2015-05-07T14:30:17-05:00 2014-12-31 141567343 MARVIN AND COMPANY PC 111 EVERTS AVE QUEENSBURY NY 12804 990 2014-01-01 141757090 ECONOMIC DEVELOPMENT CORPORATION ECON 5187616007 234 GLEN STREET GLENS FALLS NY 12801 EDWARD BARTHOLOMEW PRESIDENT 5187616007 2015-04-21 1 HEATHER D PATTEN CPA P00966838 5187926595 2015-04-21 2014 2016-02-25 16:41:14Z EDWARD BARTHOLOMEW 234 GLEN STREET GLENS FALLS NY 12801 632907 0 X WWW.EDCWC.ORG X 1992 NY TO ENHANCE AND DIVERSIFY THE ECONOMY OF THE REGION. 9 9 4 0 0 0 556770 613655 5845 16315 137 194 6031 2743 568783 632907 20855 33331 0 0 227871 353147 0 0 11525 133891 206028 382617 592506 186166 40401 616231 670374 8431 22173 607800 648201 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 462016 33331 16315 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 462016 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 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 0 4 1 0 0 0 0 0 0 0 0 0 0 X 9 9 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 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 CHRIS BARDEN SECRETARY 2.00 X 0 0 0 ARLEEN GIRARD TREASURER 2.00 X 0 0 0 KURT JAEGER VICE CHAIRMAN 2.00 X 0 0 0 CHARLES BARTON CHAIRMAN 2.00 X 0 0 0 EDWARD BARTHOLOMEW PRESIDENT 40.00 X 109709 0 8025 109709 0 8025 1 0 0 0 0 479000 134655 613655 ANNUAL MEETING 900099 12420 12420 ECONOMIC OUTLOOK BREAK 900099 2595 2595 HOLIDAY NETWORK EVENT 900099 1300 1300 16315 194 194 SOUTHERN ADIRONDACK PL 900099 2525 2525 MISCELLANEOUS 900099 218 218 2743 632907 0 0 19252 33331 33331 117734 104234 9748 3752 184172 162993 15286 5893 9138 8058 776 304 16678 14749 1391 538 25425 22501 2110 814 15202 15202 5900 5900 4500 4500 9529 9529 6843 6843 16650 16650 1633 1445 136 52 20603 20603 11197 11197 5081 5081 MARKETING 65851 65851 EQUIPMENT LEASE & MAINT 14780 14780 COLLATERAL MATERIALS 7593 7593 DUES AND SUBSCRIPTIONS 6498 6498 14168 9660 4336 172 592506 462016 118965 11525 304026 321941 8485 10168 99363 144917 2367 2555 130180 98987 42390 31193 159600 159600 616231 670374 3431 15173 2000 5000 5000 8431 22173 X 607800 648201 607800 648201 616231 670374 40401 0 X 0 1 X 1 0 X 488066 442514 496275 556770 613655 2597280 488066 442514 496275 556770 613655 2597280 2597280 294 85 88 137 194 798 5937 1175 6031 2743 15886 2613964 108001 0.99360 0.99390 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS - 2012 AMOUNT: $ 1,175. 2013 AMOUNT: $ 6,031. 2014 AMOUNT: $ 218. BAD DEBT RECOVERY - 2010 AMOUNT: $ 5,937. SOUTHERN ADIRONDACK PLANNING AND ZONING FORUM - 2014 AMOUNT: $ 2,525. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 12157 4120 8037 118023 94867 23156 31193 DUE FROM HRLDC 159600 159600 DUE TO HRLDC 5000 5000 X 636787 3880 3880 632907 0 632907 596386 3880 3880 592506 0 592506 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 RESERVES, OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN INCOME TAX POSITIONS AT DECEMBER 31, 2014. 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. THE RETURNS FILED BY THE EDC ARE NO LONGER SUBJECT TO EXAMINATIONS FOR THE YEARS PRIOR TO 2011. 