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Nonprofiteer
← NYBDC LOCAL DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by NYBDC LOCAL DEVELOPMENT CORPORATION.

Totals

Total revenue
$7,795,997
Total expenses
$8,416,318
Contributions and grants received
$3,156,332
Grants paid
$0
Program service revenue
$4,639,665
Investment income
$0
Other revenue
$0
Total assets, end of year
$50,732,600
Total liabilities, end of year
$28,597,059
Net assets or fund balances, end of year
$22,135,541
Program services expenses (Part IX)
$6,460,035
Management and general expenses
$1,956,283
Fundraising expenses
$0
Program service expenses (Part III)
$6,460,035

Program services were 76.8% 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.

  • 1f · All other contributions, gifts and grants

    $3,156,332

  • 2a · Program service revenue: INTEREST INCOME

    total $3,130,478 · related or exempt $3,130,478

  • 2b · Program service revenue: ORIGINATION FEES

    total $1,422,559 · related or exempt $1,422,559

  • 2c · Program service revenue: OTHER REVENUE

    total $86,628 · related or exempt $86,628

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $3,011,384 · program services $2,710,246 · management and general $301,138

  • 8 · Pension plan contributions

    total $239,314 · program services $215,383 · management and general $23,931

  • 9 · Other employee benefits

    total $254,489 · program services $229,040 · management and general $25,449

  • 10 · Payroll taxes

    total $209,777 · program services $188,799 · management and general $20,978

  • 11b · Fees: legal

    total $156,746 · program services $102,008 · management and general $54,738

  • 11c · Fees: accounting

    total $60,025 · program services $39,063 · management and general $20,962

  • 11g · Fees: other

    total $514,301 · program services $514,301

  • 13 · Office expenses

    total $18,520 · program services $14,583 · management and general $3,937

  • 14 · Information technology

    total $119,065 · program services $119,065

  • 16 · Occupancy

    total $27,263 · program services $27,263

  • 17 · Travel

    total $119,595 · program services $76,350 · management and general $43,245

  • 19 · Conferences, conventions and meetings

    total $54,257 · program services $39,213 · management and general $15,044

  • 20 · Interest

    total $490,364 · program services $490,364

  • 23 · Insurance

    total $19,050 · management and general $19,050

  • 24a · Other expenses: SHARED SERVICES

    total $2,729,750 · program services $1,364,875 · management and general $1,364,875

  • 24b · Other expenses: MISCELLANEOUS

    total $194,471 · program services $140,738 · management and general $53,733

  • 24c · Other expenses: CREDIT REPORTS

    total $96,953 · program services $96,953

  • 24d · Other expenses: PUBLIC RELATIONS

    total $88,638 · program services $88,638

  • 24e · All other expenses

    total $12,356 · program services $3,153 · management and general $9,203

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $5,224,297 · end of year $7,804,745

  • 3 · Pledges and grants receivable

    beginning of year $2,084,216 · end of year $1,269,274

  • 4 · Accounts receivable

    beginning of year $849,138 · end of year $151,273

  • 7 · Other notes and loans receivable

    beginning of year $33,024,487 · end of year $36,145,989

  • 9 · Prepaid expenses and deferred charges

    beginning of year $0 · end of year $10,626

  • 13 · Investments: program-related

    beginning of year $5,000,000 · end of year $5,000,000

  • 15 · Other assets

    beginning of year $278,542 · end of year $350,693

  • 17 · Accounts payable and accrued expenses

    beginning of year $802,847 · end of year $1,727,278

  • 24 · Unsecured notes and loans payable

    beginning of year $21,068,189 · end of year $26,770,507

  • 25 · Other liabilities

    beginning of year $105,609 · end of year $99,274

  • 27 · Net assets without donor restrictions

    beginning of year $16,887,786 · end of year $19,053,811

  • 28 · Net assets with donor restrictions

    beginning of year $7,596,249 · end of year $3,081,730

Mission and programs · 2023

Mission

SEE SCHEDULE O

Activities or mission (Part I)

TO ASSIST SMALL BUSINESS IN THE ACQUISITION OF REAL PROPERTY, AND CONSTRUCTION, RENOVATION OR OTHER IMPROVEMENTS THEREON, AND THEREBY PROMOTE AND ENCOURAGE THE BUSINESS PROSPERITY AND ECONOMIC WELFARE OF THE STATE OF NEW YORK; TO ENCOURAGE AND ASSIST IN THE LOCATION OF NEW BUSINESS AND INDUSTRY IN THE STATE OF NEW YORK; AND TO PROVIDE FINANCING TO BOTH NEW AND EXISTING BUSINESSES AND INDUSTRY; AND TO CREATE AND RETAIN JOBS WITHIN THE STATE OF NEW YORK.

