2025-05-22T07:35:47-05:00 2024-12-31 161092347 MENGEL METZGER BARR & CO LLP 111 EVERTS AVE PO BOX 4750 QUEENSBURY NY 128044750 990 2024-01-01 141757090 ECONOMIC DEVELOPMENT CORPORATION ECON 5187616007 11 SOUTH STREET 201 GLENS FALLS NY 12801 JAMES SIPLON PRESIDENT 5187616007 2025-05-14 1 1 CHRISTOPHER J HEALY CPA P02180941 5187926595 2025-05-14 2024 2025-03-06 01:10:19Z JAMES SIPLON 11 SOUTH STREET 201 GLENS FALLS NY 12801 717951 0 X WWW.EDCWC.ORG X 1992 NY TO DRIVE ECONOMIC OPPORTUNITY, GROWTH, AND PROSPERITY IN WARREN COUNTY. 10 10 10 0 0 0 618024 610068 13718 94273 5233 13655 619 -45 637594 717951 0 0 0 0 458763 466034 0 0 0 256372 262954 715135 728988 -77541 -11037 1060806 1023640 253877 227748 806929 795892 X EDC IS THE CENTRAL SOURCE FOR WARREN COUNTY ECONOMIC DEVELOPMENT EFFORTS, AS IT GUIDES PROGRAMS AND PROJECTS THROUGHOUT THE SOUTHERN ADIRONDACK REGION. EDC ACHIEVES RESULTS THROUGH COLLABORATIVE PUBLIC-PRIVATE PARTNERSHIPS DESIGNED TO ENCOURAGE NEW INVESTMENT OPPORTUNITIES THAT CREATE JOBS AND CREATE A SUSTAINABLE COMMUNITY AND AREA ECONOMY. 0 0 520823 94228 ECONOMIC DEVELOPMENT:ACHIEVED CERTAIN CHARITABLE OBJECTIVES AND PUBLIC PURPOSES OF RELIEVING AND REDUCING ADULT UNEMPLOYMENT, PROMOTING AND PROVIDING FOR QUALITY JOBS FOR WARREN COUNTY CITIZENS AND LESSENING THE BURDENS OF GOVERNMENT WITHIN THE WARREN COUNTY REGION OF NEW YORK BY THE FOLLOWING ACTIVITIES: ENCOURAGING THE RETENTION AND EXPANSION OF VARIOUS BUSINESS ENTERPRISES IN THE WARREN COUNTY REGION; PROVIDING MANAGERIAL, TECHNICAL, AND ADMINISTRATIVE ADVICE TO ASSIST LOCAL BUSINESS ENTERPRISES; ATTRACTING THE LOCATION OF BUSINESS ENTERPRISES TO THE WARREN COUNTY REGION. 520823 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 5 0 1 10 1 0 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 NY X DIANE DUMOUCHEL 5187616007 11 SOUTH STREET SUITE 201 GLENS FALLS NY 12801 MIKE WILD BOARD MEMBER 1.00 X 0 0 0 JOHN STROUGH BOARD MEMBER 1.00 X 0 0 0 SUSAN CORNEY BOARD MEMBER 1.00 X 0 0 0 JUDY CALOGERO BOARD MEMBER 1.00 X 0 0 0 MELANIE FRONHOFER WEBER BOARD MEMBER 1.00 X 0 0 0 MICHAEL MCLARTY BOARD MEMBER 1.00 X 0 0 0 ASHLEY WALDEN BOARD MEMBER 1.00 X 0 0 0 JIM MARCO BOARD MEMBER 1.00 X 0 0 0 PAUL WERSTEN BOARD MEMBER 1.00 X 0 0 0 KRISTINE DUFFY INTERIM CHAIR 2.00 X 0 0 0 MATTHEW FULLER PAST-CHAIR 2.00 X 0 0 0 MITCH AMADO PAST-CHAIR 2.00 X 0 0 0 KATHRYN MUNCIL VICE CHAIR/TREASURER 2.00 X 0 0 0 LAURA LADU SECRETARY 2.00 X 0 0 0 JIM SIPLON PRESIDENT/CEO 55.00 X 134738 0 38019 134738 0 38019 1 0 1 0 0 555068 55000 610068 MEMBERSHIP DUES 900099 89910 89910 ANNUAL MEETING AND OTH 900099 4363 4363 94273 13655 13655 MISCELLANEOUS 900099 -45 -45 -45 717951 94228 0 13655 172757 138206 34551 239180 151259 87921 15312 12209 3103 9204 4277 4927 29581 20493 9088 4126 2063 2063 16164 16164 2528 1769 759 49218 49218 7951 3326 4625 50348 36350 13998 41340 20670 20670 81 41 40 3221 1611 1610 4995 4995 DEVELOPMENT PROJECTS AN 25374 25374 EDC EVENTS 17351 17351 DUES AND SUBSCRIPTIONS 15390 15390 REAL ESTATE TAXES AND P 12063 12063 12804 9153 3651 728988 520823 208165 0 40085 44744 334156 231303 66038 168668 32710 22278 225731 68407 160545 157324 251326 267388 175946 131935 1060806 1023640 20826 18049 57000 26659 176051 183040 253877 227748 X 806929 795892 806929 795892 1060806 1023640 -11037 0 X 0 1 X 1 0 X 514000 540000 564750 613024 610068 2841842 514000 540000 564750 613024 610068 2841842 2841842 791 460 417 5233 13655 20556 125 150 619 894 2863292 127156 0.99250 0.99670 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS - 2021 AMOUNT: $ 125. 2022 AMOUNT: $ 150. 2023 AMOUNT: $ 619. 2024 AMOUNT: $ 0. