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← GRIFFISS LOCAL DEVELOPMENT CORPORATION

Form 990 for tax year 2022

Filed by GRIFFISS LOCAL DEVELOPMENT CORPORATION.

Totals

Total revenue
$5,293,628
Total expenses
$6,316,948
Contributions and grants received
$1,250,000
Grants paid
$0
Program service revenue
$3,584,006
Investment income
-$31,810
Other revenue
$491,432
Total assets, end of year
$29,081,814
Total liabilities, end of year
$11,167,099
Net assets or fund balances, end of year
$17,914,715
Program services expenses (Part IX)
$5,981,609
Management and general expenses
$335,339
Fundraising expenses
$0
Program service expenses (Part III)
$5,981,609

Program services were 94.7% 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.

  • 1e · Government grants (contributions)

    $1,250,000

  • 2a · Program service revenue: BLDG LEASE INCOME

    total $2,788,716 · related or exempt $2,788,716

  • 2b · Program service revenue: OTHER LEASE INCOME

    total $402,506 · related or exempt $402,506

  • 2c · Program service revenue: PAYMENTS IN LIEU OF TA

    total $353,596 · related or exempt $353,596

  • 2d · Program service revenue: REIMBURSEMENTS

    total $46,838 · related or exempt $46,038 · unrelated business $800

  • 2e · Program service revenue: EQUITY INCOME OF 99 OT

    total -$7,650 · related or exempt -$7,650

  • 3 · Investment income

    total $8,264 · excluded $8,264

  • 7a · Gross sales of assets other than inventory

    other assets $117,680

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

    other assets $157,754

  • 7c · Gain or loss

    other assets -$40,074

  • 7d · Net gain or loss

    total -$40,074 · related or exempt -$40,074

  • 11a · Other revenue: SNOW PLOWING AND LAWN

    total $336,980 · unrelated business $336,980

  • 11b · Other revenue: MISCELLANEOUS

    total $154,452 · related or exempt $154,452

  • 11e · Other revenue, total

    $491,432

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $637,804 · program services $614,799 · management and general $23,005

  • 9 · Other employee benefits

    total $160,409 · program services $154,463 · management and general $5,946

  • 10 · Payroll taxes

    total $52,646 · program services $50,695 · management and general $1,951

  • 11b · Fees: legal

    total $114,460 · program services $85,845 · management and general $28,615

  • 11c · Fees: accounting

    total $26,000 · management and general $26,000

  • 11g · Fees: other

    total $648,563 · program services $439,998 · management and general $208,565

  • 12 · Advertising and promotion

    total $10,041 · program services $10,041

  • 13 · Office expenses

    total $25,676 · management and general $25,676

  • 16 · Occupancy

    total $963,177 · program services $961,389 · management and general $1,788

  • 17 · Travel

    total $87,219 · program services $87,219

  • 20 · Interest

    total $352,347 · program services $352,347

  • 22 · Depreciation, depletion and amortization

    total $1,420,235 · program services $1,420,235

  • 23 · Insurance

    total $98,441 · program services $88,937 · management and general $9,504

  • 24a · Other expenses: PROJECT RELATED COSTS

    total $1,250,000 · program services $1,250,000

  • 24b · Other expenses: GROUNDS AND LANDSCAPING

    total $378,981 · program services $378,981

  • 24c · Other expenses: TRANSPORTATION REBATE

    total $45,000 · program services $45,000

  • 24d · Other expenses: MINOR EQUIPMENT PURCHAS

    total $39,765 · program services $39,765

  • 24e · All other expenses

    total $6,184 · program services $1,895 · management and general $4,289

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,462,330 · end of year $2,132,988

  • 2 · Savings and temporary cash investments

    beginning of year $1,143,731 · end of year $1,448,371

  • 3 · Pledges and grants receivable

    end of year $1,250,000

  • 4 · Accounts receivable

    beginning of year $132,888 · end of year $174,487

  • 7 · Other notes and loans receivable

    beginning of year $143,505 · end of year $142,922

  • 9 · Prepaid expenses and deferred charges

    beginning of year $24,447 · end of year $39,331

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

    $45,578,743

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

    $29,610,654

  • 10c · Land, buildings and equipment, net

    beginning of year $16,988,332 · end of year $15,968,089

  • 12 · Investments: other securities

    beginning of year $2,120,556 · end of year $2,176,819

  • 14 · Intangible assets

    beginning of year $132,000 · end of year $132,000

  • 15 · Other assets

    beginning of year $5,675,689 · end of year $5,616,807

  • 17 · Accounts payable and accrued expenses

    beginning of year $132,085 · end of year $1,540,802

  • 19 · Deferred revenue

    beginning of year $137,411 · end of year $116,357

  • 23 · Secured mortgages and notes payable

    beginning of year $8,768,286 · end of year $8,086,527

  • 24 · Unsecured notes and loans payable

    beginning of year $548,734 · end of year $629,553

  • 25 · Other liabilities

    beginning of year $559,291 · end of year $793,860

  • 27 · Net assets without donor restrictions

    beginning of year $18,677,671 · end of year $17,914,715

Mission and programs · 2022

Mission

TO REDEVELOP THE FORMER GRIFFISS AIR FORCE BASE IN ROME, NEW YORK, INTO A BUSINESS AND TECHNOLOGY PARK.

  • GRIFFISS REDEVELOPMENT-TO COORDINATE REDEVELOPMENT OF THE GRIFFISS BUSINESS AND TECHNOLOGY PARK INCLUDING THE LEASING AND/OR SALE OF UNOCCUPIED BUILDINGS AND VACANT LANDS WITHIN THE PARK.

    Expenses $5,932,545 · Revenue $3,697,584

  • MARKETING AND PROMOTION- INCLUDES ALL DIRECT AND INDIRECT EXPENSES ATTRIBUTABLE TO THE OVERALL MARKETING AND PROMOTION OF THE GRIFFISS BUSINESS AND TECHNOLOGY PARK FACILITIES.

    Expenses $49,064

As filed on the 2022 return.

Listed in Part VII

  • Elis Delia

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Kevin Martin

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • Deborah Grogan

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Evan Degennaro

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Erin Weiman

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Chad Lawrence

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Mike Manuele

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Frank Vetrone

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • David Winberg

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • James Cusack

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Franca Armstrong

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Eric Macdiarmid

    MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Laura Cohen

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

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.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • CARDINAL GRIFFISS REALTY LLC

    OWNERSHIP OF A BUILDING IN GRIFFISS PARK · NY · income $1,040,713 · assets $8,226,970

    Directly controlled by 9999 OWNED BY GLDC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • 99 OTIS STREET LLC

    RELATED · MAINTAIN, OWN, OPERATE,FINANCE, AND LEASING PROPERTY · NY · 55% owned · share of income $65,948 · share of assets $2,308,637

    Directly controlled by GRIFFISS LOCAL DEVELOPMENT CORPORATION

Provenance

Return type
form_990
Tax year
2022
Filed
19 May 2023
IRS schema version
2022v5.0
Source object
202301729349300215

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