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Nonprofiteer
← CENTER FOR ECONOMIC GROWTH

Form 990 for tax year 2023

Filed by CENTER FOR ECONOMIC GROWTH.

Totals

Total revenue
$1,318,359
Total expenses
$1,459,413
Contributions and grants received
$943,685
Grants paid
$142,048
Program service revenue
$352,548
Investment income
$548
Other revenue
$21,578
Total assets, end of year
$1,545,948
Total liabilities, end of year
$280,214
Net assets or fund balances, end of year
$1,265,734
Program services expenses (Part IX)
$1,383,362
Management and general expenses
$76,051
Fundraising expenses
$0
Program service expenses (Part III)
$1,383,362

Program services were 94.8% 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)

    $657,438

  • 1f · All other contributions, gifts and grants

    $286,247

  • 2a · Program service revenue: BUSINESS GROWTH SOLUTI

    total $336,948 · related or exempt $336,948

  • 2b · Program service revenue: WORKFORCE DEVEL & EDUC

    total $15,600 · related or exempt $15,600

  • 3 · Investment income

    total $548 · excluded $548

  • 11a · Other revenue: SPONSORSHIP REVENUE

    total $20,500 · excluded $20,500

  • 11b · Other revenue: OTHER REVENUE

    total $1,078 · excluded $1,078

  • 11e · Other revenue, total

    $21,578

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $142,048 · program services $142,048

  • 11g · Fees: other

    total $229,173 · program services $227,876 · management and general $1,297

  • 12 · Advertising and promotion

    total $2,616 · program services $2,471 · management and general $145

  • 13 · Office expenses

    total $8,989 · program services $6,549 · management and general $2,440

  • 14 · Information technology

    total $21,286 · program services $19,059 · management and general $2,227

  • 17 · Travel

    total $5,770 · program services $5,721 · management and general $49

  • 19 · Conferences, conventions and meetings

    total $17,168 · program services $17,046 · management and general $122

  • 22 · Depreciation, depletion and amortization

    total $1,700 · management and general $1,700

  • 23 · Insurance

    total $14,148 · program services $13,935 · management and general $213

  • 24a · Other expenses: SHARED SERVICES

    total $1,016,515 · program services $948,657 · management and general $67,858

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $127,291 · end of year $285,928

  • 2 · Savings and temporary cash investments

    beginning of year $144,200 · end of year $375,403

  • 3 · Pledges and grants receivable

    beginning of year $416,891 · end of year $333,780

  • 4 · Accounts receivable

    beginning of year $45,397 · end of year $61,031

  • 9 · Prepaid expenses and deferred charges

    beginning of year $12,084 · end of year $18,004

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

    $658,969

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

    $641,547

  • 10c · Land, buildings and equipment, net

    beginning of year $19,571 · end of year $17,422

  • 12 · Investments: other securities

    beginning of year $1,080,067 · end of year $454,380

  • 17 · Accounts payable and accrued expenses

    beginning of year $207,833 · end of year $47,314

  • 19 · Deferred revenue

    beginning of year $130,806 · end of year $66,333

  • 25 · Other liabilities

    beginning of year $100,074 · end of year $166,567

  • 27 · Net assets without donor restrictions

    beginning of year $1,406,788 · end of year $1,265,734

Mission and programs · 2023

Mission

TECHNICAL SERVICES GROUP ASSISTS REGIONAL TECHNOLOGY AND MANUFACTURING COMPANIES IN THE CREATION AND RETENTION OF JOBS, INCREASE SALES AND EXPAND CAPITAL INVESTMENT. VENTURE INITIATIVES PROVIDES CAPTIAL TO REGIONAL TECHNOLOGY COMPANIES BY CONNECTING THEM TO POTENTIAL INVESTORS, REVIEWING BUSINESS PLANS AND EXPANDING VENTURE FUNDING OPPORTUNITIES. CEG'S SALES CALLS, TRADESHOWS AND CULTIVATION OF BUSINESS CONTACTS THROUGH TARGETED STRATEGIC, CROSS-INDUSTRY & GLOBAL MARKETING PROGRAMS. PRESERVATION AND PROMOTION OF TECH VALLEY'S QUALITY OF LIFE WHILE HELPING POSITION COMMUNITIES TO ACHIEVE SMART AND DESIRED ECONOMIC GROWTH BY WORKING AT LOCAL, COUNTY AND STATE LEVEL TO EXPAND SERVICE-SHARING, ELIMINATE DUPLICATION AND STREAMLINE SERVICES AT ALL LEVELS OF GOVERNMENT. TO ENCOURAGE SMART GROWTH THROUGH THE DEVELOPMENT OF COMPREHENSIVE PLANS AND BY PROVIDING THE TOOLS, INFORMATION AND EDUCATION THAT WILL ALLOW FOR SUSTAINABLE COMMUNITIES.

