Civic Intelligence

Hudson Valley Economic Development Corporation

990 • Fiscal year 2021 • EIN 80-0492818

Jan 01, 2021 to Dec 31, 2021 • Filed on Nov 08, 2022

Organization ProfileWWW.HVEDC.COM
42 Catharine StreetPoughkeepsie, NY 12601

(845) 220-2244

Siviq Scores

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

Liabilities / Assets

35th percentile

0.02x

Higher debt load relative to assets than 35% of similar nonprofits.

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

Liabilities / Revenue

30th percentile

0.01x

Higher debt load relative to revenue than 30% of similar nonprofits.

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

Net Margin

69th percentile

20%

Higher net margin than 69% of similar nonprofits.

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

Top Officer Pay

96th percentile

$274,851

Higher top officer pay than 96% of similar nonprofits.

Top officer pay equals 40.5% of source-year revenue.

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

Asset Growth

86th percentile

48%

Faster asset growth than 86% of similar nonprofits.

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

Revenue Growth

52nd percentile

8.3%

Faster revenue growth than 52% of similar nonprofits.

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

Balance Sheet
Liabilities / Assets35th percentile

Assets

Up

$436,015

Up $140,700 (+48%) from 2020

Net Assets

Up

$428,769

Up $138,057 (+47%) from 2020

Liabilities

Up

$7,246

Up $2,643 (+57%) from 2020

Revenue And Expenses
Liabilities / Revenue30th percentileNet Margin69th percentile

Revenue

Up

$678,738

Up $51,900 (+8.3%) from 2020

Expenses

Up

$540,681

Up $58,160 (+12%) from 2020

Net Income

Down

$138,057

Down $6,260 (-4.3%) from 2020

Historical Trend

Balance Sheet Trend

Asset Growth86th percentile

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

$800K$600K$400K$200K$0-$200KAssets 2010: $224,637Liabilities 2010: $22,881Net Assets 2010: $201,7562010Assets 2011: $99,498Liabilities 2011: $65,193Net Assets 2011: $34,3052011Assets 2012: $79,851Liabilities 2012: $3,177Net Assets 2012: $76,6742012Assets 2013: $118,713Liabilities 2013: $26,389Net Assets 2013: $92,3242013Assets 2014: $109,830Liabilities 2014: $14,762Net Assets 2014: $95,0682014Assets 2015: $131,700Liabilities 2015: $26,916Net Assets 2015: $104,7842015Assets 2016: $76,320Liabilities 2016: $23,227Net Assets 2016: $53,0932016Assets 2017: $58,176Liabilities 2017: $30,709Net Assets 2017: $27,4672017Assets 2018: $34,870Liabilities 2018: $49,449Net Assets 2018: -$14,5792018Assets 2019: $132,136Liabilities 2019: $4,575Net Assets 2019: $127,5612019Assets 2020: $295,315Liabilities 2020: $4,603Net Assets 2020: $290,7122020Assets 2021: $436,015Liabilities 2021: $7,246Net Assets 2021: $428,7692021Assets 2022: $640,040Liabilities 2022: $53,970Net Assets 2022: $586,0702022Assets 2023: $766,647Liabilities 2023: $84,397Net Assets 2023: $682,2502023Assets 2024: $542,397Liabilities 2024: $54,851Net Assets 2024: $487,5462024