  • THE CORPORATION MAKES LOANS TO SMALL BUSINESSES ON TERMS THAT WOULD NOT BE REASONABLY AVAILABLE FROM COMMERCIAL LENDERS DOING BUSINESS IN NYS IN ORDER TO: RELIEVE AND REDUCE UNEMPLOYMENT, PROMOTE AND PROVIDE FOR ADDITIONAL AND MAXIMUM EMPLOYMENT, AID COMMUNITIES IN NYS BY ENCOURAGING THE DEVELOPMENT AND/OR RETENTION OF INDUSTRY. THE CORPORATION CONTINUES TO EVOLVE AND OFFER A WIDE RANGE OF FINANCIAL AND BUSINESS ADVISORY SERVICES TO SMALL BUSINESSES IN NEW YORK STATE AND IS NOW OPERATING UNDER THE NAME PURSUIT COMMUNITY FINANCE.

    Expenses $6,460,035 · Revenue $4,639,665

As filed on the 2023 return.

Listed in Part VII

  • Chris Levy

    CEO

    Total calculated
    $450,962
    From this org
    $0
    From related orgs
    $450,962
    Other
    $0
    Hours/week
    13

    Schedule J breakdown matched by us

    Base
    $0 + $450,962 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $450,962 related

  • Gary Berner

    DIRECTOR

    Total calculated
    $1,350
    From this org
    $1,350
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Gregg Bishop

    DIRECTOR

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Bruce Boyea

    DIRECTOR

    Total calculated
    $6,900
    From this org
    $2,000
    From related orgs
    $4,900
    Other
    $0
    Hours/week
    1

  • John Witkowski

    DIRECTOR

    Total calculated
    $1,500
    From this org
    $1,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • James Byrnes

    DIRECTOR

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Patrick Mackrell

    DIRECTOR

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mischael Pugh

    DIRECTOR

    Total calculated
    $1,000
    From this org
    $1,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Sonya Smith

    DIRECTOR

    Total calculated
    $1,000
    From this org
    $1,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Owen Burns

    EXECUTIVE VP & CFO

    Total calculated
    $290,808
    From this org
    $0
    From related orgs
    $290,808
    Other
    $0
    Hours/week
    1

    Schedule J breakdown matched by us

    Base
    $0 + $290,808 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $290,808 related

  • Steven R Cohen

    PRSIDENT

    Total calculated
    $309,659
    From this org
    $309,659
    From related orgs
    $0
    Other
    $0
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $309,659
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $309,659

  • Sherri Falck

    ASSISTANT VICE PRESIDENT

    Total calculated
    $119,237
    From this org
    $119,237
    From related orgs
    $0
    Other
    $0
    Hours/week
    37.5

  • Paola Garcia

    VICE PRESIDENT

    Total calculated
    $134,562
    From this org
    $134,562
    From related orgs
    $0
    Other
    $0
    Hours/week
    37.5

  • Brad Seader

    VICE PRESIDENT

    Total calculated
    $177,584
    From this org
    $177,584
    From related orgs
    $0
    Other
    $0
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $177,584
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $177,584

  • David Hanold

    VICE PRESIDENT & CHIEF L

    Total calculated
    $171,205
    From this org
    $0
    From related orgs
    $171,205
    Other
    $0
    Hours/week
    37.5

    Schedule J breakdown matched by us

    Base
    $0 + $171,205 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $171,205 related

  • James Bilotta

    VICE PRESIDENT

    Total calculated
    $98,215
    From this org
    $98,215
    From related orgs
    $0
    Other
    $0
    Hours/week
    37.5

  • Malini Krishna

    VICE PRESIDENT

    Total calculated
    $116,381
    From this org
    $116,381
    From related orgs
    $0
    Other
    $0
    Hours/week
    37.5

  • Zachary Lajeunesse

    VICE PRESIDENT

    Total calculated
    $99,211
    From this org
    $0
    From related orgs
    $99,211
    Other
    $0
    Hours/week
    37.5

  • Carol O'Connell

    VICE PRESIDENT

    Total calculated
    $69,298
    From this org
    $69,298
    From related orgs
    $0
    Other
    $0
    Hours/week
    37.5

  • Wesley Slyke

    VICE PRESIDENT

    Total calculated
    $130,315
    From this org
    $130,315
    From related orgs
    $0
    Other
    $0
    Hours/week
    37.5

  • Leo Zhang

    VICE PRESIDENT

    Total calculated
    $115,309
    From this org
    $115,309
    From related orgs
    $0
    Other
    $0
    Hours/week
    37.5

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
  • 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

No itemized grants to organizations on this return.

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.

  • NEW YORK BUSINESS DEVELOPMENT CORPORATION

    C · BUSINESS LOANS · NY

  • EMPIRE STATE CERTIFIED DEVELOPMENT CORP

    C · BUSINESS LOANS · NY

Provenance

Return type
form_990
Tax year
2023
Filed
3 April 2025
IRS schema version
2023v6.0
Source object
202530949349301453

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