Economic Development Corporation

Tax-deductible

Glens Falls, NY501(c)(3)Since 1992Community DevelopmentEIN 14-1757090

Edc is the central source for warren county economic development efforts, as IT guides programs and projects throughout the southern adirondack region. Edc achieves results through collaborative public-private partnerships designed to encourage new investment opportunities that create jobs and create a sustainable community and area economy.

501(c)(3) charity; gifts are tax-deductible.
72¢ of each $1 spent went to programs.
$240K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2025 · 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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 6
filings with a surplus
Average deficit $100K a year · 16% of revenue · last 6 filings
Concern: a surplus in 0 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
72%
of spending
Fine: 72% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$240K
to officers and key staff · 32% of spending
Top officer’s pay higher than 88% of similar orgs
Concern: pay to officers and key staff is 32% of spending; over 30%.
Pt VII · Sec A
Cash reserves
9 mo
of spending, in cash
Looks good: 9.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$167K
18% of total assets
Looks good: liabilities are 18% of assets; 50% or less.
Pt X · Ln 26
Independent board members
10
of 10 voting members
Looks good: 10 of 10 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$719K
+0.2% vs prior year
Spent
$753K
To programs
72%
Net assets
$762K
By yearFY2020–FY2025
Revenue
$719K
FY2025+0.2%
Revenue by fiscal year
FY2020$522K
FY2021$541K
FY2022$577K
FY2023$638K
FY2024$718K
FY2025$719K
Expenses
$753K
FY2025▲ +3%
Expenses by fiscal year
FY2020$606K
FY2021$678K
FY2022$833K
FY2023$715K
FY2024$729K
FY2025$753K
Net assets
$762K
FY2025▼ -4%
Net assets by fiscal year
FY2020$1.3M
FY2021$1.1M
FY2022$884K
FY2023$807K
FY2024$796K
FY2025$762K

From the FY2025 Form 990 · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Sep 1993.

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

Where the money goes

72 cents of each dollar spent went to programs.

Program services 72% · $546K Management & general 28% · $208K

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

Who runs it and what they're paid

17 people listed on the 990; $240K paid to officers and key staff.

Part VII, Section A · reportable compensation
President/CEO
$137,005Pt VII · Sec A
Vice President
$102,916Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A
Board Member
$0Pt VII · Sec A

Jim Siplon’s $137K as President/CEO is at the 88th percentile of top reported officer pay among 1708 $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 · 3 named individuals · Part VII

NameFY2025FY2024FY2023FY2022FY2021FY2020
Jim Siplon$137,005$134,738$131,823$126,829$124,359$52,530
John Wheatley$102,916—————
Edward Bartholomew—————$68,518

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.

See Economic Development Corporation executive salaries →

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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 15aYes

Programs and updates

Drives economic opportunity, growth, and prosperity in Warren County.

Provided by the organization

This section is blank until Economic Development Corporation claims this page.

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1 program service account for $546K of program spending, described in the organization's own filed words · FY2025.
01

Economic Development

Achieved certain charitable objectives and public purposes of relieving and reducing adult unemployment, promoting and providing for quality jobs for warren county citizens and lessening the burdens of government within the warren county region of new york by the following activities: encouraging the retention and expansion of various…

