2014-05-13T10:39:13-05:00 2013-12-31 141567343 MARVIN AND COMPANY PC 111 EVERTS AVE QUEENSBURY NY 12804 990 2013-01-01 141757090 ECONOMIC DEVELOPMENT CORPORATION ECON 5187616007 234 GLEN STREET GLENS FALLS NY 12801 EDWARD BARTHOLOMEW PRESIDENT 5187616007 2014-05-02 1 HEATHER D PATTEN CPA P00966838 5187926595 2014-05-02 2013 2015-11-30 17:44:51Z EDWARD BARTHOLOMEW 234 GLEN STREET GLENS FALLS NY 12801 568783 0 X WWW.EDCWC.ORG X 1992 NY TO ENHANCE AND DIVERSIFY THE ECONOMY OF THE REGION. 16 16 6 0 0 0 496275 556770 16480 5845 88 137 1175 6031 514018 568783 30055 20855 0 0 289706 227871 0 0 6285 100327 133891 420088 382617 93930 186166 440593 616231 18959 8431 421634 607800 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 296819 20855 5845 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 296819 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 6 1 0 0 0 0 0 0 0 0 0 0 X 16 16 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 0 1 0 0 NY X JENNIFER SWITZER 5187616007 234 GLEN ST GLENS FALLS NY 12801 CHRIS BARDEN BOARD MEMBER 1.00 X 0 0 0 ROB BARON BOARD MEMBER 1.00 X 0 0 0 S JEFFREY ANTHONY BOARD MEMBER 1.00 X 0 0 0 DR KRISTINE DUFFY BOARD MEMBER 1.00 X 0 0 0 STEPHAN VON SCHENK BOARD MEMBER 1.00 X 0 0 0 JOHN MURPHY BOARD MEMBER 1.00 X 0 0 0 KARA LAIS BOARD MEMBER 1.00 X 0 0 0 JACK BIENIEK BOARD MEMBER 1.00 X 0 0 0 MICHAEL BORGOS BOARD MEMBER 1.00 X 0 0 0 KURT MOSER BOARD MEMBER 1.00 X 0 0 0 PETER AUST BOARD MEMBER 1.00 X 0 0 0 DEANNA DERWAY BOARD MEMBER 1.00 X 0 0 0 JEFFREY BYRNE 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 VICTORIA PRATT GERBINO PRESIDENT 40.00 X 15024 0 0 EDWARD BARTHOLOMEW PRESIDENT 40.00 X 15097 0 0 30121 0 0 0 0 0 0 0 449000 107770 556770 ANNUAL MEETING 900099 5650 5650 EDC APPRECIATION DAY 900099 195 195 5845 137 137 MISCELLANEOUS 900099 6031 6031 6031 568783 0 0 12013 20855 20855 33361 30025 3336 152654 135099 12670 4885 8872 7852 736 284 15934 14101 1323 510 17050 15141 1476 433 11072 11072 5375 5375 2275 2275 3715 3715 5841 5841 16650 16650 10522 10522 4826 4826 4893 4893 MARKETING 39261 39261 DUES AND SUBSCRIPTIONS 11157 11157 EQUIPMENT LEASE & MAINT 6601 6601 PAYROLL FEES 3556 3147 295 114 8147 7384 704 59 382617 296819 79513 6285 304026 127605 8485 130585 99363 2367 2367 130180 87790 20436 42390 159600 159600 440593 616231 13959 3431 5000 5000 18959 8431 X 421634 607800 421634 607800 440593 616231 186166 0 X 0 1 X 1 0 X 731518 488066 442514 496275 556770 2715143 731518 488066 442514 496275 556770 2715143 2715143 616 294 85 88 137 1220 2193 5937 1175 6031 15336 2731699 141850 0.99390 0.99410 X SCHEDULE A, PART II, LINE 10, EXPLANATION OF OTHER INCOME: MISCELLANEOUS - 2009 AMOUNT: $ 2,193. 2012 AMOUNT: $ 1,175. 2013 AMOUNT: $ 6,031. BAD DEBT RECOVERY - 2010 AMOUNT: $ 5,937. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 12157 3808 8349 118023 83982 34041 0 42390 DUE FROM HRLDC 159600 159600 DUE TO HRLDC 5000 5000 X 574666 5883 5883 568783 0 568783 388500 5883 5883 382617 0 382617 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, 2013. 