Civic Intelligence

Downtown Schenectady Improvement Corporation

990 • Fiscal year 2020 • EIN 36-4465022

Jan 01, 2020 to Dec 31, 2020 • Filed on Jul 22, 2021

143 State StreetSchenectady, NY 12305

(518) 377-9430

Siviq Scores

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

Liabilities / Assets

42nd percentile

0.06x

Higher debt load relative to assets than 42% of similar nonprofits.

2020 filings • NTEE S • $500k-$1M nonprofits • Source year 2020

Liabilities / Revenue

42nd percentile

0.06x

Higher debt load relative to revenue than 42% of similar nonprofits.

2020 filings • NTEE S • $500k-$1M nonprofits • Source year 2020

Net Margin

57th percentile

11%

Higher net margin than 57% of similar nonprofits.

2020 filings • NTEE S • $500k-$1M nonprofits • Source year 2020

Top Officer Pay

76th percentile

$106,837

Higher top officer pay than 76% of similar nonprofits.

Top officer pay equals 13.7% of source-year revenue.

2020 filings • NTEE S • $500k-$1M nonprofits • Source year 2020

Asset Growth

63rd percentile

14%

Faster asset growth than 63% of similar nonprofits.

2020 filings • NTEE S • $500k-$1M nonprofits • Annualized from 2019 to 2020

Revenue Growth

71st percentile

11%

Faster revenue growth than 71% of similar nonprofits.

2020 filings • NTEE S • $500k-$1M nonprofits • Annualized from 2019 to 2020

Assets

Up

$785,024

Up $95,000 (+14%) from 2019

Net Assets

Up

$734,263

Up $86,728 (+13%) from 2019

Liabilities

Up

$50,761

Up $8,272 (+19%) from 2019

Revenue

Up

$781,398

Up $77,998 (+11%) from 2019

Expenses

Down

$694,670

Down $69,272 (-9.1%) from 2019

Net Income

Up

$86,728

Up $147,270 (+243%) from 2019

Historical Trend

Balance Sheet Trend

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

$1.5M$1.0M$500K$0Assets 2010: $1,080,509Liabilities 2010: $131,090Net Assets 2010: $949,4192010Assets 2011: $864,358Liabilities 2011: $59,859Net Assets 2011: $804,4992011Assets 2016: $639,763Liabilities 2016: $41,056Net Assets 2016: $598,7072016Assets 2017: $633,981Liabilities 2017: $41,112Net Assets 2017: $592,8692017Assets 2018: $738,598Liabilities 2018: $30,521Net Assets 2018: $708,0772018Assets 2019: $690,024Liabilities 2019: $42,489Net Assets 2019: $647,5352019Assets 2020: $785,024Liabilities 2020: $50,761Net Assets 2020: $734,2632020Assets 2021: $795,424Liabilities 2021: $56,894Net Assets 2021: $738,5302021Assets 2022: $846,779Liabilities 2022: $214,315Net Assets 2022: $632,4642022Assets 2024: $609,319Liabilities 2024: $100,788Net Assets 2024: $508,5312024

Highlighted filing

2020

Assets$785,024
Liabilities$50,761
Net Assets$734,263

Operations Trend

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

$1.5M$1.0M$500K$0-$500KExpenses 2010: $1,161,2632010Expenses 2011: $1,025,8262011Revenue 2016: $555,980Expenses 2016: $591,414Net Income 2016: -$35,4342016Revenue 2017: $560,562Expenses 2017: $566,400Net Income 2017: -$5,8382017Revenue 2018: $761,835Expenses 2018: $646,627Net Income 2018: $115,2082018Revenue 2019: $703,400Expenses 2019: $763,942Net Income 2019: -$60,5422019Revenue 2020: $781,398Expenses 2020: $694,670Net Income 2020: $86,7282020Revenue 2021: $669,388Expenses 2021: $665,121Net Income 2021: $4,2672021Revenue 2022: $791,188Expenses 2022: $897,254Net Income 2022: -$106,0662022Revenue 2024: $861,146Expenses 2024: $924,114Net Income 2024: -$62,9682024

Highlighted filing

2020

Revenue$781,398
Expenses$694,670
Net Income$86,728
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Jul 22, 2021
Return Version
2020v4.0
Gross Receipts
$781,398
Mission and Program Overview

Mission

Our mission is to promote downtown schenectady as a premier location for commerce, recreation and residence by enhancing, facilitating and supporting economic growth.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$203,069$235,103▲ $32,034
Savings and Temporary Cash Investments$57,535$150,124▲ $92,589
Other Notes and Loans Receivable, Net$235,855$141,430▼ $94,425
Pledges and Grants Receivable$94,377$135,003▲ $40,626
Land, Buildings, and Equipment, Net$88,783$84,969▼ $3,814
Accounts Receivable-$22,379-
Prepaid Expenses and Deferred Charges$10,405$16,016▲ $5,611
Total Assets$690,024$785,024▲ $95,000
Liabilities
Accounts Payable and Accrued Expenses$42,489$50,761▲ $8,272
Total Liabilities$42,489$50,761▲ $8,272
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$647,535$734,263▲ $86,728
Total Net Assets Fund Balance$647,535$734,263▲ $86,728
Total Liabilities and Net Assets / Fund Balance$690,024$785,024▲ $95,000

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$84,969$167,312$252,281
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
James SalengoExecutive DiFT$97,952$8,885$106,837

