Hudson Development Corporation FY2021 filing

Tax-deductible

Hudson, NY501(c)(3)Community DevelopmentEIN 14-1589002Revenue $241K in FY2021

On file with the IRShudsonfirst.com1 N Front St, 12534-2001 · Hudson, NYTax-exempt since Dec 1984Publicly supported charity — 170(b)(1)(A)(vi)

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To relieve and reduce adult unemployment, better and maintain job opportunities, and promote training of individuals to improve/develop their capabilities for employment.

501(c)(3) charity; gifts are tax-deductible.
51¢ of each $1 spent went to programs.
$41K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

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FY2021 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average surplus $375K a year · 69% of revenue · last 5 filings
Worth a look: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
51%
of spending
Worth a look: 51% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$41K
to officers and key staff · 21% of spending
Worth a look: pay to officers and key staff is 21% of spending; over 20%.
Pt VII · Sec A
Cash reserves
24 mo
of spending, in cash
Looks good: 24.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $10K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$505K
34% of total assets
Looks good: liabilities are 34% of assets; 50% or less.
Pt X · Ln 26
Independent board members
14
of 14 voting members
Looks good: 14 of 14 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$241K
+126% vs prior year
Spent
$201K
To programs
51%
Net assets
$970K
By yearFY2020–FY2024
Revenue
$241K
FY2021▲ +126%
Tap a bar for its year
Revenue by fiscal year
FY2020$107K
FY2021$241K
FY2022$2.1M
FY2023$117K
FY2024$133K
Expenses
$201K
FY2021▲ +86%
Tap a bar for its year
Expenses by fiscal year
FY2020$109K
FY2021$201K
FY2022$108K
FY2023$162K
FY2024$251K
Net assets
$970K
FY2021▲ +4%
Tap a bar for its year
Net assets by fiscal year
FY2020$930K
FY2021$970K
FY2022$2.9M
FY2023$2.9M
FY2024$2.8M

From the FY2021 Form 990 · see the original

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You’re viewing the FY2021 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Dec 1984.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

51 cents of each dollar spent went to programs.

Program services 51% · $102K Management & general 49% · $99K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

15 people listed on the 990; $41K paid to officers and key staff.

Part VII, Section A · reportable compensation
Executive Director
$41,405Pt VII · Sec A
Vice President
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
President
$0Pt VII · Sec A

Misty McGee’s $37K as Executive Director is at the 19th percentile of top reported officer pay among 1709 $100K–1M community development nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2023FY2022FY2021FY2020
Branda Maholtz—$38,375$41,405$18,253
Misty McGee$36,997$10,625——

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Helps adults find and keep jobs by offering training and improving job opportunities.

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Provided by the organization

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1 program · $102K · in their own filed words · FY2021
01

To relieve and reduce adult unemployment, to better maintain job opportunities, and to promote instruction or training of individuals in order to improve or develop their capabilities for employment opportunities, including scientific research for such purposes.

$102Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · received and paid
Grants received · FY2022
Total grants receivedfrom 1 funder$10K
Grants paid · 4 grants · $163K · 2020–2024
City of HudsonFY2024$23,463
City of HudsonFY2023$31,507
City of HudsonFY2021$100,000
City of HudsonFY2020$8,485