Highlighted filing

2021

Assets$436,015
Liabilities$7,246
Net Assets$428,769
Open 2021 Filing

Operations Trend

Revenue Growth52nd percentile

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

$1.5M$1.0M$500K$0-$500KExpenses 2010: $849,0252010Revenue 2011: $739,533Expenses 2011: $906,984Net Income 2011: -$167,4512011Revenue 2012: $822,851Expenses 2012: $780,482Net Income 2012: $42,3692012Revenue 2013: $845,809Expenses 2013: $830,159Net Income 2013: $15,6502013Revenue 2014: $767,295Expenses 2014: $764,551Net Income 2014: $2,7442014Revenue 2015: $772,535Expenses 2015: $762,819Net Income 2015: $9,7162015Revenue 2016: $750,967Expenses 2016: $802,658Net Income 2016: -$51,6912016Revenue 2017: $691,337Expenses 2017: $716,963Net Income 2017: -$25,6262017Revenue 2018: $584,886Expenses 2018: $626,932Net Income 2018: -$42,0462018Revenue 2019: $663,166Expenses 2019: $521,026Net Income 2019: $142,1402019Revenue 2020: $626,838Expenses 2020: $482,521Net Income 2020: $144,3172020Revenue 2021: $678,738Expenses 2021: $540,681Net Income 2021: $138,0572021Revenue 2022: $911,039Expenses 2022: $753,738Net Income 2022: $157,3012022Revenue 2023: $995,465Expenses 2023: $899,285Net Income 2023: $96,1802023Revenue 2024: $851,897Expenses 2024: $1,046,601Net Income 2024: -$194,7042024

Highlighted filing

2021

Revenue$678,738
Expenses$540,681
Net Income$138,057
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Nov 8, 2022
Return Version
2021v4.0
Gross Receipts
$678,738
Mission and Program Overview

Mission

Economic development and promotion of a seven county region.

Economic development and promotion of the hudson valley region in new york.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$154,482$298,703▲ $144,221
Accounts Receivable$140,833$137,312▼ $3,521
Total Assets$295,315$436,015▲ $140,700
Liabilities
Accounts Payable and Accrued Expenses$4,603$7,246▲ $2,643
Total Liabilities$4,603$7,246▲ $2,643
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$290,712$428,769▲ $138,057
Total Net Assets Fund Balance$290,712$428,769▲ $138,057
Total Liabilities and Net Assets / Fund Balance$295,315$436,015▲ $140,700
Compensation and Service Providers
Top Officer Pay96th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Michael OatesPresident &FT$274,851$274,851
Michael OatesPresident & CEO-$274,851$274,851

Board Members and Trustees

NameTitle
Nick PreddiceChairman
Josh SommersFirst Vice C
Robert LevineImmediate Pa
Anthony GioffreSecretary
Alan MarksTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$678,738
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
Change in Net Assets
$138,057
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$419,617
Other Expenses$121,064
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$244,617$30,234-$274,851
Other Salaries and Wages$73,202$9,047-$82,249
Advertising-$31,810-$31,810
Other Employee Benefits$27,894$3,706-$31,600
Payroll Taxes$20,709$2,301-$23,010
Fees for Services Other-$19,329-$19,329
Office Expenses$6,189$3,931-$10,120
Pension Plan Contributions$5,614$2,293-$7,907
Insurance-$5,990-$5,990
Other Expenses$3,005$2,003-$5,008
All Other Expenses$4,285--$4,285
Travel$2,087--$2,087
Interest-$218-$218
Total Functional Expenses$429,819$110,862$0$540,681
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
In-house lobbying only
No
Subject to proxy tax
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
Yes
Annual disclosure for covered persons
Yes
Backup withholding compliance
No
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

“All board members are provided with a copy of the return for approval before the return is filed.”

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

“Board members and officers are required to disclose any potential conflicts of interest on an annual basis. If there is a potential conflict of interest, the board member or officer excuses themselves from the meeting while the remaining members vote on whether or not to engage in the business transaction with the potential third party.”

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

“The president/ceo's comepsation is determined by the board.”

