2016-04-29T12:09:46-05:00 2015-12-31 141567343 MARVIN AND COMPANY PC 111 EVERTS AVE PO 4750 QUEENSBURY NY 12804 990 2015-01-01 141757090 ECONOMIC DEVELOPMENT CORPORATION ECON 5187616007 234 GLEN STREET GLENS FALLS NY 12801 EDWARD BARTHOLOMEW PRESIDENT 5187616007 2016-04-19 1 HEATHER D PATTEN CPA P00966838 5187926595 2016-04-19 2015 2016-09-27 15:27:22Z EDWARD BARTHOLOMEW 234 GLEN STREET GLENS FALLS NY 12801 1029619 0 X WWW.EDCWC.ORG X 1992 NY TO ENHANCE AND DIVERSIFY THE ECONOMY OF THE REGION. 11 11 5 0 0 0 613655 1003088 16315 21969 194 292 2743 4270 632907 1029619 33331 0 0 0 353147 375057 0 0 8431 206028 240045 592506 615102 40401 414517 670374 1086325 22173 23607 648201 1062718 X TO PLAN, PROMOTE, COORDINATE AND EXECUTE PROGRAMS IN THE WARREN COUNTY REGION OF NEW YORK STATE AIMED AT IMPROVING THE QUALITY OF LIFE OF ITS RESIDENTS BY ENHANCING AND DIVERSIFYING THE ECONOMY OF THE REGION. 0 0 472777 21969 SEE SCHEDULE OACHIEVED 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; PUBLISHING AND DISTRIBUTING MATERIAL TO ENHANCE THE OTHER ACTIVITIES; AIDING IN THE SOLUTIONS TO CIVIC PROBLEMS IN THE WARREN COUNTY REGION; PROVIDING THE PUBLIC WITH INFORMATION ON THE CHALLENGES AND OPPORTUNITIES OF ECONOMIC GROWTH; AND ASSISTING THE WARREN COUNTY EMPIRE ZONE ADMINISTRATIVE BOARD WITH THE ADMINISTRATION OF THE WARREN COUNTY EMPIRE ZONE WHICH OFFERS VARIOUS TAX INCENTIVES TO BUSINESSES LOCATING OR EXPANDING WITHIN DESIGNATED AREAS IN WARREN COUNTY 472777 1 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 0 0 5 1 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 1 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 0 0 NY X JENNIFER SWITZER 5187616007 234 GLEN ST GLENS FALLS NY 12801 JEFFREY BYRNE BOARD MEMBER 1.00 X 0 0 0 JUDY CALOGERO BOARD MEMBER 1.00 X 0 0 0 KURT JAEGER BOARD MEMBER 1.00 X 0 0 0 MICHAEL BORGOS BOARD MEMBER 1.00 X 0 0 0 JOHN STROUGH BOARD MEMBER 1.00 X 0 0 0 HAROLD TAYLOR BOARD MEMBER 1.00 X 0 0 0 MITCH AMADO BOARD MEMBER 1.00 X 0 0 0 MATT FULLER BOARD MEMBER 1.00 X 0 0 0 KRISTINE DUFFY BOARD MEMBER 1.00 X 0 0 0 CHRIS BARDEN VICE CHAIRMAN 2.00 X 0 0 0 ARLEEN GIRARD TREASURER 2.00 X 0 0 0 CHARLES BARTON CHAIRMAN 2.00 X 0 0 0 EDWARD BARTHOLOMEW PRESIDENT 55.00 X 111087 0 7818 111087 0 7818 1 0 0 0 0 363182 483135 156771 204809 1003088 ANNUAL MEETING 900099 12395 12395 ECONOMIC OUTLOOK BREAK 900099 4550 4550 HOLIDAY NETWORK EVENT 900099 3930 3930 OTHER EVENTS 900099 1094 1094 21969 292 292 SOUTHERN ADIRONDACK PL 900099 3850 3850 MISCELLANEOUS 900099 420 420 4270 1029619 26239 0 292 118906 107015 11891 203634 180216 16902 6516 9321 8249 774 298 15258 13504 1266 488 27938 24725 2319 894 20125 20125 6750 6750 4780 4780 8380 8380 7686 7686 16650 16650 1296 1147 108 41 33236 33236 10951 10951 5742 5742 MARKETING 67046 67046 EQUIPMENT LEASE & MAINT 21422 21422 DUES AND SUBSCRIPTIONS 7830 7830 COLLATERAL MATERIALS 7465 7465 20686 17564 2928 194 615102 472777 133894 8431 321941 243994 10168 553671 144917 68518 2555 4713 325367 109938 31193 215429 159600 0 670374 1086325 15173 20782 2000 2825 5000 0 22173 23607 X 648201 1062718 648201 1062718 670374 1086325 414517 0 X 0 1 X 1 0 X 442514 496275 556770 613655 639906 2749120 442514 496275 556770 613655 639906 2749120 2749120 85 88 137 194 292 796 1175 6031 2743 4270 14219 2764135 85163 0.99460 0.99360 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS - 2012 AMOUNT: $ 1,175. 