Civic Intelligence

Downtown Schenectady Improvement Corporation

990 • Fiscal year 2023 • EIN 36-4465022

Jan 01, 2023 to Dec 31, 2023 • Filed on Jul 11, 2024

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

59th percentile

0.24x

Higher debt load relative to assets than 59% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Liabilities / Revenue

39th percentile

0.12x

Higher debt load relative to revenue than 39% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Net Margin

32nd percentile

-4.0%

Higher net margin than 32% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Top Officer Pay

52nd percentile

$109,839

Higher top officer pay than 52% of similar nonprofits.

Top officer pay equals 7.2% of source-year revenue.

2023 filings • NTEE S • $1M-$5M nonprofits • Source year 2023

Asset Growth

13th percentile

-11%

Faster asset growth than 13% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2022 to 2023

Revenue Growth

90th percentile

92%

Faster revenue growth than 90% of similar nonprofits.

2023 filings • NTEE S • $1M-$5M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets59th percentile

Assets

Down

$752,540

Down $94,239 (-11%) from 2022

Net Assets

Down

$571,499

Down $60,965 (-9.6%) from 2022

Liabilities

Down

$181,041

Down $33,274 (-16%) from 2022

Revenue And Expenses
Liabilities / Revenue39th percentileNet Margin32nd percentile

Revenue

Up

$1,516,362

Up $725,174 (+92%) from 2022

Expenses

Up

$1,577,327

Up $680,073 (+76%) from 2022

Net Income

Up

-$60,965

Up $45,101 (+43%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth13th 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 2023: $752,540Liabilities 2023: $181,041Net Assets 2023: $571,4992023Assets 2024: $609,319Liabilities 2024: $100,788Net Assets 2024: $508,5312024

Highlighted filing

2023

Assets$752,540
Liabilities$181,041
Net Assets$571,499
Open 2023 Filing

Operations Trend

Revenue Growth90th percentile

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

$2.0M$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 2023: $1,516,362Expenses 2023: $1,577,327Net Income 2023: -$60,9652023Revenue 2024: $861,146Expenses 2024: $924,114Net Income 2024: -$62,9682024

Highlighted filing

2023

Revenue$1,516,362
Expenses$1,577,327
Net Income-$60,965
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Jul 11, 2024
Return Version
2023v5.0
Gross Receipts
$1,537,723
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$247,165$238,889▼ $8,276
Savings and Temporary Cash Investments$176,088$180,418▲ $4,330
Land, Buildings, and Equipment, Net$112,096$136,230▲ $24,134
Pledges and Grants Receivable$105,704$68,750▼ $36,954
Other Notes and Loans Receivable, Net$48,543--
Prepaid Expenses and Deferred Charges$31,745$21,499▼ $10,246
Total Assets$846,779$752,540▼ $94,239
Other Assets Total$125,438$106,754▼ $18,684
Liabilities
Other Liabilities$125,438$106,754▼ $18,684
Accounts Payable and Accrued Expenses$54,383$67,711▲ $13,328
Deferred Revenue$34,494$6,576▼ $27,918
Total Liabilities$214,315$181,041▼ $33,274
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$632,464$571,499▼ $60,965
Total Net Assets Fund Balance$632,464$571,499▼ $60,965
Total Liabilities and Net Assets / Fund Balance$846,779$752,540▼ $94,239

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$52,895$179,144$232,039
Other Land Buildings$83,335$20,845$104,180
Other Assets Org$106,754--
Compensation and Service Providers
Top Officer Pay52nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Jim SalengoExecutive DiFT$100,986$8,853$109,839
Jim SalengoExecutive Director-$100,986$8,853$109,839

Board Members and Trustees

NameTitle
Heather PetersonPresident
Andrea CortelyouBoard Member
Bashir ChedraweeBoard Member
Ellen MchaleBoard Member
Mitch RamseyBoard Member
Phil WajdaBoard Member
Tate OttatiBoard Member
Maureen NeufeldExecutive Di
Michael BurnsSecretary
Ray LegereTreasurer
Austin FisherVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$1,020,542
Program Service Revenue
$480,650
Investment Income
$5,787
Other Revenue
$9,383
All Other Contributions
$160,640
Change in Net Assets
$-60,965

