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Nonprofiteer
← GREATER SYRACUSE CHAMBER OF COMMERCE ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by GREATER SYRACUSE CHAMBER OF COMMERCE ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue
-$824,768
Total expenses
$107,343
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$0
Investment income
-$824,768
Other revenue
$0
Total assets, end of year
$1,088,509
Total liabilities, end of year
$216,798
Net assets or fund balances, end of year
$871,711
Program services expenses (Part IX)
$107,343
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$107,343

Program services were 100.0% 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.

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

    other assets $824,768

  • 7c · Gain or loss

    other assets -$824,768

  • 7d · Net gain or loss

    total -$824,768 · excluded -$824,768

Functional expenses

Part IX, the statement of functional expenses.

  • 22 · Depreciation, depletion and amortization

    total $107,311 · program services $107,311

  • 24a · Other expenses: MISCELLANEOUS EXPENSE

    total $32 · program services $32

Balance sheet

Part X, book values.

  • 4 · Accounts receivable

    end of year $1,373

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

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $932,079

  • 15 · Other assets

    beginning of year $1,088,541 · end of year $1,087,136

  • 25 · Other liabilities

    beginning of year $216,798 · end of year $216,798

  • 27 · Net assets without donor restrictions

    beginning of year $1,803,822 · end of year $871,711

Mission and programs · 2023

Mission

THE ECONOMIC DEVELOPMENT CO (EDC) WAS ORGANIZED TO BRING ABOUT CIVIC BETTERMENT AND ENCOURAGE INDUSTRIAL DEVELOPMENT BY ENCOURAGING BUSINESSES TO LOCATE IN THE CENTRAL NEW YORK AREA.

Activities or mission (Part I)

TO BRING ABOUT CIVIC BETTERMENT AND ENCOURAGE INDUSTRIAL DEVELOPMENT BY ENCOURAGING BUSINESSES TO LOCATE IN CENTRAL NEW YORK AREA.

  • THE TECH GARDEN FOSTERS THE DEVELOPMENT OF EMERGING GROWTH COMPANIES AND SUPPORTS TECHNOLOGY COMMERCIALIZATION. SINCE IT WAS LAUNCHED IN 2005, THE TECH GARDEN HAS ASSISTED MORE THAN 550 ENTERPRENEURS AND ITS STATE-OF-THE-ART INCUBATOR IS NOW HOME TO 30 EARLY-STAGE VENTURES THAT HAVE DRAWN INVESTMENT CAPITAL AND TOP TALENT FROM ACROSS NEW YORK STATE, AS WELL AS FROM IRELAND, ISREAL, SWITZERLAND, TURKEY, BRAZIL, AND THE UNITED KINGDOM. TECH GARDEN INCUBATION COMPANIES CURRENTLY EMPLOY MORE THAN 150 PEOPLE, WITH PAYROLL OF MORE THAN $5 MILLION.

    Expenses $107,343

As filed on the 2023 return.

Listed in Part VII

  • DAVID NUTTING

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DAVID SCHNECKENBURGER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • DEWAN MANTOSH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • EVELYN CARTER INGRAM

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JAMES DOWD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JIM REED

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JOHN HUHTALA

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MARGARET O'CONNELL

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • MELANIE LITTLEJOHN

    CHAIRMAN

    Total calculated
    $0
    Hours/week
    1

  • ROBERT SIMPSON

    PRESIDENT

    Total calculated
    $399,163
    From this org
    $0
    From related orgs
    $322,752
    Other
    $76,411
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $317,424 related
    Bonus
    $0
    Other
    $0 + $5,328 related
    Deferred
    $0 + $37,588 related
    Nontaxable benefits
    $0 + $38,823 related
    Filer's total
    $0 + $399,163 related

  • SETH KRONENBERG

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SUSAN CROSSETT

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • TIM PENIX

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • TIMOTHY MURPHY

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • VICKI BRACKENS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • WARREN HILTON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • LORI A DIETZ

    SVP OF ADMINISTRATION & HUMAN CAPITAL

    Total calculated
    $160,388
    From this org
    $0
    From related orgs
    $141,188
    Other
    $19,200
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $140,648 related
    Bonus
    $0
    Other
    $0 + $540 related
    Deferred
    $0 + $6,815 related
    Nontaxable benefits
    $0 + $12,385 related
    Filer's total
    $0 + $160,388 related

  • MARIAN FRANCHER

    SENIOR DIRECTOR OF FINANCE

    Total calculated
    $57,540
    From this org
    $0
    From related orgs
    $57,103
    Other
    $437
    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. 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 · 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

The filer's explanations (Part III)

PART I, LINE 3
THE RELATED ORGANIZATION REQUIRES BOARD/COMPENSATION COMMITTEE APPROVAL OF SALARIES.

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.

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Provenance

Return type
form_990
Tax year
2023
Filed
12 September 2024
IRS schema version
2023v5.1
Source object
202402719349301900

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