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 130437 130437 95294 68407 26887 157324 SECURITY DEPOSIT 3895 RIGHT OF USE ASSETS - OPERATING LEASES 128040 131935 OPERATING LEASE LIABILITY 128040 DEFERRED MEMBERSHIP DUES 55000 183040 X 722559 4608 4608 717951 0 717951 733596 4608 4608 728988 0 728988 PART X, LINE 2: EDC IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN PROVIDED FOR IN THESE FINANCIAL STATEMENTS. IN ADDITION, EDC QUALIFIES FOR THE CHARITABLE CONTRIBUTION DEDUCTION UNDER SECTION 170(B)(1)(A)(6) AND HAS BEEN CLASSIFIED AS AN ORGANIZATION THAT IS NOT A PRIVATE FOUNDATION UNDER SECTION 509(A). THE TAX STATUS OF TAX-EXEMPT ENTITIES IS AN UNCERTAIN TAX POSITION, SINCE EVENTS COULD POTENTIALLY OCCUR THAT JEOPARDIZE TAX-EXEMPT STATUS. EDC BELIEVES THAT INCOME TAX FILING POSITIONS WILL BE SUSTAINED UPON EXAMINATION AND DOES NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE EFFECT ON EDC'S FINANCIAL CONDITION, RESULTS OF OPERATIONS OR CASH FLOWS. ACCORDINGLY, EDC HAS NOT RECORDED ANY LIABILITIES, OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN INCOME TAX POSITIONS AT DECEMBER 31, 2024. X 0 0 0 0 0 0 0 0 0 JIM SIPLON PRESIDENT/CEO 134738 0 0 0 0 0 12840 0 25179 0 172757 0 0 0 FORM 990, PART VI, SECTION A, LINE 6 MEMBERSHIP, PER THE ORGANIZATION'S BY-LAWS, SHALL CONSIST OF INDIVIDUALS APPOINTED BY DULY ESTABLISHED MEMBERS OF THE CORPORATION FROM TIME TO TIME, WITH THE EXCEPTION OF FOUR PERMANENT MEMBERS OF THE CORPORATION. THE FOUR PERMANENT MEMBERS MAY SERVE WITHOUT TENDERING A MEMBERSHIP FEE AND SHALL CONSIST OF (1) CHAIRMAN OF THE WARREN COUNTY BOARD OF SUPERVISORS (2) SUPERVISOR OF THE TOWN OF QUEENSBURY (3) MAYOR OF THE CITY OF GLENS FALLS (4) PRESIDENT OF SUNY ADIRONDACK. THE CORPORATION SHALL HAVE TWO CLASSES OF MEMBERS CONSISTING OF (A) VOTING MEMBERS AND (B) NON-VOTING MEMBERS. VOTING MEMBERS SHALL BE THE MEMBERS OF THE CORPORATION THAT HAVE BEEN ELECTED TO AND ARE SERVING ON THE BOARD OF DIRECTORS. THE CORPORATION SHALL BE MANAGED BY ITS BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A THE VOTING MEMBERS OF THE CORPORATION, AT THEIR ANNUAL MEETING, SHALL APPOINT DIRECTORS AND ADVISORY DIRECTORS FOR POSITIONS WHERE A NEW DIRECTORSHIP IS CREATED OR THE TERM OF A DIRECTOR HAS EXPIRED. BOARD OFFICERS SERVE A TERM OF TWO YEARS OR UNTIL A SUCESSOR IS ELECTED TO BE DETERMINED AT THE TIME OF NOMINATION BY THE GOVERNANCE COMMITTEE AND AS VOTED UPON BY THE CURRENT DIRECTORS AT THE ANNUAL MEETING. DIRECTORS WILL SERVE NO MORE THAN EIGHT CONSECUTIVE YEARS. THE MAJORITY OF DIRECTORS SHALL BE INDEPENDENT. FORM 990, PART VI, SECTION A, LINE 7B DECISIONS ARE MADE BY THE VOTING MEMBERS OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B THE FINANCE AUDIT & COMPLIANCE COMMITTEE REVIEWS THE 990 WITH THE PRESIDENT, CHAIRMAN AND TREASURER BEFORE REQUIRED SIGNATURES ARE PROCURED. THE 990 IS ALSO REVIEWED BY THE BOARD OF DIRECTORS UPON FILING. FORM 990, PART VI, SECTION B, LINE 12C BEFORE ENGAGING IN RENEWAL AND/OR NEW CONTRACTS FOR ANY PROFESSIONAL SERVICES, SUPPLIES, ETC., THE BOARD OF DIRECTORS IS ADVISED OF POTENTIAL CONFLICT BY THE PRESIDENT OR FINANCIAL DIRECTOR AND RECOMMENDATIONS REGARDING ANY ACTION TO BE TAKEN, INCLUDING ABSTENTION FROM KEY VOTES. FORM 990, PART VI, SECTION B, LINE 15A THE CHAIR OF THE BOARD OF DIRECTORS CONDUCTS A YEAR-END PERFORMANCE EVALUATION WITH THE PRESIDENT. THE PRIMARY ITEMS OF PERFORMANCE THAT ARE TAKEN INTO CONSIDERATION ARE THE STRATEGIC PLAN, CONTINUED IMPLEMENTATION AND FINANCIAL PERFORMANCE. THE PRESIDENT'S PERFORMANCE IS ALSO REVIEWED AND DISCUSSED IN AN EXECUTIVE SESSION BY THE BOARD OF DIRECTORS AND ANY SUBSEQUENT ACTIONS ARE THEN TAKEN. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, POLICIES, AND FINANCIAL STATEMENTS AVAILABLE ON ITS WEBSITE AND THROUGH COMPLIANCE WITH NYS PUBLIC AUTHORITY ACCOUNTABILITY ACT.