  • BUSINESS GROWTH SOLUTIONS (BGS) - OBJECTIVE IS TO SERVICE SMALL TO MEDIUM SIZED COMPANIES (SMES) IN THE MANUFACTURING AND TECHNOLOGY SECTORS ACROSS SEVERAL INDUSTRIES AND HELP THEM GROW AND COMPETE IN THE 21ST CENTURY. THE PROGRAM IS SUPPORTED BY NEW YORK STATES NYSTART PROGRAM (DIVISION OF SCIENCE, TECHNOLOGY AND INNOVATION) AND THE NIST (NATIONAL INSTITUTE OF STANDARDS AND TECHNOLOGY) THROUGH THE MANUFACTURING EXTENSION PARTNERSHIP PROGRAM. THESE SERVICES HELP SMES REALIZE NEW REVENUES AND INCREASE PROFITABILITY THROUGH ASSISTING THEM IN INCREASING SALES, IMPROVING PRODUCTIVITY AND OPERATIONS, LAUNCHING NEW PRODUCTS, ALIGNING EXECUTIVE TEAM STRATEGIES AND MORE. INTERNAL CEG TEAM MEMBERS, AS WELL AS THIRD-PARTY PARTNERS, PROVIDE THESE SERVICES. CEG IS ALSO RECOGNIZED AS THE REGIONAL TECHNOLOGY DEVELOPMENT CENTER (RTDC), FOCUSED ON PROMOTING TECHNOLOGY DEVELOPMENT, TECHNOLOGY TRANSFER, MANAGEMENT, AND TECHNOLOGY SECTORS. THIS DESIGNATION ALLOWS CEG TO LEVERAGE GRANT FUNDS FOR CLIENTS THROUGH PARTNERS SUCH AS NATIONAL GRID AND THE WORKFORCE DEVELOPMENT INSTITUTE.

    Expenses $1,117,798 · Grants $65,500 · Revenue $336,948

  • PEOPLE/WORKFORCE DEVELOPMENT - WORKING DILIGENTLY TO BUILD A SKILLED WORKFORCE AND EDUCATION PIPELINE; TO CULTIVATE A STRONG SKILLED WORKFORCE; ENSURE ALIGNMENT OF EDUCATION PARTNER OFFERINGS TO LOCAL COMPANIES NEEDS, ATTRACT NEW WORKERS, AND PREPARE OUR YOUTH FOR FUTURE JOBS, CEG'S PRIMARY FOCUS IS IN MANUFACTURING AND TECHNOLOGY BASED JOBS FOR BOTH SKILLED WORKFORCE, HIGH TECH JOBS, AND MANAGEMENT. CEG IS FUNDED BY BOTH REGIONAL COUNTY WORKFORCE INVESTMENT BOARDS (WIBS), AND THE MANUFACTURING ALLIANCE OF CENTRAL NEW YORK (MACNY).

    Expenses $265,564 · Grants $76,548 · Revenue $15,600

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Richard Hendrick

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Katie Newcombe

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Roger Ramsammy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Fran O'Rourke

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Stephen Obermayer

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • David Demarco

    TREASURER/SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • John Bennett

    IMMEDIATE PAST CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Mark Eagan

    PRESIDENT & CEO

    Total calculated
    $501,266
    From this org
    $37,746
    From related orgs
    $386,904
    Other
    $76,616
    Hours/week
    4 + 41 related

    Schedule J breakdown matched by us

    Base
    $34,506 + $353,689 related
    Bonus
    $3,240 + $33,215 related
    Other
    $0
    Deferred
    $2,347 + $24,053 related
    Nontaxable benefits
    $4,491 + $45,725 related
    Filer's total
    $44,584 + $456,682 related

  • Christine Holle

    VP, FINANCE & OPERATIONS

    Total calculated
    $144,636
    From this org
    $14,758
    From related orgs
    $118,065
    Other
    $11,813
    Hours/week
    5 + 40 related

  • Katherine Jn Belmont

    CHIEF ECONOMIC DEVELOPMENT OFFICER

    Total calculated
    $195,570
    From this org
    $3,823
    From related orgs
    $168,197
    Other
    $23,550
    Hours/week
    1 + 44 related

    Schedule J breakdown matched by us

    Base
    $3,823 + $168,197 related
    Bonus
    $0
    Other
    $0
    Deferred
    $260 + $11,457 related
    Nontaxable benefits
    $263 + $11,570 related
    Filer's total
    $4,346 + $191,224 related

  • Don Wiesenforth

    SENIOR VICE PRESIDENT, CEG

    Total calculated
    $125,726
    From this org
    $123,530
    From related orgs
    $0
    Other
    $2,196
    Hours/week
    40

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

  • 3 · Compensation committee
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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

  • GLOBAL FOUNDRIES US INC

    $54,048

    PASS THROUGH

  • GRENO INDUSTRIES INC

    $25,000

    PASS THROUGH

  • VISTEX COMPOSITES LLC

    $25,000

    PASS THROUGH

  • SCHENECTADY COUNTY COMMUNITY COLLEGE

    $20,000

    PASS THROUGH

  • NURAVINE LLC

    $15,000

    PASS THROUGH

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
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202423209349310517

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