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 2010. 1 HUDSON RIVER LOCAL DEVELOPMENT CORPORATION C/O 234 GLEN ST GLENS FALLS NY 12801 743101915 501(C)(3) 20855 ECONOMIC DEVELOPMENT IN WARREN COUNTY 1 0 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 6 LINE 6 EXPLANATION - MEMBERSHIP, PER THE ORGANIZATION'S BY-LAWS, SHALL CONSIST OF OPERATING MEMBERS AND SUSTAINING MEMBERS. OPERATING MEMBERS CONSIST OF THOSE PERSONS WHO ARE MEMBERS OF THE BOARD OF DIRECTORS. SUSTAINING MEMBERS ARE ANY INDIVIDUALS, CORPORATIONS, JOINT STOCK ASSOCIATIONS, UNINCORPORATED ASSOCIATIONS, PARTNERSHIPS, OR OTHER ENTITIES, EXCLUDING POLITICAL SUB-DIVISIONS, WHO CONTRIBUTE TO THE CORPORATION A SUM OF MONEY AS SET BY THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7A LINE 7A EXPLANATION - THE CHAIRPERSON OF THE BOARD SHALL APPOINT A NOMINATING COMMITTEE, WITH ADVICE AND CONSENT OF THE EXECUTIVE COMMITTEE, OF NO FEWER THAN FIVE MEMBERS OF THE BOARD. THE NOMINATING COMMITTEE SHALL SELECT CANDIDATES ACCORDING TO THE CHARGE OF THE CHAIRPERSON OF THE BOARD IN CONFORMANCE WITH BOARD POLICY AND THE BY-LAWS. NOT LATER THAN 75 DAYS PRIOR TO THE ANNUAL MEMBERSHIP MEETING, THE NOMINATING COMMITTEE SHALL PRESENT A SLATE OF WILLING CANDIDATES TO REPLACE THE ELECTED DIRECTORS WHOSE TERMS EXPIRE AT THE END OF THE YEAR AND ANY OTHER VACANCIES ON THE BOARD, IN WRITING, MAILED BY FIRST CLASS MAIL, TO ALL MEMBERS. NO LATER THAN 60 DAYS PRIOR TO THE ANNUAL MEETING, ANY MEMBER MAY SUBMIT A PETITION, IN WRITING, TO THE PRESIDENT OF EDC, WITH THE NAMES OF ADDITIONAL NOMINEES WHO ARE WILLING TO SERVE, SUPPORTED BY AT LEAST 10 MEMBERS OF EDC WHO HAVE SIGNED THE PETITION. PROXY FORMS, THE SLATE OF CANDIDATES FOR DIRECTORS, AND THE NOTICE OF THE ANNUAL MEETING SHALL BE MAILED, FIRST CLASS, TO EACH VOTING MEMBER BETWEEN TEN AND FIFTEEN DAYS BEFORE THE ANNUAL MEETING. ALL OPERATING MEMBERS ARE ENTITLED TO VOTE ON THE PROSPECTIVE MEMBERS AT THE ANNUAL MEETING. FORM 990, PART VI, SECTION A, LINE 7B LINE 7B EXPLANATION - THE OPERATING MEMBERS OF THE CORPORATION AT ALL TIMES SHALL CONSIST OF THOSE PERSONS WHO ARE MEMBERS OF THE BOARD OF DIRECTORS OF THE CORPORATION. OPERATING MEMBERS ARE ENTITLED TO VOTE ON DECISIONS MADE BY THE BOARD OF DIRECTORS. SUSTAINING MEMBERS ARE ANY INDIVIDUAL PERSON, CORPORATION, JOINT STOCK ASSOCIATION, UNINCORPORATED ASSOCIATION, PARTNERSHIP, OR OTHER ENTITY, EXCLUDING POLITICAL SUBDIVISIONS, WHO CONTRIBUTE TO THE ORGANIZATION A SUM OF MONEY AS SET BY THE BOARD OF DIRECTORS. SUSTAINING MEMBERS ARE NOT 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 WITH THE REMAINDER OF THE EXECUTIVE COMMITTEE 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 EXECUTIVE COMMITTEE 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 WITH THE EXECUTIVE COMMITTEE 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 TO THE PUBLIC UPON REQUEST. 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