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Wayne Economic Development Corp

Tax-deductible

Lyons, NY501(c)(3)Community Development EIN 16-0955314Revenue $708K in FY2024

On file with the IRSwedcny.com9 Pearl Street, 14489-1147 · Lyons, NYTax-exempt since Apr 2010Supporting organization — 509(a)(3)

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The corporation was formed to lessen the burdens of government and act in the public interest; to facilitate Economic activities throughout Wayne county, NY including the location and expansion of civic, industrial and commercial facilities, the creation of new and improved job opportunities, the reduction of unemployment and the improvement of the well-being of its communities and residents.

501(c)(3) charity; gifts are tax-deductible.
98¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · 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
4 of 5
filings with a surplus
Average surplus $629K a year · 41% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
98%
of spending
Looks good: 98% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
57 mo
of spending, in cash
Looks good: 56.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $33K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$100K
1% of total assets
Looks good: liabilities are 1% of assets; 50% or less.
Pt X · Ln 26
Independent board members
7
of 7 voting members
Looks good: 7 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$708K
-32% vs prior year
Spent
$663K
To programs
98%
Net assets
$7.1M
By yearFY2020–FY2024
Revenue
$708K
FY2024▼ -32%
Tap a bar for its year
Revenue by fiscal year
FY2020$3.9M
FY2021$994K
FY2022$1.1M
FY2023$1.0M
FY2024$708K
Expenses
$663K
FY2024▼ -33%
Tap a bar for its year
Expenses by fiscal year
FY2020$938K
FY2021$997K
FY2022$968K
FY2023$997K
FY2024$663K
Net assets
$7.1M
FY2024▲ +0.6%
Tap a bar for its year
Net assets by fiscal year
FY2020$6.9M
FY2021$6.9M
FY2022$7.0M
FY2023$7.1M
FY2024$7.1M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Apr 2010.

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

Where the money goes

98 cents of each dollar spent went to programs.

Program services 98% · $651K Management & general 2% · $13K

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

10 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Anthony Verno
Vice Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
Julie Dilella
Treasurer
$0Pt VII · Sec A
Pamela Heald
Board Member
$0Pt VII · Sec A
Amanda McDonald
Board Member
$0Pt VII · Sec A
Ken Vanfleet
Board Member
$0Pt VII · Sec A
Brian Pincelli
Executive Director/CEO
$0Pt VII · Sec A
See Wayne Economic Development Corp 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 15aNo

Programs and updates

Facilitates economic growth and job creation to improve community well-being in Wayne County, NY.

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Provided by the organization

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1 program · $651K · in their own filed words · FY2024
01

To facilitate economic activities throughout wayne county, ny including the location and expansion of civic, industrial and commercial facilities, the creation of new and improved job opportunities, the reduction of unemployment and the improvement of the well-being of its communities and residents.

$651Kprogram 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 · FY2020
Rochester Area Community FoundationFY2020$33K
Total grants receivedfrom 1 funder$33K
Grants paid · 16 grants · $303K · 2020–2024
Simply Equine LLCFY2024$20,000
Hog and Hen Hospitality LLCFY2024$20,000
Morning Wood Designs LLCFY2024$20,000
Drumlins Brewing Company LLCFY2024$20,000
Little Minds Learning LLCFY2023$20,000
Eli Mexican RestaurantFY2023$20,000
Maintenance Mike Handyman ServiceFY2023$20,000
Sodus Bins & SlatsFY2023$17,322
Unitemized GrantFY2023$6,000
Unitemized GrantFY2023$4,007
Nathali Farm & Market Supply LLCFY2022$20,000
The Fairville Baker LLCFY2022$20,000
Unitemized GrantFY2022$5,994
Palmyra-Macedon Central School DistrictFY2021$32,500
Sodus Bay OutfittersFY2021$25,000
Unitemized GrantFY2020$32,000

