Civic Intelligence

Seaway Private Equity Corporation

EIN 20-4539725 • 501(c)3 • Potsdam, NY

Profile

Promotion of job development and attraction of new industry to st lawrence county ny through matching 50% of investments by qualified private investors in new ventures

CO Clarkson University Box 8561Potsdam, NY 13699

www.specinvest.org

Siviq Scores

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

Liabilities / Assets

7th percentile

0.00x

Higher debt load relative to assets than 7% of similar nonprofits.

NTEE S • $5M-$10M nonprofits • Source year 2024

Liabilities / Revenue

31st percentile

0.13x

Higher debt load relative to revenue than 31% of similar nonprofits.

NTEE S • $5M-$10M nonprofits • Source year 2024

Net Margin

53rd percentile

7.6%

Higher net margin than 53% of similar nonprofits.

NTEE S • $5M-$10M nonprofits • Source year 2024

Top Officer Pay

28th percentile

$0

Higher top officer pay than 28% of similar nonprofits.

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

NTEE S • $5M-$10M nonprofits • Source year 2024

Asset Growth

37th percentile

0.0%

Faster asset growth than 37% of similar nonprofits.

NTEE S • $5M-$10M nonprofits • Annualized from 2023 to 2024

Revenue Growth

21st percentile

-4.7%

Faster revenue growth than 21% of similar nonprofits.

NTEE S • $5M-$10M nonprofits • Annualized from 2023 to 2024

Assets

Up

$6,888,506

Up $3,010 (+0.0%) from 2023

Liabilities

Down

$5,420

Down $86 (-1.6%) from 2023

Net Assets

Up

$6,883,086

Up $3,096 (+0.0%) from 2023

Revenue

Down

$40,900

Down $2,031 (-4.7%) from 2023

Expenses

Up

$37,804

Up $202 (+0.5%) from 2023

Net Income

Down

$3,096

Down $2,233 (-42%) from 2023

Trend Graphs

Balance Sheet Trend

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

$10M$5.0M$0Assets 2010: $6,658,664Liabilities 2010: $3,075Net Assets 2010: $6,655,5892010Assets 2011: $6,909,522Liabilities 2011: $12,213Net Assets 2011: $6,897,3092011Assets 2012: $6,529,053Liabilities 2012: $389,037Net Assets 2012: $6,140,0162012Assets 2013: $6,798,976Liabilities 2013: $476,771Net Assets 2013: $6,322,2052013Assets 2014: $7,527,129Liabilities 2014: $581,826Net Assets 2014: $6,945,3032014Assets 2015: $8,399,363Liabilities 2015: $8,818Net Assets 2015: $8,390,5452015Assets 2016: $8,321,447Liabilities 2016: $12,812Net Assets 2016: $8,308,6352016Assets 2017: $8,514,582Liabilities 2017: $6,676Net Assets 2017: $8,507,9062017Assets 2018: $6,684,121Liabilities 2018: $9,580Net Assets 2018: $6,674,5412018Assets 2019: $6,924,969Liabilities 2019: $6,597Net Assets 2019: $6,918,3722019Assets 2020: $7,130,116Liabilities 2020: $8,624Net Assets 2020: $7,121,4922020Assets 2021: $7,813,512Liabilities 2021: $12,471Net Assets 2021: $7,801,0412021Assets 2022: $6,880,061Liabilities 2022: $5,400Net Assets 2022: $6,874,6612022Assets 2023: $6,885,496Liabilities 2023: $5,506Net Assets 2023: $6,879,9902023Assets 2024: $6,888,506Liabilities 2024: $5,420Net Assets 2024: $6,883,0862024

Highlighted filing

2024

Assets$6,888,506
Liabilities$5,420
Net Assets$6,883,086

Operations Trend

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

$2.0M$1.0M$0-$1.0M-$2.0MExpenses 2010: $52,1122010Expenses 2011: $57,8952011Expenses 2012: $831,6882012Revenue 2013: $242,942Expenses 2013: $60,753Net Income 2013: $182,1892013Revenue 2014: $690,509Expenses 2014: $67,411Net Income 2014: $623,0982014Revenue 2015: $1,504,197Expenses 2015: $58,955Net Income 2015: $1,445,2422015Revenue 2016: $550,895Expenses 2016: $632,805Net Income 2016: -$81,9102016Revenue 2017: $245,506Expenses 2017: $46,235Net Income 2017: $199,2712017Revenue 2018: $107,724Expenses 2018: $1,941,089Net Income 2018: -$1,833,3652018Revenue 2019: $294,180Expenses 2019: $50,349Net Income 2019: $243,8312019Revenue 2020: $272,205Expenses 2020: $69,085Net Income 2020: $203,1202020Revenue 2021: $731,088Expenses 2021: $51,539Net Income 2021: $679,5492021Revenue 2022: -$889,361Expenses 2022: $37,019Net Income 2022: -$926,3802022Revenue 2023: $42,931Expenses 2023: $37,602Net Income 2023: $5,3292023Revenue 2024: $40,900Expenses 2024: $37,804Net Income 2024: $3,0962024