$546Kprogram expense

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By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$719K
Ln 12
Gifts and grantsLn 1h$607K
Fees for servicesLn 2g$101K
Investment incomeLn 3$11K
Money outPt IX
$753K
Ln 25
Programscol B$546K
Managementcol C$208K
Owns and owesPt X
$762K
net assets · Ln 32
Cash and savingsLn 1–2$590K
Total assetsLn 16$929K
LiabilitiesLn 26$167K
PeoplePt VI, VII
17
listed · VII A
PaidVII A2
Voting boardVI 1a10
IndependentVI 1b10
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$607K
Government grantsLn 1e$551K
Noncash giftsLn 1g$5K
Fees for servicesLn 2g$101K
Investment incomeLn 3$11K
Total revenueLn 12$719K
Assets in detailPt X, end of year
CashLn 1$290K
SavingsLn 2$301K
Cash and savings togetherLn 1–2$590K
Land, buildings, equipmentLn 10c$156K
Other assetsLn 15$90K
Total assetsLn 16$929K
LiabilitiesLn 26$167K
Net assetsLn 32$762K
OperationsPt I, VI
EmployeesI 56
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$276K$590K
Land, buildings, equipmentLn 10c$157K$156K
Total assetsLn 16$1.0M$929K
LiabilitiesLn 26$228K$167K
Net assetsLn 32$796K$762K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$181K$145K$36K
Other salaries and wagesLn 7$256K$174K$82K
Pension plan contributionsLn 8$17K$13K$4K
Other employee benefitsLn 9$4K$848$3K
Payroll taxesLn 10$30K$22K$8K
Legal feesLn 11b$3K$2K$965
Accounting feesLn 11c$17K$17K
Other fees for servicesLn 11g$3K$2K$966
Advertising and promotionLn 12$23K$23K
Office expensesLn 13$10K$5K$5K
Information technologyLn 14$36K$22K$14K
OccupancyLn 16$49K$24K$24K
TravelLn 17$158$79$79
Depreciation, depletion and amortizationLn 22$996$498$498
InsuranceLn 23$7K$7K
Other expenses (24a–d)Ln 24$101K$101K
All other expensesLn 24e$15K$11K$4K
Total functional expensesLn 25$753K$546K$208K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $719K$753K−$34K$762K 990 PDF
FY2024 $718K$729K−$11K$796K 990 PDF
FY2023 $638K$715K−$78K$807K 990 PDF
FY2022 $577K$833K−$256K$884K 990 PDF
FY2021 $541K$678K−$137K$1.1M 990 PDF
FY2020 $522K$606K−$83K$1.3M 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 FY2025 990 (4 parts)
Part VIII · Statement of revenue $719,215 across 7 lines filed
VIII-1e Government grants$551,150
VIII-1f All other contributions, gifts and grants$55,400
VIII-1g Noncash contributions (included above)$5,390
VIII-1h Total contributions, gifts and grants$606,550
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $101,245$101,245
VIII-3 Investment incomeExcluded from tax $11,420$11,420
VIII-12 Total revenueRelated to mission $101,245 · Unrelated business $0 · Excluded from tax $11,420$719,215
Part IX · Statement of functional expenses $753,420 across 17 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $144,756 · Management $36,189$180,945
IX-7 Other salaries and wagesPrograms $174,185 · Management $81,754$255,939
IX-8 Pension plan contributionsPrograms $12,848 · Management $4,120$16,968
IX-9 Other employee benefitsPrograms $848 · Management $3,153$4,001
IX-10 Payroll taxesPrograms $22,343 · Management $8,052$30,395
IX-11b Legal feesPrograms $1,536 · Management $965$2,501
IX-11c Accounting feesManagement $17,149$17,149
IX-11g Other fees for servicesPrograms $1,535 · Management $966$2,501
IX-12 Advertising and promotionPrograms $22,824$22,824
IX-13 Office expensesPrograms $5,049 · Management $5,049$10,098
IX-14 Information technologyPrograms $22,060 · Management $14,317$36,377
IX-16 OccupancyPrograms $24,489 · Management $24,489$48,978
IX-17 TravelPrograms $79 · Management $79$158
IX-22 Depreciation, depletion and amortizationPrograms $498 · Management $498$996
IX-23 InsuranceManagement $7,040$7,040
IX-24 Other expenses (24a–d)Programs $101,275$101,275
IX-24e All other expensesPrograms $11,224 · Management $4,051$15,275
IX-25 Total functional expensesPrograms $545,549 · Management $207,871 · Fundraising $0$753,420
Part X · Balance sheet $928,641 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $44,744$289,599
X-2 Savings and temporary cash investmentsStart of year $231,303$300,605
X-4 Accounts receivableStart of year $168,668$74,181
X-9 Prepaid expenses and deferred chargesStart of year $22,278$17,960
X-10c Land, buildings and equipment, netStart of year $157,324$156,328
X-15 Other assetsStart of year $131,935$89,968
X-16 Total assetsStart of year $1,023,640$928,641
X-17 Accounts payable and accrued expensesStart of year $18,049$25,031
X-25 Other liabilitiesStart of year $183,040$141,923
X-26 Total liabilitiesStart of year $227,748$166,954
X-27 Net assets without donor restrictionsStart of year $795,892$761,687
X-32 Total net assets or fund balancesStart of year $795,892$761,687
X-33 Total liabilities and net assetsStart of year $1,023,640$928,641
Part XI · Reconciliation of net assets $761,687 net assets at year end
XI-1 Total revenue$719,215
XI-2 Total expenses$753,420
XI-3 Revenue less expenses−$34,205
XI-4 Net assets at start of year$795,892
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$761,687

Form 990 e-file (XML) FY2025 from the IRS · Classification, formation year and address from the IRS Business Master File

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