Form 990, Page 6, Part VI, Line 19

“AVAILABLE UPON REQUEST”

Filing and Contact Details

Filer

Filer Name
Hudson Valley Economic Development
EIN
80-0492818
Phone
8452202244
Address
42 CATHARINE STREET, POUGHKEEPSIE, NY 12601

Signing Officer

Name
Michael Oates
Title
President & CEO
Phone
8452202244
Signed
2022-11-08
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Oates
Formed
2009
Voting Board Members
112
Independent Board Members
112
Employees
5

Preparer

Firm
Waschitz Pavloff CPA Llp
Address
PO BOX 871, MONTICELLO, NY 12701
Preparer
Andrew J Pavloff
Phone
8457942200
Raw XML Appendix310 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0ALL BOARD MEMBERS ARE PROVIDED WITH A COPY OF THE RETURN FOR APPROVAL BEFORE THE RETURN IS FILED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1BOARD MEMBERS AND OFFICERS ARE REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICTS OF INTEREST ON AN ANNUAL BASIS. IF THERE IS A POTENTIAL CONFLICT OF INTEREST, THE BOARD MEMBER OR OFFICER EXCUSES THEMSELVES FROM THE MEETING WHILE THE REMAINING MEMBERS VOTE ON WHETHER OR NOT TO ENGAGE IN THE BUSINESS TRANSACTION WITH THE POTENTIAL THIRD PARTY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE PRESIDENT/CEO'S COMEPSATION IS DETERMINED BY THE BOARD.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3AVAILABLE UPON REQUEST
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IRS990/VotingMembersGoverningBodyCnt0112
IRS990/VotingMembersIndependentCnt0112
IRS990/WebsiteAddressTxt0WWW.HVEDC.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0MICHAEL OATES
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT & CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum08452202244
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-11-08
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0HUDSON VALLEY ECONOMIC DEVELOPMENT
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0HUDS
ReturnHeader/Filer/EIN0800492818
ReturnHeader/Filer/PhoneNum08452202244
ReturnHeader/Filer/USAddress/AddressLine1Txt042 CATHARINE STREET
ReturnHeader/Filer/USAddress/CityNm0POUGHKEEPSIE
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd012601
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0822240084
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0WASCHITZ PAVLOFF CPA LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 871
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MONTICELLO
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd012701
ReturnHeader/PreparerPersonGrp/PhoneNum08457942200
ReturnHeader/PreparerPersonGrp/PreparationDt02022-11-08
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ANDREW J PAVLOFF
ReturnHeader/ReturnTs02022-11-08T16:44:31-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0MICHAEL
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0OATES
ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$436,015
Liabilities
$7,246
Net assets
$428,769
Revenue
$678,738
Expenses
$540,681
Net income
$138,057
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.54$0.05$0.49$0.85$1.05$0.19
2023Detailed filing. Detailed filing data is available for this year.$0.77$0.08$0.68$1.00$0.90$0.10
2022Detailed filing. Detailed filing data is available for this year.$0.64$0.05$0.59$0.91$0.75$0.16
2021Detailed filing. Detailed filing data is available for this year.$0.44$0.01$0.43$0.68$0.54$0.14
2020Detailed filing. Detailed filing data is available for this year.$0.30$0.00$0.29$0.63$0.48$0.14
2019Detailed filing. Detailed filing data is available for this year.$0.13$0.00$0.13$0.66$0.52$0.14
2018Detailed filing. Detailed filing data is available for this year.$0.03$0.05$0.01$0.58$0.63$0.04
2017Detailed filing. Detailed filing data is available for this year.$0.06$0.03$0.03$0.69$0.72$0.03
2016Detailed filing. Detailed filing data is available for this year.$0.08$0.02$0.05$0.75$0.80$0.05
2015Detailed filing. Detailed filing data is available for this year.$0.13$0.03$0.10$0.77$0.76$0.01
2014Summary only. Only limited summary data is available for this year.$0.11$0.01$0.10$0.77$0.76$0.00
2013Summary only. Only limited summary data is available for this year.$0.12$0.03$0.09$0.85$0.83$0.02
2012Summary only. Only limited summary data is available for this year.$0.08$0.00$0.08$0.82$0.78$0.04
2011Summary only. Only limited summary data is available for this year.$0.10$0.07$0.03$0.74$0.91$0.17
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.22$0.02$0.20$0.85