Highlighted filing

2024

Revenue$40,900
Expenses$37,804
Net Income$3,096

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$6.89$0.01$6.88$0.04$0.04$0.00
2023Detailed filing. Detailed filing data is available for this year.$6.89$0.01$6.88$0.04$0.04$0.01
2022Detailed filing. Detailed filing data is available for this year.$6.88$0.01$6.87$0.89$0.04$0.93
2021Detailed filing. Detailed filing data is available for this year.$7.81$0.01$7.80$0.73$0.05$0.68
2020Detailed filing. Detailed filing data is available for this year.$7.13$0.01$7.12$0.27$0.07$0.20
2019Detailed filing. Detailed filing data is available for this year.$6.92$0.01$6.92$0.29$0.05$0.24
2018Detailed filing. Detailed filing data is available for this year.$6.68$0.01$6.67$0.11$1.94$1.83
2017Detailed filing. Detailed filing data is available for this year.$8.51$0.01$8.51$0.25$0.05$0.20
2016Detailed filing. Detailed filing data is available for this year.$8.32$0.01$8.31$0.55$0.63$0.08
2015Detailed filing. Detailed filing data is available for this year.$8.40$0.01$8.39$1.50$0.06$1.45
2014Detailed filing. Detailed filing data is available for this year.$7.53$0.58$6.95$0.69$0.07$0.62
2013Detailed filing. Detailed filing data is available for this year.$6.80$0.48$6.32$0.24$0.06$0.18
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.53$0.39$6.14$0.83
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.91$0.01$6.90$0.06
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.66$0.00$6.66$0.05
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Jun 24, 2025
Return Version
2024v5.2
Gross Receipts
$40,900
Mission and Program Overview

Mission

Promotion of job development and attraction of new industry to st lawrence county ny through matching 50% of investments by qualified private investors in new ventures

Promote job development and attract new industry to st lawrence county ny

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$4,779,286$4,779,286→ $0
Cash and Non-Interest-Bearing Accounts$1,049,484$1,024,192▼ $25,292
Other Notes and Loans Receivable, Net$849,904$872,036▲ $22,132
Savings and Temporary Cash Investments$203,989$212,992▲ $9,003
Total Assets$6,885,496$6,888,506▲ $3,010
Other Assets Total$2,833$0▼ $2,833
Liabilities
Accounts Payable and Accrued Expenses$5,506$5,420▼ $86
Total Liabilities$5,506$5,420▼ $86
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$6,879,990$6,883,086▲ $3,096
Total Net Assets Fund Balance$6,879,990$6,883,086▲ $3,096
Total Liabilities and Net Assets / Fund Balance$6,885,496$6,888,506▲ $3,010

Asset Categories

AssetBook ValueDepreciationBasis
Investment Program Related Org$4,779,286--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Dr Zvi SzafranPresident
Ronald McdougallVice President
Alexandra Jacobs - WilkeDirector
Kathryn MorrisDirector
Mathew DraperDirector
Russ StraitDirector
Daphne PickertSecretary
Alec JohnsonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$40,900
Other Revenue
$0
Change in Net Assets
$3,096

Audited Revenue Reconciliation

Revenue per Audited Statements
$40,900
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$40,900
Total Revenue per Form 990
$40,900
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$37,804
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-$20,000-$20,000
Fees for Services Accounting-$6,000-$6,000
Insurance-$5,785-$5,785
Fees for Services Legal$2,992--$2,992
Information Technology-$272-$272
Other Expenses$25$250-$25
Total Functional Expenses$5,497$32,307$0$37,804

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$37,804
Total Expenses per Audited Statements$37,804
Total Expenses per Form 990$37,804
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
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
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
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
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

Management and accounting services are provided by citec, inc.

Form 990, Part VI, Section B, Line 11B

Board of trustees reviews the 990 before it is filed.

Form 990, Part VI, Section B, Line 12C

Entity has a conflict of interest disclosure document signed annually by all officers and directors

Form 990, Part VI, Section C, Line 18

AVAILABLE UPON REQUEST

Form 990, Part VI, Section C, Line 19

AVAILABLE UPON REQUEST

Filing and Contact Details

Filer

Filer Name
Seaway Private Equity Corporation
EIN
20-4539725
Phone
3152683778
Address
CO CLARKSON UNIVERSITY BOX 8561, POTSDAM, NY 13699

Signing Officer

Name
Dr Zvi Szafran
Title
President
Phone
3152683778
Signed
2025-06-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Dr Zvi Szafran
Formed
2005
Legal Domicile
Ny
Voting Board Members
8
Independent Board Members
8
Employees
0
Volunteers
8

Preparer

Firm
Pinto Mucenski Hooper Vanhouse & Co CPA
Address
PO BOX 327 301 FORD ST, OGDENSBURG, NY 13669
Preparer
Edward S Mucenski
Phone
3153937502
Supplemental Narrative

Additional Explanations

Form 990 Part XII Line 2C

The organization has not changed its oversight policy or selection process.

