Skip to content
Nonprofiteer
← CEG OF THE CAPITAL REGION INC

Form 990 for tax year 2022

Filed by CEG OF THE CAPITAL REGION INC.

Totals

Total revenue
$1,683,325
Total expenses
$1,229,034
Contributions and grants received
$1,349,642
Grants paid
$0
Program service revenue
$314,636
Investment income
$5,347
Other revenue
$13,700
Total assets, end of year
$1,459,442
Total liabilities, end of year
$1,753,979
Net assets or fund balances, end of year
-$294,537
Program services expenses (Part IX)
$1,188,087
Management and general expenses
$40,947
Fundraising expenses
$0
Program service expenses (Part III)
$1,188,087

Program services were 96.7% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1b · Membership dues

    $1,033,380

  • 1f · All other contributions, gifts and grants

    $316,262

  • 2a · Program service revenue: TALENT DEVELOPLMENT

    total $143,450 · related or exempt $143,450

  • 2b · Program service revenue: BUSINESS GROWTH

    total $99,462 · related or exempt $99,462

  • 2c · Program service revenue: MEMBER SERVICES

    total $71,724 · related or exempt $71,724

  • 3 · Investment income

    total $5,734 · related or exempt $5,734

  • 7a · Gross sales of assets other than inventory

    securities $10,787 · other assets $949

  • 7b · Less cost or other basis and sales expenses

    securities $12,123

  • 7c · Gain or loss

    securities -$1,336 · other assets $949

  • 7d · Net gain or loss

    total -$387 · related or exempt -$387

  • 11a · Other revenue: OTHER INCOME

    total $13,700 · related or exempt $13,700

  • 11e · Other revenue, total

    $13,700

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $110 · management and general $110

  • 11f · Fees: investment management

    total $2,362 · management and general $2,362

  • 11g · Fees: other

    total $309,204 · program services $309,204

  • 12 · Advertising and promotion

    total $119,948 · program services $119,948

  • 13 · Office expenses

    total $5,524 · program services $3,991 · management and general $1,533

  • 14 · Information technology

    total $13,753 · program services $12,935 · management and general $818

  • 17 · Travel

    total $4,997 · program services $4,973 · management and general $24

  • 19 · Conferences, conventions and meetings

    total $229,060 · program services $229,038 · management and general $22

  • 22 · Depreciation, depletion and amortization

    total $1,462 · management and general $1,462

  • 23 · Insurance

    total $1,221 · management and general $1,221

  • 24a · Other expenses: SHARED SERVICES

    total $541,393 · program services $507,998 · management and general $33,395

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,000 · end of year $190

  • 2 · Savings and temporary cash investments

    beginning of year $788,599 · end of year $423,924

  • 3 · Pledges and grants receivable

    beginning of year $104,796 · end of year $326,594

  • 4 · Accounts receivable

    beginning of year $36,446 · end of year $109,135

  • 9 · Prepaid expenses and deferred charges

    beginning of year $13,660 · end of year $13,099

  • 10a · Land, buildings and equipment: cost or other basis

    $4,609

  • 10b · Land, buildings and equipment: accumulated depreciation

    $2,256

  • 10c · Land, buildings and equipment, net

    beginning of year $5,494 · end of year $2,353

  • 11 · Investments: publicly traded securities

    end of year $584,147

  • 17 · Accounts payable and accrued expenses

    beginning of year $91,280 · end of year $142,445

  • 19 · Deferred revenue

    beginning of year $474,200 · end of year $481,059

  • 25 · Other liabilities

    beginning of year $1,093,007 · end of year $1,130,475

  • 27 · Net assets without donor restrictions

    beginning of year -$703,492 · end of year -$294,537

Mission and programs · 2022

Mission

THE CENTER FOR ECONOMIC GROWTH'S (CEG) MISSION IS TO HELP DRIVE ECONOMIC GROWTH IN NEW YORK'S CAPITAL REGION. A PRIMARY FUNCTION OF THE BUSINESS DEVELOPMENT TEAM IS TO HELP MANUFACTURING AND TECHNOLOGY COMPANIES LOCATE AND EXPAND, RESULTING IN PRIVATE CAPITAL INVESTMENT, JOB CREATION, AND/OR JOB RETENTION. CEG ASSISTS COMPANIES BY PROVIDING TECHNICAL ASSISTANCE AND CONNECTING THEM TO INCENTIVES, CAPITAL, WORKFORCE RESOURCES, AND SITES.

