990/USAddress/CityNm0SARATOGA SPRINGS
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IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02018-06-14 16:35:46Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0TOM ROOHAN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIRMAN
ReturnHeader/BusinessOfficerGrp/PhoneNum05185874500
ReturnHeader/BusinessOfficerGrp/SignatureDt02018-10-19
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0LUTHER FOREST TECHNOLOGY CAMPUS
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0ECONOMIC DEVELOPMENT CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0LUTH
ReturnHeader/Filer/EIN0201263893
ReturnHeader/Filer/PhoneNum05185874500
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ReturnHeader/Filer/USAddress/CityNm0SARATOGA SPRINGS
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ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt024.97.19.194
ReturnHeader/FilingSecurityInformation/IPDt02018-10-26
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CD
ReturnHeader/FilingSecurityInformation/IPTm013:41:28
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0141709428
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0FREDETTE SANKOWSKI & COMPANY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt025 WALTON ST
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0SARATOGA SPRINGS
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$19,577,066
Liabilities
$11,700,590
Net assets
$7,876,476
Revenue
$1,177,740
Expenses
$388,415
Net income
$789,325
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$17.5$11.4$6.06$0.17$0.29$0.12
2019Summary only. Only limited summary data is available for this year.$17.6$11.4$6.21$0.15$0.30$0.15
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$17.7$11.4$6.31$1.20$0.37$1.56
2017Detailed filing. Detailed filing data is available for this year.$19.6$11.7$7.88$1.18$0.39$0.79
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$20.1$13.0$7.09$4.55$0.57$3.97
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$20.5$17.4$3.12$0.66$1.05$0.39
2014Detailed filing. Detailed filing data is available for this year.$21.3$17.8$3.50$0.16$1.13$0.98
2013Detailed filing. Detailed filing data is available for this year.$21.7$17.3$4.48$0.04$5.81$5.77
2012Summary only. Only limited summary data is available for this year.$27.7$17.4$10.2$3.99$5.07$1.08
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.6$18.2$11.3$26.1
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$63.2$29.9$33.2$21.6