1 HUDSON RIVER LOCAL DEVELOPMENT CORPORATION C/O 234 GLEN ST GLENS FALLS NY 12801 743101915 501(C)(3) 33331 ECONOMIC DEVELOPMENT IN WARREN COUNTY PART I, LINE 2: EDC ESTABLISHES SEPARATE LINE ITEMS WITHIN THE CHART OF ACOUNTS IN THEIR ACCOUNTING SOFTWARE TO TRACK ALL REVENUES AND EXPENSES. PROPER DOCUMENTATION IN THE FORM OF INVOICES OR VOUCHERS IS REQUIRED FROM THIRD PARTY VENDORS PERFORMING ANY WORK PRIOR TO ANY GRANT PAYMENTS BEING DISBURSED. APPROPRIATE SIGN OFF AND APPROVAL IS ALSO REQUIRED AS PER EDC'S ACCOUNTING POLICIES. PROJECT SPREADSHEETS ARE UTILIZED TO TRACK GRANTS, INCLUDING BUDGETS AND PROJECTS WHICH REQUIRE MULTIPLE VENDORS AND ACCOUNTING COST AREAS. 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. THE BOARD OF DIRECTORS (BOD) WILL CONSIST OF AT LEAST 7 BUT NOT MORE THAN 9 DIRECTORS, THE MAJORITY OF WHICH WILL BE INDEPENDENT. THE BOD WILL INCLUDE THE MAYOR OF GLENS FALLS, THE CHAIRMAN OF BOARD OF SUPERVISORS OF WARREN COUNTY AND THE SUPERVISOR OF THE TOWN OF QUEENSBURY, WHO WILL SERVE IN AN EX OFFICIO CAPACITY. EX OFFICIO MEMBERS MAY APPOINT AN ALTERNATE TO SERVE IN THEIR PLACE. ANY INCREASE OR DECREASE IN THE MAKEUP OF THE BOD IS ALLOWED ONLY WITH THE APPROVAL OF THE MEMBERS AS WELL AS A MAJORITY OF THE VOTING DIRECTORS. IN ADDITION, A NEW DIRECTOSHIP WAS CREATED USING THE TERM ADVISORY DIRECTOR, WITH NO VOTING RIGHTS, IN ADDITION TO DIRECTOR, WITH VOTING RIGHTS. MEMBERS CAN APPOINT UP TO 13 INDIVIDUALS TO BE ADVISORY DIRECTORS. STANDING COMMITTEES CONSISTING OF THE AUDIT AND FINANCE COMMITTEE (ESTABLISHED TO RECOMMEND HIRING OF INDEPENDANT ACCOUNTING FIRM TO CONDUCT THE ANNUAL AUDIT AS WELL AS TO OVERSEE THE AUDIT AND BE FAMILIAR WITH CORPORATE FINANCES) AND THE GOVERNANCE COMMITTEE(CHARGED WITH KEEPING THE BOD INFORMED OF CURRENT BEST PRACTICES, GOVERNMENT TRENDS AND OTHER THINGS TO ASSIST THE BOD IN FULFILLING THEIR DUTIES), WERE ESTABLISHED. MEMBERS OF BOTH THE AUDIT AND FINANCE AND THE GOVERNANCE COMMITTEES ARE ELECTED BY THE BOD AND SERVE FROM ONE ANNUAL MEETING TO THE NEXT. FORMAL POLICIES WERE ESTABLISHED FOR INVESTMENTS, TRAVEL, PROCUREMENT, DISPOSITION OF PROPERTY, CAPITALIZATION, BILL PAYMENT AND DEFENSE AND INDEMNITY. MEMBERS MAY VOTE ON CERTAIN ISSUES, SUCH AS CHANGES, ADDITION TO OR REPEAL OF BY-LAWS AND THE INCLUSION OF NEW MEMBERS AND BOD MEMBERSHIP APPROVAL, HOWEVER, MOST DECISIONS ABOUT THE ORGANIZATION WILL BE HANDLED BY THE BOD. FORM 990, PART VI, SECTION A, LINE 6 LINE 6 EXPLANATION - MEMBERSHIP, PER THE ORGANIZATION'S BY-LAWS, SHALL CONSIST OF INDIVIDUALS, CORPORATIONS, JOINT STOCK ASSOCIATIONS, UNINCORPORATED ASSOCIATIONS, PARTNERSHIPS, OR OTHER ENTITIES, EXCLUDING POLITICAL SUB-DIVISIONS, WHO HAVE BEEN APPOINTED BY DULY ESTABLISHED MEMBERS FROM TIME TO TIME. MEMBERS WILL ALSO CONTRIBUTE TO THE ORGANIZATION A SUM OF MONEY AS SET BY THE BOD. MEMBERS MAY, IN CERTAIN CIRCUMSTANCES, SUCH AS THE AMENDMENT, REPEAL OR ADOPTION OF BY-LAWS, APPROVE ACTIONS, HOWEVER THE VAST MAJORITY OF DECISION MAKING IS RESERVED TO THE BOD. FORM 990, PART VI, SECTION A, LINE 7A LINE 7A EXPLANATION - THE MEMBERS, AT THEIR ANNUAL MEETING SHALL APPOINT DIRECTORS AND ADVISORY DIRECTORS WHEN A VACANCY ARISES. BOARD OFFICERS MAY SERVE UP TO THREE CONSECUTIVE TERMS, EACH TERM BEING FOR ONE YEAR. THE MAJORITY OF THE DIRECTORS MUST BE INDEPENDENT. FORM 990, PART VI, SECTION A, LINE 7B LINE 7B EXPLANATION - MEMBERS ARE ENTITLED TO VOTE ON DECISIONS MADE BY THE BOARD OF DIRECTORS. 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 BOD 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 BOD 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 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0