Civic Intelligence

Downtown Schenectady Improvement Corporation

990 • Fiscal year 2021 • EIN 36-4465022

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

Organization ProfileWWW.DOWNTOWNSCHENECTADY.ORG

View Organization Page

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

46th percentile

0.07x

Higher debt load relative to assets than 46% of similar nonprofits.

2021 filings • NTEE S • $500k-$1M nonprofits • Source year 2021

Liabilities / Revenue

52nd percentile

0.08x

Higher debt load relative to revenue than 52% of similar nonprofits.

2021 filings • NTEE S • $500k-$1M nonprofits • Source year 2021

Net Margin

30th percentile

0.6%

Higher net margin than 30% of similar nonprofits.

2021 filings • NTEE S • $500k-$1M nonprofits • Source year 2021

Top Officer Pay

79th percentile

$110,289

Higher top officer pay than 79% of similar nonprofits.

Top officer pay equals 16.5% of source-year revenue.

2021 filings • NTEE S • $500k-$1M nonprofits • Source year 2021

Asset Growth

33rd percentile

1.3%

Faster asset growth than 33% of similar nonprofits.

2021 filings • NTEE S • $500k-$1M nonprofits • Annualized from 2020 to 2021

Revenue Growth

20th percentile

-14%

Faster revenue growth than 20% of similar nonprofits.

2021 filings • NTEE S • $500k-$1M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets46th percentile

Assets

Up

$795,424

Up $10,400 (+1.3%) from 2020

Net Assets

Up

$738,530

Up $4,267 (+0.6%) from 2020

Liabilities

Up

$56,894

Up $6,133 (+12%) from 2020

Revenue And Expenses
Liabilities / Revenue52nd percentileNet Margin30th percentile

Revenue

Down

$669,388

Down $112,010 (-14%) from 2020

Expenses

Down

$665,121

Down $29,549 (-4.3%) from 2020

Net Income

Down

$4,267

Down $82,461 (-95%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth33rd percentile

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

2021

Assets$795,424
Liabilities$56,894
Net Assets$738,530
Open 2021 Filing

Operations Trend

Revenue Growth20th percentile

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

2021

Revenue$669,388
Expenses$665,121
Net Income$4,267
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
May 31, 2022
Return Version
2021v4.0
Gross Receipts
$669,388
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$235,103$349,408▲ $114,305
Savings and Temporary Cash Investments$150,124$150,528▲ $404
Land, Buildings, and Equipment, Net$84,969$143,037▲ $58,068
Other Notes and Loans Receivable, Net$141,430$95,673▼ $45,757
Pledges and Grants Receivable$135,003$40,000▼ $95,003
Accounts Receivable$22,379--
Prepaid Expenses and Deferred Charges$16,016$16,778▲ $762
Total Assets$785,024$795,424▲ $10,400
Liabilities
Accounts Payable and Accrued Expenses$50,761$54,400▲ $3,639
Deferred Revenue-$2,494-
Total Liabilities$50,761$56,894▲ $6,133
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$734,263$738,530▲ $4,267
Total Net Assets Fund Balance$734,263$738,530▲ $4,267
Total Liabilities and Net Assets / Fund Balance$785,024$795,424▲ $10,400

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$109,076$120,569$229,645
Other Land Buildings$33,961$1,477$35,438
Compensation and Service Providers
Top Officer Pay79th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
James SalengoExecutive DiFT$100,182$10,107$110,289

Board Members and Trustees

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

Revenue Composition

Contributions and Grants
$313,292
Program Service Revenue
$351,449
Investment Income
$4,647
Other Revenue
$0
All Other Contributions
$17,780
Change in Net Assets
$4,267

Audited Revenue Reconciliation

Revenue per Audited Statements
$669,388
Revenue Not Reported on Form 990
$4,241
Total Revenue per Audited Statements
$673,629
Total Revenue per Form 990
$669,388
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$439,543
Other Expenses$225,578
Total Fundraising Expense$14,600
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$250,714$10,476$4,306$265,496
Current Officers, Directors, Trustees, and Key Employees$105,394$4,748$57$110,199
Payroll Taxes$41,362$1,752$524$43,638
All Other Expenses$32,457$665$1,040$34,162
Occupancy$24,136$1,155$1,634$26,925
Depreciation Depletion$23,305$1,115$1,578$25,998
Insurance$18,741$897$1,269$20,907
Other Employee Benefits$14,415-$346$14,761
Office Expenses$10,655$51$72$10,778
Other Expenses$7,097$146$207$7,097
Advertising$5,981--$5,981
Pension Plan Contributions$5,002$301$146$5,449
Total Functional Expenses$626,797$23,724$14,600$665,121

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$669,362
Expenses per Audited Statements$665,121
Total Expenses per Form 990$665,121
Expenses Not Reported on Form 990$4,241
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 copy of form 990 in advance before 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
2022-05-31
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James Salengo
Formed
1978
Voting Board Members
7
Independent Board Members
7
Employees
15

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 2021 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 2018 are no longer subject to examination by tax authorities.”

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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 2021 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 2018 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 COPY OF FORM 990 IN ADVANCE BEFORE 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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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$795,424
Liabilities
$56,894
Net assets
$738,530
Revenue
$669,388
Expenses
$665,121
Net income
$4,267
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.61$0.10$0.51$0.86$0.92$0.06
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.85$0.21$0.63$0.79$0.90$0.11
2021Detailed filing. Detailed filing data is available for this year.$0.80$0.06$0.74$0.67$0.67$0.00
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.79$0.05$0.73$0.78$0.69$0.09
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.69$0.04$0.65$0.70$0.76$0.06
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.74$0.03$0.71$0.76$0.65$0.12
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.63$0.04$0.59$0.56$0.57$0.01
2016Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.64$0.04$0.60$0.56$0.59$0.04
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.86$0.06$0.80$1.03
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.08$0.13$0.95$1.16