Civic Intelligence

Hudson Valley Economic Development Corporation

990 • Fiscal year 2023 • EIN 80-0492818

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 15, 2024

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

67th percentile

0.11x

Higher debt load relative to assets than 67% of similar nonprofits.

2023 filings • NTEE S41 • $500k-$1M nonprofits • Source year 2023

Liabilities / Revenue

68th percentile

0.08x

Higher debt load relative to revenue than 68% of similar nonprofits.

2023 filings • NTEE S41 • $500k-$1M nonprofits • Source year 2023

Net Margin

53rd percentile

9.7%

Higher net margin than 53% of similar nonprofits.

2023 filings • NTEE S41 • $500k-$1M nonprofits • Source year 2023

Top Officer Pay

97th percentile

$320,327

Higher top officer pay than 97% of similar nonprofits.

Top officer pay equals 32.2% of source-year revenue.

2023 filings • NTEE S41 • $500k-$1M nonprofits • Source year 2023

Asset Growth

71st percentile

20%

Faster asset growth than 71% of similar nonprofits.

2023 filings • NTEE S • $500k-$1M nonprofits • Annualized from 2022 to 2023

Revenue Growth

53rd percentile

9.3%

Faster revenue growth than 53% of similar nonprofits.

2023 filings • NTEE S • $500k-$1M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets67th percentile

Assets

Up

$766,647

Up $126,607 (+20%) from 2022

Net Assets

Up

$682,250

Up $96,180 (+16%) from 2022

Liabilities

Up

$84,397

Up $30,427 (+56%) from 2022

Revenue And Expenses
Liabilities / Revenue68th percentileNet Margin53rd percentile

Revenue

Up

$995,465

Up $84,426 (+9.3%) from 2022

Expenses

Up

$899,285

Up $145,547 (+19%) from 2022

Net Income

Down

$96,180

Down $61,121 (-39%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth71st 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

2023

Assets$766,647
Liabilities$84,397
Net Assets$682,250
Open 2023 Filing

Operations Trend

Revenue Growth53rd 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

2023

Revenue$995,465
Expenses$899,285
Net Income$96,180
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 15, 2024
Return Version
2023v5.0
Gross Receipts
$995,465
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$494,707$420,514▼ $74,193
Accounts Receivable$145,333$346,133▲ $200,800
Total Assets$640,040$766,647▲ $126,607
Liabilities
Accounts Payable and Accrued Expenses$53,970$84,397▲ $30,427
Total Liabilities$53,970$84,397▲ $30,427
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$586,070$682,250▲ $96,180
Total Net Assets Fund Balance$586,070$682,250▲ $96,180
Total Liabilities and Net Assets / Fund Balance$640,040$766,647▲ $126,607
Compensation and Service Providers
Top Officer Pay97th percentile

Employees

NameTitleFull / Part TimeBaseTotal
Michael OatesPresident &FT$320,327$320,327
Michael OatesPresident & CEO-$320,327$320,327

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
$992,409
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$3,056
Change in Net Assets
$96,180
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$500,821
Other Expenses$398,464
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$285,091$35,236-$320,327
Other Salaries and Wages$91,342$11,289-$102,631
Fees for Services Other$77,097--$77,097
Advertising$63,152--$63,152
Other Employee Benefits$31,953$3,949-$35,902
Payroll Taxes$22,402$2,769-$25,171
Fees for Services Accounting-$20,000-$20,000
Pension Plan Contributions$11,921$4,869-$16,790
All Other Expenses$11,564--$11,564
Travel$9,018--$9,018
Other Expenses$4,759$3,172-$7,931
Insurance-$7,142-$7,142
Office Expenses$2,153$1,248-$3,401
Interest$178--$178
Total Functional Expenses$809,611$89,674$0$899,285
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
2024-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Oates
Formed
2009
Voting Board Members
118
Independent Board Members
118
Employees
3

Preparer

Firm
Waschitz Pavloff CPA Llp
Address
PO BOX 871, MONTICELLO, NY 12701
Preparer
Andrew J Pavloff
Phone
8457942200
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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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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/TotLiabNetAssetsFundBalanceGrp/BOYAmt0640040
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0766647
IRS990/TravelGrp/ProgramServicesAmt09018
IRS990/TravelGrp/TotalAmt09018
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt042 CATHARINE STREET
IRS990/USAddress/CityNm0POUGHKEEPSIE
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd012601
IRS990/VotingMembersGoverningBodyCnt0118
IRS990/VotingMembersIndependentCnt0118
IRS990/WebsiteAddressTxt0WWW.HVEDC.COM
IRS990/WhistleblowerPolicyInd0true
ReturnHeader/BuildTS02024-10-15 13:58:12Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd0true
ReturnHeader/BusinessOfficerGrp/PersonNm0MICHAEL OATES
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT & CEO
ReturnHeader/BusinessOfficerGrp/PhoneNum08452202244
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-11-15
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/IRSResponsiblePrtyInfoCurrInd0true
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/PreparationDt02024-11-15
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0ANDREW J PAVLOFF
ReturnHeader/ReturnTs02024-11-15T12:23:14-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02023-01-01
ReturnHeader/TaxPeriodEndDt02023-12-31
ReturnHeader/TaxYr02023

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$766,647
Liabilities
$84,397
Net assets
$682,250
Revenue
$995,465
Expenses
$899,285
Net income
$96,180
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