Hudson Development Corporation FY2022 filing

Tax-deductible

Hudson, NY501(c)(3)Community DevelopmentEIN 14-1589002Revenue $2.1M in FY2022

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.
$49K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Pay: Part VII

Before you give

FY2022 · 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
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$49K
to officers and key staff · 45% of spending
Concern: pay to officers and key staff is 45% of spending; over 30%.
Pt VII · Sec A
Cash reserves
14 mo
of spending, in cash
Looks good: 14.1 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
$199K
6% of total assets
Looks good: liabilities are 6% of assets; 50% or less.
Pt X · Ln 26
Independent board members
13
of 13 voting members
Looks good: 13 of 13 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$2.1M
+776% vs prior year
Spent
$108K
To programs
0%
Net assets
$2.9M
By yearFY2020–FY2024
Revenue
$2.1M
FY2022▲ +776%
Tap a bar for its year
Revenue by fiscal year
FY2020$107K
FY2021$241K
FY2022$2.1M
FY2023$117K
FY2024$133K
Expenses
$108K
FY2022▼ -46%
Tap a bar for its year
Expenses by fiscal year
FY2020$109K
FY2021$201K
FY2022$108K
FY2023$162K
FY2024$251K
Net assets
$2.9M
FY2022▲ +202%
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 FY2022 Form 990 · see the original

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You’re viewing the FY2022 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

What each dollar paid for.

Management & general 100% · $108K

Form 990 Part IX, line 25. 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; $49K paid to officers and key staff.

Part VII, Section A · reportable compensation
Former Executive Director
$38,375Pt VII · Sec A
Executive Director
$10,625Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$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 · in their own filed words · FY2022
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.

Pt IX · col B

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 FY2022 990, line by line.

1The main four
Money inPt VIII
$2.1M
Ln 12
Investment incomeLn 3$2.1M
Gifts and grantsLn 1h$11K
Other incomeLn 4–11$7K
Money outPt IX
$108K
Ln 25
Managementcol C$108K
Owns and owesPt X
$2.9M
net assets · Ln 32
Cash and savingsLn 1–2$127K
Total assetsLn 16$3.1M
LiabilitiesLn 26$199K
PeoplePt VI, VII
15
listed · VII A
PaidVII A2
Voting boardVI 1a13
IndependentVI 1b13
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$11K
Investment incomeLn 3$2.1M
Other incomeLn 4–11$7K
Gains on assetsLn 7$2.1M
Total revenueLn 12$2.1M
Assets in detailPt X, end of year
CashLn 1$127K
Cash and savings togetherLn 1–2$127K
InvestmentsLn 11–13$2.7M
Land, buildings, equipmentLn 10c$153K
Other assetsLn 15$184K
Total assetsLn 16$3.1M
LiabilitiesLn 26$199K
Net assetsLn 32$2.9M
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 FY22End FY22
Cash and savingsLn 1–2$104K$127K
InvestmentsLn 11–13$2.7M
Land, buildings, equipmentLn 10c$1.1M$153K
Total assetsLn 16$1.5M$3.1M
LiabilitiesLn 26$505K$199K
Net assetsLn 32$970K$2.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$61K$61K
Payroll taxesLn 10$5K$5K
Accounting feesLn 11c$14K$14K
Investment management feesLn 11f$5K$5K
Advertising and promotionLn 12$600$600
Office expensesLn 13$2K$2K
Information technologyLn 14$1K$1K
InterestLn 20$2K$2K
Depreciation, depletion and amortizationLn 22$12K$12K
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$3K$3K
Total functional expensesLn 25$108K$0$108K$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 Viewing $2.1M$108K$2.0M$2.9M 990 PDF
FY2021 $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 FY2022 990 (6 parts)
Part I · Summary $2,110,550 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $118,878$11,325
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $90,596$2,091,838
I-11 Other revenuePrior year $31,500$7,387
I-12 Total revenuePrior year $240,974$2,110,550
I-13 Grants and similar amounts paidPrior year $101,825$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $44,820$66,449
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $54,831$41,389
I-18 Total expensesPrior year $201,476$107,838
I-19 Revenue less expensesPrior year $39,498$2,002,712
Part VI · Governance 13 of 13 board members independent, 3 to look at
VI-1a Voting members of the governing body13
VI-1b Independent voting members13
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 $2,110,550 across 6 lines filed
VIII-1f All other contributions, gifts and grants$11,325
VIII-1h Total contributions, gifts and grants$11,325
VIII-3 Investment incomeExcluded from tax $14,680$14,680
VIII-6 Net rental income or lossRelated to mission $7,387$7,387
VIII-7 Net gain or loss on sales of assetsExcluded from tax $2,077,158$2,077,158
VIII-12 Total revenueRelated to mission $7,387 · Unrelated business $0 · Excluded from tax $2,091,838$2,110,550
Part IX · Statement of functional expenses $107,838 across 11 lines filed
IX-5 Pay of current officers, directors and key staffManagement $61,412$61,412
IX-10 Payroll taxesManagement $5,037$5,037
IX-11c Accounting feesManagement $14,343$14,343
IX-11f Investment management feesManagement $4,808$4,808
IX-12 Advertising and promotionManagement $600$600
IX-13 Office expensesManagement $1,508$1,508
IX-14 Information technologyManagement $1,353$1,353
IX-20 InterestManagement $1,667$1,667
IX-22 Depreciation, depletion and amortizationManagement $12,442$12,442
IX-23 InsuranceManagement $1,784$1,784
IX-24 Other expenses (24a–d)Management $2,884$2,884
IX-25 Total functional expensesPrograms $0 · Management $107,838 · Fundraising $0$107,838
Part X · Balance sheet $3,126,943 assets, 12 lines filed
X-1 Cash, non-interest-bearingStart of year $104,047$126,709
X-10c Land, buildings and equipment, netStart of year $1,060,111$152,894
X-11 Publicly traded securities$2,663,747
X-15 Other assetsStart of year $0$183,593
X-16 Total assetsStart of year $1,474,158$3,126,943
X-17 Accounts payable and accrued expensesStart of year $585$11,861
X-25 Other liabilitiesStart of year $304,000$187,593
X-26 Total liabilitiesStart of year $504,585$199,454
X-27 Net assets without donor restrictionsStart of year $955,977$2,902,904
X-28 Net assets with donor restrictionsStart of year $13,596$24,585
X-32 Total net assets or fund balancesStart of year $969,573$2,927,489
X-33 Total liabilities and net assetsStart of year $1,474,158$3,126,943
Part XI · Reconciliation of net assets $2,927,489 net assets at year end
XI-1 Total revenue$2,110,550
XI-2 Total expenses$107,838
XI-3 Revenue less expenses$2,002,712
XI-4 Net assets at start of year$969,573
XI-5 Net unrealized gains (losses) on investments−$44,796
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$2,927,489

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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