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Niagara County Development Corporation FY2024 filing

Not tax-deductible

Sanborn, NY501(c)(4)Since 1984 EIN 22-3169112Revenue $642K in FY2024

On file with the IRSniagaracountybusiness.com6311 Inducon Corporate Dr Ste 1, 14132-9099 · Sanborn, NYTax-exempt since Jul 1993

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To promote economic growth and business prosperity in the County of Niagara, new york by making loans at favorable interest rates to small businesses located in the County, thus encouraging startup of new businesses and relocation and expansion of existing businesses

501(c)(4) social-welfare organization; gifts are not tax-deductible as charitable contributions.
52¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(4)
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
No
Donations are not tax-deductible
Worth a look: the IRS does not list 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
4 of 6
filings with a surplus
Average surplus $102K a year · 13% of revenue · last 6 filings
Fine: a surplus in 4 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
52%
of spending
Worth a look: 52% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Cash reserves
59 mo
of spending, in cash
Looks good: 58.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$223K
6% of total assets
Looks good: liabilities are 6% of assets; 50% or less.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$642K
+29% vs prior year
Spent
$494K
To programs
52%
Net assets
$3.4M
By yearFY2020–FY2025
Revenue
$642K
FY2024▲ +29%
Tap a bar for its year
Revenue by fiscal year
FY2020$549K
FY2021$349K
FY2022$2.1M
FY2023$498K
FY2024$642K
FY2025$748K
Expenses
$494K
FY2024▲ +27%
Tap a bar for its year
Expenses by fiscal year
FY2020$214K
FY2021$228K
FY2022$2.1M
FY2023$390K
FY2024$494K
FY2025$836K
Net assets
$3.4M
FY2024▲ +5%
Tap a bar for its year
Net assets by fiscal year
FY2020$3.0M
FY2021$3.1M
FY2022$3.1M
FY2023$3.2M
FY2024$3.4M
FY2025$3.3M

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

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You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Is it real?

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

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

Where the money goes

52 cents of each dollar spent went to programs.

Program services 52% · $255K Management & general 48% · $239K

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

9 people listed on the 990.

Part VII, Section A · reportable compensation
Mark a Onesi
Chairperson
$0Pt VII · Sec A
Jason Krempa
First Vice Chairperson
$0Pt VII · Sec A
Clifford Scott
Second Vice Chairperson
$0Pt VII · Sec A
$0Pt VII · Sec A
Mark D Berube
Assistant Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Niagara County 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 15aNo

Programs and updates

Provides low-interest loans and grants to small businesses to encourage startups, expansion, and economic relocation within Niagara County.

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Provided by the organization

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2 programs · $255K · in their own filed words · FY2024
01

Provide grants to support and foster the development of microbusinesses located in or planning to relocate to niagara county.

$255Kprogram expense
02

Provide loans at favorable interest rates to small businesses to encourage the startup of new businesses and relocation and expansion of existing businesses.

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 · this organization's grantmaking
Grants paid · 83 grants · $2.8M · 2020–2025
Brent Industries LLCFY2025$172,000
Nicknats Landscaping LLCFY2025$25,000
Gerald Kunkle DBA Kunkle's LandscapingFY2025$25,000
Cakes by Katya LLCFY2025$25,000
Beok LLCFY2025$25,000
Timothy R Woodean Chiropractic and Massage Therapy PllcFY2025$25,000
Falcon Aircraft Maintenance LLCFY2025$25,000
B'S Flowers LLCFY2025$21,000
Prime Legacy INCFY2025$20,000
Sheri-Lynn Senek DBA Senek Farms Cider CoFY2025$18,000
Harmony Spa Head to Toe LLCFY2025$18,000
Release & Restore TherapyFY2025$13,000
Individual RecipientFY2024$25,000
Happy Tails of Niagara LLCFY2024$25,000
Elizabeth Desilva DBA Niagara OutfittersFY2024$25,000
Bina & Gill INCFY2024$25,000
The Stitching Corner LLCFY2024$22,000
Ya Ghada Have IT LLCFY2024$21,000
See all 83 grants →