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$241K
Ln 12
Gifts and grantsLn 1h$119K
Investment incomeLn 3$91K
Other incomeLn 4–11$32K
Money outPt IX
$201K
Ln 25
Programscol B$102K
Managementcol C$99K
Owns and owesPt X
$970K
net assets · Ln 32
Cash and savingsLn 1–2$404K
Total assetsLn 16$1.5M
LiabilitiesLn 26$505K
PeoplePt VI, VII
15
listed · VII A
PaidVII A1
Voting boardVI 1a14
IndependentVI 1b14
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$119K
Government grantsLn 1e$4K
Investment incomeLn 3$91K
Other incomeLn 4–11$32K
Gains on assetsLn 7$91K
Total revenueLn 12$241K
Assets in detailPt X, end of year
CashLn 1$104K
SavingsLn 2$300K
Cash and savings togetherLn 1–2$404K
Land, buildings, equipmentLn 10c$1.1M
Total assetsLn 16$1.5M
LiabilitiesLn 26$505K
Net assetsLn 32$970K
OperationsPt I, VI
EmployeesI 50
VolunteersI 612
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY21End FY21
Cash and savingsLn 1–2$52K$404K
Land, buildings, equipmentLn 10c$1.1M$1.1M
Total assetsLn 16$1.1M$1.5M
LiabilitiesLn 26$204K$505K
Net assetsLn 32$930K$970K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$102K$102K
Pay of current officers, directors and key staffLn 5$41K$350$41K
Payroll taxesLn 10$3K$27$3K
Accounting feesLn 11c$16K$16K
Other fees for servicesLn 11g$3K$3K
Advertising and promotionLn 12$202$202
Office expensesLn 13$3K$3K
Information technologyLn 14$1K$1K
InterestLn 20$10K$10K
Depreciation, depletion and amortizationLn 22$12K$12K
InsuranceLn 23$6K$6K
Other expenses (24a–d)Ln 24$4K$4K
Total functional expensesLn 25$201K$102K$99K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $133K$251K−$118K$2.8M 990 PDF
FY2023 $117K$162K−$45K$2.9M 990 PDF
FY2022 $2.1M$108K$2.0M$2.9M 990 PDF
FY2021 Viewing $241K$201K$39K$970K 990 PDF
FY2020 $107K$109K−$2K$930K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2021 990 (6 parts)
Part I · Summary $240,974 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $29,830$118,878
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $44,527$90,596
I-11 Other revenuePrior year $32,180$31,500
I-12 Total revenuePrior year $106,537$240,974
I-13 Grants and similar amounts paidPrior year $24,485$101,825
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $19,649$44,820
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $64,379$54,831
I-18 Total expensesPrior year $108,513$201,476
I-19 Revenue less expensesPrior year −$1,976$39,498
Part VI · Governance 14 of 14 board members independent, 3 to look at
VI-1a Voting members of the governing body14
VI-1b Independent voting members14
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
Part VIII · Statement of revenue $240,974 across 7 lines filed
VIII-1e Government grants$3,607
VIII-1f All other contributions, gifts and grants$115,271
VIII-1h Total contributions, gifts and grants$118,878
VIII-3 Investment incomeExcluded from tax $90$90
VIII-6 Net rental income or lossRelated to mission $31,500$31,500
VIII-7 Net gain or loss on sales of assetsExcluded from tax $90,506$90,506
VIII-12 Total revenueRelated to mission $31,500 · Unrelated business $0 · Excluded from tax $90,596$240,974
Part IX · Statement of functional expenses $201,476 across 12 lines filed
IX-1 Grants to domestic organizationsPrograms $101,825$101,825
IX-5 Pay of current officers, directors and key staffPrograms $350 · Management $41,055$41,405
IX-10 Payroll taxesPrograms $27 · Management $3,388$3,415
IX-11c Accounting feesManagement $15,500$15,500
IX-11g Other fees for servicesManagement $2,900$2,900
IX-12 Advertising and promotionManagement $202$202
IX-13 Office expensesManagement $2,510$2,510
IX-14 Information technologyManagement $1,453$1,453
IX-20 InterestManagement $10,000$10,000
IX-22 Depreciation, depletion and amortizationManagement $12,209$12,209
IX-23 InsuranceManagement $5,900$5,900
IX-24 Other expenses (24a–d)Management $4,157$4,157
IX-25 Total functional expensesPrograms $102,202 · Management $99,274 · Fundraising $0$201,476
Part X · Balance sheet $1,474,158 assets, 12 lines filed
X-1 Cash, non-interest-bearing$104,047
X-2 Savings and temporary cash investmentsStart of year $51,754$300,000
X-9 Prepaid expenses and deferred chargesStart of year $10,000$10,000
X-10c Land, buildings and equipment, netStart of year $1,072,321$1,060,111
X-16 Total assetsStart of year $1,134,075$1,474,158
X-17 Accounts payable and accrued expenses$585
X-25 Other liabilitiesStart of year $4,000$304,000
X-26 Total liabilitiesStart of year $204,000$504,585
X-27 Net assets without donor restrictionsStart of year $927,230$955,977
X-28 Net assets with donor restrictionsStart of year $2,845$13,596
X-32 Total net assets or fund balancesStart of year $930,075$969,573
X-33 Total liabilities and net assetsStart of year $1,134,075$1,474,158
Part XI · Reconciliation of net assets $969,573 net assets at year end
XI-1 Total revenue$240,974
XI-2 Total expenses$201,476
XI-3 Revenue less expenses$39,498
XI-4 Net assets at start of year$930,075
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$969,573

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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