Board Members and Trustees

NameTitle
Heather PetersonPresident
Aneesa WaheedBoard Member
Austin FisherBoard Member
Jeffrey MorlangBoard Member
Kim RaineyBoard Member
Michael BurnsBoard Member
Ray LegereBoard Member
Richard AntokolBoard Member
Chris SpraragenVice Pres./t
Revenue and Support

Revenue Composition

Contributions and Grants
$444,137
Program Service Revenue
$331,634
Investment Income
$5,627
Other Revenue
$0
All Other Contributions
$69,839
Change in Net Assets
$86,728

Audited Revenue Reconciliation

Revenue per Audited Statements
$781,398
Revenue Not Reported on Form 990
$10,046
Total Revenue per Audited Statements
$791,444
Total Revenue per Form 990
$781,398
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$468,561
Other Expenses$226,109
Total Fundraising Expense$9,147
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$259,937$29,703$1,458$291,098
Current Officers, Directors, Trustees, and Key Employees$101,870$4,913$54$106,837
Payroll Taxes$38,892$3,548$181$42,621
All Other Expenses$35,874$462$777$37,113
Occupancy$22,589$1,081$1,530$25,200
Other Employee Benefits$22,287$572$157$23,016
Depreciation Depletion$19,398$928$1,314$21,640
Other Expenses$20,234$119$168$20,234
Insurance$16,350$782$1,107$18,239
Office Expenses$9,862$36$50$9,948
Advertising$9,715$64$90$9,869
Pension Plan Contributions$4,376$571$42$4,989
Travel$152--$152
Total Functional Expenses$641,176$44,347$9,147$694,670

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$704,716
Expenses per Audited Statements$694,670
Total Expenses per Form 990$694,670
Expenses Not Reported on Form 990$10,046
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
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
No

Governance Explanations

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

The executive director and treasurer of the board review form 990 for accuracy and completeness. All board members are provided a draft of form 990 prior in advance of filing.

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

Board members and key staff sign annual conflict of interest forms. All are asked to disclose any conflicts prior to substantive action by the board and abstain from voting if necessary.

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

The executive director is hired and compensated based on the approval of the full board.

Form 990, Page 6, Part VI, Line 19

Documents are made available upon request.

Filing and Contact Details

Filer

Filer Name
Downtown Schenectady Improvement
EIN
36-4465022
Phone
5183779430
Address
143 STATE STREET, SCHENECTADY, NY 12305

Signing Officer

Name
Heather Peterson
Title
President
Phone
5183779430
Signed
2021-07-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James Salengo
Formed
1978
Voting Board Members
9
Independent Board Members
9
Employees
17

Preparer

Firm
Cusack & Company Cpas LLC
Address
7 AIRPORT PARK BLVD, LATHAM, NY 12110
Preparer
Jason D Marra CPA
Phone
5187863550
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

The accounting standards codification requires entities to disclose in their financial statements the nature of any uncertainty in their tax position. The organization has not recognized any benefits or liabilities from uncertain tax positions in the current year and believes it has no uncertain tax positions in 2020 for which it is reasonably possible that will significantly increase or decrease net assets. Generally, federal and state authorities may examine the organization's tax returns for three years from the date of filing; consequently, tax-exempt returns for years prior to 2017 are no longer subject to examination by tax authorities.

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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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IRS990/ProgSrvcAccomActy2Grp/Desc0BUSINESS PROMOTION MARKETING PROGRAM - TO PROMOTE DOWNTOWN SCHENECTADY AS A DESTINATION FOR SHOPPING, DINING, RECREATION AND ENTERTAINMENT, AS WELL AS AN IDEAL PLACE TO LOCATE PROFESSIONAL OFFICES RANGING FROM SINGLE PROPRIETORSHIPS TO MAJOR CORPORATE HEADQUARTERS.
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ACCOUNTING STANDARDS CODIFICATION REQUIRES ENTITIES TO DISCLOSE IN THEIR FINANCIAL STATEMENTS THE NATURE OF ANY UNCERTAINTY IN THEIR TAX POSITION. THE ORGANIZATION HAS NOT RECOGNIZED ANY BENEFITS OR LIABILITIES FROM UNCERTAIN TAX POSITIONS IN THE CURRENT YEAR AND BELIEVES IT HAS NO UNCERTAIN TAX POSITIONS IN 2020 FOR WHICH IT IS REASONABLY POSSIBLE THAT WILL SIGNIFICANTLY INCREASE OR DECREASE NET ASSETS. GENERALLY, FEDERAL AND STATE AUTHORITIES MAY EXAMINE THE ORGANIZATION'S TAX RETURNS FOR THREE YEARS FROM THE DATE OF FILING; CONSEQUENTLY, TAX-EXEMPT RETURNS FOR YEARS PRIOR TO 2017 ARE NO LONGER SUBJECT TO EXAMINATION BY TAX AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE EXECUTIVE DIRECTOR AND TREASURER OF THE BOARD REVIEW FORM 990 FOR ACCURACY AND COMPLETENESS. ALL BOARD MEMBERS ARE PROVIDED A DRAFT OF FORM 990 PRIOR IN ADVANCE OF FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS AND KEY STAFF SIGN ANNUAL CONFLICT OF INTEREST FORMS. ALL ARE ASKED TO DISCLOSE ANY CONFLICTS PRIOR TO SUBSTANTIVE ACTION BY THE BOARD AND ABSTAIN FROM VOTING IF NECESSARY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE EXECUTIVE DIRECTOR IS HIRED AND COMPENSATED BASED ON THE APPROVAL OF THE FULL BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DOCUMENTS ARE MADE AVAILABLE UPON REQUEST.
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 19
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