Activities or mission (Part I)

CEG IS DEDICATED TO DRIVING ECONOMIC GROWTH IN NEW YORK'S EIGHT-COUNTY, 1.1 MILLION-PERSON CAPITAL REGION. AS THE NONPROFIT REGIONAL ECONOMIC DEVELOPMENT ORGANIZATION, THE ORGANIZATION DOES THIS BY PROACTIVELY MARKETING THE REGION TO ATTRACT INVESTMENT AND TALENT; GROWING MANUFACTURING AND WORKFORCE CAPABILITIES, LEVERAGING INDUSTRY CLUSTERS, AND DEVELOPING THE ENTREPRENEURIAL ECOSYSTEM. CEG SERVES AS A CATALYST AND WORKS WITH PARTNERS AND STAKEHOLDERS TO PREPARE THE REGION TO COMPETE AND MOVE HIGH-IMPACT STRATEGIES AND PROJECTS FORWARD. CEG IS SUPPORTED BY INVESTORS IN BUSINESS, GOVERNMENT, EDUCATION, AND THE NONPROFIT SECTORS WHO ARE COMMITTED TO SUSTAINABLE ECONOMIC GROWTH AND SHARED PROSPERITY.

  • BUSINESS GROWTH/INDUSTRY - CEG DEVELOPS STRATEGIES AND MARKETS THE COMPETITIVE ASSETS OF THE CAPITAL REGION TO TARGETED DOMESTIC AND INTERNATIONAL BUSINESS IN HIGH GROWTH SECTORS THAT CORRESPOND TO THE REGION'S INDUSTRY CLUSTERS. THE ORGANIZATION'S ATTRACTION STRATEGY INCLUDES ATTENDANCE AT INDUSTRY SPECIFIC EVENTS AND TRADE SHOWS, DIRECT OUTREACH AND MEETINGS WITH DECISION MAKERS, AND DIGITAL MARKETING. CEG WORKS WITH PROSPECTIVE EXPANSION AND RELOCATION CLIENTS BY IDENTIFYING APPROPRIATE SITES, DEVELOPING PROPOSALS AND RESPONSES TO INFORMATION, PROVIDING ECONOMIC DATA, COORDINATING RESOURCES SUCH AS INCENTIVES AND WORKFORCE DEVELOPMENT NEEDS. WORK IS DONE IN PARTNERSHIP WITH EMPIRE STATE DEVELOPMENT, LOCAL MUNICIPALITIES, AND OTHER LOCAL ECONOMIC DEVELOPMENT AGENCIES.

    Expenses $894,683 · Revenue $99,462

  • TALENT DEVELOPMENT/TALENT ATTRACTION - CEG HAS A DEDICATED TALENT ATTRACTION STRATEGY TO HELP GROW ITS WORKFORCE BY MARKETING THE REGION DIGITALLY TO TARGET AREAS, CERTAIN DEMOGRAPHIC POPULATIONS, AND/OR WITHIN TARGET INDUSTRIES. FURTHERMORE, CEG WORKS TO RETAIN THE REGION'S GRADUATING COLLEGE STUDENTS AND INTERNS.

    Expenses $177,205 · Revenue $143,450

  • CEG ACTIVELY SECURES SUPPORT FROM INVESTORS IN BUSINESS, GOVERNMENT, EDUCATION, AND NON-PROFIT SECTORS WHO ARE COMMITTED TO SUSTAINABLE ECONOMIC GROWTH AND PROSPERITY.

    Expenses $116,199 · Revenue $71,724

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • JOHN BENNETT MD

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • LAURA POLTYNSKI

    SECRETARY/TR

    Total calculated
    $0
    Hours/week
    1

  • DAVID DEMARCO

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • RICHARD HENDRICK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • ROGER RAMSAMMY PHD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOHN TATTERSALL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MARK EAGAN

    PRESIDENT &

    Total calculated
    $455,171
    From this org
    $0
    From related orgs
    $404,076
    Other
    $51,095
    Hours/week
    7 + 38 related

    Schedule J breakdown matched by us

    Base
    not reported + $373,223 related
    Bonus
    not reported + $30,853 related
    Other
    not reported
    Deferred
    not reported + $23,200 related
    Nontaxable benefits
    not reported + $27,895 related
    Filer's total
    not reported + $455,171 related

  • CHRISTINE HOLLE

    VP, FINANCE

    Total calculated
    $130,943
    From this org
    $0
    From related orgs
    $120,658
    Other
    $10,285
    Hours/week
    4 + 41 related

  • KATHARINE JN BELMONT

    CHIEF ECON D

    Total calculated
    $169,259
    From this org
    $0
    From related orgs
    $147,119
    Other
    $22,140
    Hours/week
    40 + 5 related

    Schedule J breakdown matched by us

    Base
    not reported + $147,119 related
    Bonus
    not reported
    Other
    not reported
    Deferred
    not reported + $11,631 related
    Nontaxable benefits
    not reported + $10,509 related
    Filer's total
    not reported + $169,259 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
13 November 2023
IRS schema version
2022v5.0
Source object
202343179349308359

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.