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,516,362
Total Revenue per Audited Statements
$1,516,362
Total Revenue per Form 990
$1,516,362
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$996,552
Salaries, Compensation, and Employee Benefits$580,775
Total Fundraising Expense$23,927
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$350,229$9,865$7,944$368,038
Comp Disqual Persons$103,386$4,207$2,246$109,839
All Other Expenses$85,488$723$1,007$87,218
Occupancy$50,662$13,645$1,903$66,210
Payroll Taxes$55,538$2,055$1,188$58,781
Depreciation Depletion$41,034$1,964$2,779$45,777
Other Employee Benefits$30,631$5,745$955$37,331
Other Expenses$27,668$98$997$27,668
Insurance$21,349$1,022$1,446$23,817
Advertising$14,248--$14,248
Office Expenses$12,233$622$925$13,780
Pension Plan Contributions$6,048$563$175$6,786
Total Functional Expenses$1,508,894$44,506$23,927$1,577,327

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,577,327
Total Expenses per Audited Statements$1,577,327
Total Expenses per Form 990$1,577,327
Fundraising, Events, and Gaming
Fundraising activities
Yes
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Gross Income$30,744
Fundraising Direct Expenses$21,361
Professional Fundraising Fees$0

Fundraising Events

EventGross ReceiptsGross RevenueDirect ExpensesNet Income
Illuminocity Ev$30,744$30,744$21,361$9,383
Total Events$30,744$30,744$21,361$9,383
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Lease Payable Long-term$55,294
Lease Payable Current$51,460
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
Maureen Neufeld
Title
Executive Director
Phone
5183779430
Signed
2024-07-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Maureen Neufeld
Formed
1978
Voting Board Members
10
Independent Board Members
10
Employees
22

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 required entities to disclose in their financial statements the nature of any uncertainty in their tax position. The organization hasn ot recognied any benefits or liabilities from uncertain tax positions in teh current year and beilives it has no uncertain tax positions in 2023 for which it is reasonably probably that will significantly increase or decrease net assets. Generally, federal and state authorities may examine the organization's tax returns for three years from teh date of filing; consequently, tax-exempt returns for years prior to 2020 are no longer subject to examination by tax authorities.”

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IRS990/ProgramServiceRevenueGrp/Desc4MARKETING PARTICIPATION
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt147360
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt244926
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt322604
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0355000
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt244926
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt322604
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt410760
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.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0217513
IRS990/ProgSrvcAccomActy2Grp/RevenueAmt069288
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IRS990/PYTotalRevenueAmt0791188
IRS990/QuidProQuoContributionsInd0false
IRS990/RcvFndsToPayPrsnlBnftCntrctInd0false
IRS990/ReconcilationRevenueExpnssAmt0-60965
IRS990/RegularMonitoringEnfrcInd0true
IRS990/RelatedEntityInd0false
IRS990/RelatedOrganizationCtrlEntInd0false
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt0411362
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0444137
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt0354573
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IRS990ScheduleA/GrossReceiptsRltdActivitiesAmt02019862
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IRS990ScheduleA/PublicSupportPY170Pct00.99150
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc0RIGHT OF USE ASSET
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0LEASE PAYABLE LONG-TERM
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ACCOUNTING STANDARDS CODIFICATION REQUIRED ENTITIES TO DISCLOSE IN THEIR FINANCIAL STATEMENTS THE NATURE OF ANY UNCERTAINTY IN THEIR TAX POSITION. THE ORGANIZATION HASN OT RECOGNIED ANY BENEFITS OR LIABILITIES FROM UNCERTAIN TAX POSITIONS IN TEH CURRENT YEAR AND BEILIVES IT HAS NO UNCERTAIN TAX POSITIONS IN 2023 FOR WHICH IT IS REASONABLY PROBABLY THAT WILL SIGNIFICANTLY INCREASE OR DECREASE NET ASSETS. GENERALLY, FEDERAL AND STATE AUTHORITIES MAY EXAMINE THE ORGANIZATION'S TAX RETURNS FOR THREE YEARS FROM TEH DATE OF FILING; CONSEQUENTLY, TAX-EXEMPT RETURNS FOR YEARS PRIOR TO 2020 ARE NO LONGER SUBJECT TO EXAMINATION BY TAX AUTHORITIES.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$752,540
Liabilities
$181,041
Net assets
$571,499
Revenue
$1,516,362
Expenses
$1,577,327
Net income
-$60,965
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
2023Detailed filing. Detailed filing data is available for this year.$0.75$0.18$0.57$1.52$1.58$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
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$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