Financial Statement Notes

PART X, LINE 2:

Accounting principles generally accepted in the united states of america requires spec to evaluate all significant tax positions. Spec believes its tax positions are appropriate based on current facts and circumstances. As of december 31, 2024, spec does not believe that it has taken any positions that would require the recording of any tax liability, nor does it believe that there are any unrealized tax benefits that should be recorded.

Raw XML Appendix361 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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IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt040900
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt042931
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt050125
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt064549
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt072460
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt0270965
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.80310
IRS990ScheduleA/PublicSupportPY170Pct00.70920
IRS990ScheduleA/PublicSupportTotal170Amt01105504
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt0239220
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt0666539
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt0199745
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt01105504
IRS990ScheduleA/TotalSupportAmt01376469
IRS990/ScheduleBRequiredInd00
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt037804
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/InvstProgramRelatedOrgGrp/BookValueAmt04779286
IRS990ScheduleD/InvstProgramRelatedOrgGrp/Desc0INVESTMENTS
IRS990ScheduleD/InvstProgramRelatedOrgGrp/MethodValuationCd0C
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt040900
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRES SPEC TO EVALUATE ALL SIGNIFICANT TAX POSITIONS. SPEC BELIEVES ITS TAX POSITIONS ARE APPROPRIATE BASED ON CURRENT FACTS AND CIRCUMSTANCES. AS OF DECEMBER 31, 2024, SPEC DOES NOT BELIEVE THAT IT HAS TAKEN ANY POSITIONS THAT WOULD REQUIRE THE RECORDING OF ANY TAX LIABILITY, NOR DOES IT BELIEVE THAT THERE ARE ANY UNREALIZED TAX BENEFITS THAT SHOULD BE RECORDED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalBookValueProgramRltdAmt04779286
IRS990ScheduleD/TotalExpensesPerForm990Amt037804
IRS990ScheduleD/TotalRevenuePerForm990Amt040900
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt040900
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt037804
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT AND ACCOUNTING SERVICES ARE PROVIDED BY CITEC, INC.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD OF TRUSTEES REVIEWS THE 990 BEFORE IT IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ENTITY HAS A CONFLICT OF INTEREST DISCLOSURE DOCUMENT SIGNED ANNUALLY BY ALL OFFICERS AND DIRECTORS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4AVAILABLE UPON REQUEST
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION HAS NOT CHANGED ITS OVERSIGHT POLICY OR SELECTION PROCESS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990 PART XII LINE 2C
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt06885496
IRS990/TotalAssetsEOYAmt06888506
IRS990/TotalAssetsGrp/BOYAmt06885496
IRS990/TotalAssetsGrp/EOYAmt06888506
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt032307
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt05497
IRS990/TotalFunctionalExpensesGrp/TotalAmt037804
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt05506
IRS990/TotalLiabilitiesEOYAmt05420
IRS990/TotalLiabilitiesGrp/BOYAmt05506
IRS990/TotalLiabilitiesGrp/EOYAmt05420
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt06879990
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt06883086
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt05497
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt040900
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt040900
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt08
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt06885496
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt06888506
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0C/O CLARKSON UNIVERSITY BOX 8561
IRS990/USAddress/CityNm0POTSDAM
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd013699
IRS990/VotingMembersGoverningBodyCnt08
IRS990/VotingMembersIndependentCnt08
IRS990/WebsiteAddressTxt0WWW.SPECINVEST.ORG
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02025-03-06 01:10:19Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0DR ZVI SZAFRAN
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum03152683778
ReturnHeader/BusinessOfficerGrp/SignatureDt02025-06-24
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0SEAWAY PRIVATE EQUITY CORPORATION
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0C/O CITEC INC
ReturnHeader/Filer/BusinessNameControlTxt0SEAW
ReturnHeader/Filer/EIN0204539725
ReturnHeader/Filer/PhoneNum03152683778
ReturnHeader/Filer/USAddress/AddressLine1Txt0CO CLARKSON UNIVERSITY BOX 8561
ReturnHeader/Filer/USAddress/CityNm0POTSDAM
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd013699
ReturnHeader/IRSResponsiblePrtyInfoCurrInd01
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0161207215
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0PINTO MUCENSKI HOOPER VANHOUSE & CO CPA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 327 301 FORD ST
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0OGDENSBURG
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd013669
ReturnHeader/PreparerPersonGrp/PhoneNum03153937502
ReturnHeader/PreparerPersonGrp/PreparationDt02025-06-24
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0EDWARD S MUCENSKI
ReturnHeader/ReturnTs02025-06-27T08:45:04-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02024-01-01
ReturnHeader/TaxPeriodEndDt02024-12-31
ReturnHeader/TaxYr02024

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