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$708K
Ln 12
Other incomeLn 4–11$546K
Investment incomeLn 3$107K
Gifts and grantsLn 1h$40K
Money outPt IX
$663K
Ln 25
Programscol B$651K
Managementcol C$13K
Owns and owesPt X
$7.1M
net assets · Ln 32
Cash and savingsLn 1–2$3.1M
Total assetsLn 16$7.2M
LiabilitiesLn 26$100K
PeoplePt VI, VII
10
listed · VII A
PaidVII A0
Voting boardVI 1a7
IndependentVI 1b7
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$40K
Fees for servicesLn 2g$15K
Investment incomeLn 3$107K
Other incomeLn 4–11$546K
Total revenueLn 12$708K
Assets in detailPt X, end of year
CashLn 1$812K
SavingsLn 2$2.3M
Cash and savings togetherLn 1–2$3.1M
Land, buildings, equipmentLn 10c$2.3M
Other assetsLn 15$7K
Total assetsLn 16$7.2M
LiabilitiesLn 26$100K
Net assetsLn 32$7.1M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$2.5M$3.1M
Land, buildings, equipmentLn 10c$2.3M$2.3M
Total assetsLn 16$7.5M$7.2M
LiabilitiesLn 26$446K$100K
Net assetsLn 32$7.1M$7.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$88K$88K
Legal feesLn 11b$1K$1K
Other fees for servicesLn 11g$9K$9K
Office expensesLn 13$8$8
Depreciation, depletion and amortizationLn 22$34K$34K
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$530K$529K$603
Total functional expensesLn 25$663K$651K$13K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $708K$663K$44K$7.1M 990 PDF
FY2023 $1.0M$997K$46K$7.1M 990 PDF
FY2022 $1.1M$968K$109K$7.0M 990 PDF
FY2021 $994K$997K−$3K$6.9M 990 PDF
FY2020 $3.9M$938K$3.0M$6.9M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $707,846 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $40,000$40,000
I-9 Program service revenuePrior year $41,228$14,719
I-10 Investment incomePrior year $69,236$107,127
I-11 Other revenuePrior year $892,000$546,000
I-12 Total revenuePrior year $1,042,464$707,846
I-13 Grants and similar amounts paidPrior year $103,528$87,678
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $893,087$575,686
I-18 Total expensesPrior year $996,615$663,364
I-19 Revenue less expensesPrior year $45,849$44,482
Part VI · Governance 7 of 7 board members independent, 2 to look at
VI-1a Voting members of the governing body7
VI-1b Independent voting members7
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
VI-13 Written whistleblower policyYes
Part VIII · Statement of revenue $707,846 across 6 lines filed
VIII-1d Related organizations$40,000
VIII-1h Total contributions, gifts and grants$40,000
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $14,719$14,719
VIII-3 Investment incomeRelated to mission $106,610 · Excluded from tax $517$107,127
VIII-6 Net rental income or lossRelated to mission $546,000$546,000
VIII-12 Total revenueRelated to mission $667,329 · Unrelated business $0 · Excluded from tax $517$707,846
Part IX · Statement of functional expenses $663,364 across 7 lines filed
IX-1 Grants to domestic organizationsPrograms $87,678$87,678
IX-11b Legal feesManagement $1,038$1,038
IX-11g Other fees for servicesManagement $8,730$8,730
IX-13 Office expensesManagement $8$8
IX-22 Depreciation, depletion and amortizationPrograms $33,776$33,776
IX-23 InsuranceManagement $2,406$2,406
IX-24 Other expenses (24a–d)Programs $529,125 · Management $603$529,728
IX-25 Total functional expensesPrograms $650,579 · Management $12,785 · Fundraising $0$663,364
Part X · Balance sheet $7,230,680 assets, 12 lines filed
Asset lines not itemized here account for $1,821,421; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $868,956$811,834
X-2 Savings and temporary cash investmentsStart of year $1,630,528$2,326,131
X-4 Accounts receivableStart of year $15,000$743
X-9 Prepaid expenses and deferred chargesStart of year $402,010$2,343
X-10c Land, buildings and equipment, netStart of year $2,294,878$2,261,102
X-15 Other assetsStart of year $6,127$7,106
X-16 Total assetsStart of year $7,532,198$7,230,680
X-19 Deferred revenueStart of year $446,000$100,000
X-26 Total liabilitiesStart of year $446,000$100,000
X-27 Net assets without donor restrictionsStart of year $7,086,198$7,130,680
X-32 Total net assets or fund balancesStart of year $7,086,198$7,130,680
X-33 Total liabilities and net assetsStart of year $7,532,198$7,230,680
Part XI · Reconciliation of net assets $7,130,680 net assets at year end
XI-1 Total revenue$707,846
XI-2 Total expenses$663,364
XI-3 Revenue less expenses$44,482
XI-4 Net assets at start of year$7,086,198
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$7,130,680

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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