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$642K
Ln 12
Gifts and grantsLn 1h$580K
Investment incomeLn 3$35K
Other incomeLn 4–11$23K
Money outPt IX
$494K
Ln 25
Programscol B$255K
Managementcol C$239K
Owns and owesPt X
$3.4M
net assets · Ln 32
Cash and savingsLn 1–2$2.4M
Total assetsLn 16$3.6M
LiabilitiesLn 26$223K
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$580K
Government grantsLn 1e$580K
Fees for servicesLn 2g$4K
Investment incomeLn 3$35K
Other incomeLn 4–11$23K
Total revenueLn 12$642K
Assets in detailPt X, end of year
CashLn 1$370K
SavingsLn 2$2.1M
Cash and savings togetherLn 1–2$2.4M
Total assetsLn 16$3.6M
LiabilitiesLn 26$223K
Net assetsLn 32$3.4M
OperationsPt I, VI
EmployeesI 50
VolunteersI 68
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 FY24End FY24
Cash and savingsLn 1–2$2.1M$2.4M
Total assetsLn 16$3.3M$3.6M
LiabilitiesLn 26$42K$223K
Net assetsLn 32$3.2M$3.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$231K$231K
Other fees for servicesLn 11g$69K$25K$44K
Payments to affiliatesLn 21$45K$45K
Other expenses (24a–d)Ln 24$150K$150K
Total functional expensesLn 25$494K$255K$239K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $748K$836K−$87K$3.3M 990 PDF
FY2024 Viewing $642K$494K$148K$3.4M 990 PDF
FY2023 $498K$390K$109K$3.2M 990 PDF
FY2022 $2.1M$2.1M−$15K$3.1M 990 PDF
FY2021 $349K$228K$121K$3.1M 990 PDF
FY2020 $549K$214K$335K$3.0M 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 $642,385 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $461,361$580,419
I-9 Program service revenuePrior year $0$3,500
I-10 Investment incomePrior year $37,081$35,210
I-11 Other revenuePrior year $0$23,256
I-12 Total revenuePrior year $498,442$642,385
I-13 Grants and similar amounts paidPrior year $254,247$230,521
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 $135,671$263,718
I-18 Total expensesPrior year $389,918$494,239
I-19 Revenue less expensesPrior year $108,524$148,146
Part VI · Governance 9 of 9 board members independent, 1 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
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
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $642,385 across 6 lines filed
VIII-1e Government grants$580,419
VIII-1h Total contributions, gifts and grants$580,419
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $3,500$3,500
VIII-3 Investment incomeRelated to mission $25,191 · Excluded from tax $10,019$35,210
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $23,256$23,256
VIII-12 Total revenueRelated to mission $51,947 · Unrelated business $0 · Excluded from tax $10,019$642,385
Part IX · Statement of functional expenses $494,239 across 4 lines filed
IX-1 Grants to domestic organizationsPrograms $230,521$230,521
IX-11g Other fees for servicesPrograms $24,774 · Management $43,944$68,718
IX-21 Payments to affiliatesManagement $45,000$45,000
IX-24 Other expenses (24a–d)Management $150,000$150,000
IX-25 Total functional expensesPrograms $255,295 · Management $238,944 · Fundraising $0$494,239
Part X · Balance sheet $3,578,886 assets, 8 lines filed
Asset lines not itemized here account for $1,157,170; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $368,592$370,028
X-2 Savings and temporary cash investmentsStart of year $1,725,537$2,051,688
X-16 Total assetsStart of year $3,250,162$3,578,886
X-17 Accounts payable and accrued expensesStart of year $42,346$222,924
X-26 Total liabilitiesStart of year $42,346$222,924
X-27 Net assets without donor restrictionsStart of year $3,207,816$3,355,962
X-32 Total net assets or fund balancesStart of year $3,207,816$3,355,962
X-33 Total liabilities and net assetsStart of year $3,250,162$3,578,886
Part XI · Reconciliation of net assets $3,355,962 net assets at year end
XI-1 Total revenue$642,385
XI-2 Total expenses$494,239
XI-3 Revenue less expenses$148,146
XI-4 Net assets at start of year$3,207,816
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$3,355,962

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

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