2013 AMOUNT: $ 6,031. 2014 AMOUNT: $ 218. 2015 AMOUNT: $ 420. SOUTHERN ADIRONDACK PLANNING AND ZONING FORUM - 2014 AMOUNT: $ 2,525. 2015 AMOUNT: $ 3,850. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 195187 195187 0 12157 4432 7725 118023 105506 12517 0 215429 X 670603 4166 4166 666437 363182 363182 1029619 619268 4166 4166 615102 0 615102 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, 2015. EDC'S INFORMATION RETURNS ARE SUBJECT TO POSSIBLE EXAMINATION BY THE TAXING AUTHORITIES UNTIL THE EXPIRATION OF THE RELATED STATUTES OF LIMITATIONS ON THOSE TAX RETURNS. THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. IN GENERAL, THE INFORMATION RETURNS HAVE A THREE YEAR STATUTE OF LIMITATIONS. PART XI, LINE 4B - OTHER ADJUSTMENTS: TRANSFER RECEIVED FROM HRLDC LIQUIDATION 363,182. X 3 204809 ACTUAL COST 0 0 0 PART I, COLUMN (B): 3 PARCELS OF LAND TRANSFERRED TO ECONOMIC DEVELOPMENT CORPORATION UPON LIQUIDATION OF HUDSON RIVER LOCAL DEVELOPMENT CORPORATION FORM 990, PART VI, SECTION A, LINE 4 THE ORGANIZATION IS SUBJECT TO THE NYS PUBLIC AUTHORITIES ACCOUNTABILITY ACT OF 2005 (PAAA). IN ORDER TO COMPLY WITH PAAA, THE ORGANIZATION UNDERWENT A REORGANIZATION AND RE-STATEMENT OF ITS BYLAWS. THE FOLLOWING WERE INCLUDED IN THIS ACTION. THERE WILL BE TWO CLASSES OF MEMBERSHIP, VOTING AND NON-VOTING. VOTING MEMBERS WILL BE MEMBERS OF THE CORPORATION ELECTED TO AND SERVING ON THE BOARD OF DIRECTORS. THE CORPORATION WILL BE MANAGED BY THE BOARD OF DIRECTORS. THE BOARD OF DIRECTORS WILL CONSIST OF AT LEAST 7 AND NO MORE THAN 11 DIRECTORS, THE MAJORITY OF WHICH WILL BE INDEPENDENT. MEMBERS WILL INCLUDE THE CHAIRMAN OF THE BOARD OF SUPERVISORS OF WARREN COUNTY, THE SUPERVISOR OF THE TOWN OF QUEENSBURY, THE MAYOR OF THE CITY OF GLENS FALLS, THE PRESIDENT OF SUNY ADIRONDACK WHO WILL SERVE IN AN EX OFFICIO CAPACITY. EX OFFICIO MEMBERS MAY APPOINT AN ALTERNATE TO SERVE IN THEIR PLACE. FORM 990, PART VI, SECTION A, LINE 6 LINE 6 EXPLANATION - 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 LINE 7A EXPLANATION - 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 STAGGERED TERMS OF TWO OR THREE YEARS 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 LINE 7B EXPLANATION - DECISIONS ARE MADE BY THE VOTING MEMBERS OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11 LINE 11A EXPLANATION - 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 CHAIRMAN 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 THROUGH COMPLIANCE WITH NYS PUBLIC AUTHORITY ACCOUNTABILITY ACT. HUDSON RIVER LOCAL DEVELOPMENT CORP 234 GLEN STREET GLENS FALLS NY 12801 743101915 ECONOMIC DEVELOPMENT NY 501(C)(3) LINE_7_ORGANIZATION_ ECONOMIC DEVELOPMENT CORP 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 HUDSON RIVER LOCAL DEVELOPMENT CORPORATION S 363182 ACTUAL COST PART V LINE 2 ASSETS TRANSFERRED FROM HUDSON RIVER LOCAL DEVELOPMENT CORPORATION, A RELATED PARTY, UPON LIQUIDATION.