43north Bpc INC FY2023 filing

Buffalo, NY · Public charity (501(c)(3)) · Since 2015 · Community Development

✓ Tax-deductible
Revenue
$8.8M
+8% vs prior year
Spent
$9.0M
To programs
92%
Net assets
$9.1M
By yearFY2020–FY2024
Revenue
$8.8M
FY2023▲ +8%
Revenue by fiscal year
FY2020$32.4M
FY2021$3.0M
FY2022$8.2M
FY2023$8.8M
FY2024$9.8M
Expenses
$9.0M
FY2023▲ +6%
Expenses by fiscal year
FY2020$27.5M
FY2021$48.7M
FY2022$8.5M
FY2023$9.0M
FY2024$10.0M
Net assets
$9.1M
FY2023▼ -11%
Net assets by fiscal year
FY2020$53.2M
FY2021$11.5M
FY2022$10.3M
FY2023$9.1M
FY2024$5.7M

From the FY2023 Form 990 · figures checked against the IRS filing · see the original

You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Status and standing

Is it real, and can you give to it?

Tax-deductible?
Yes
Per the IRS master file.
Can I give now?
No revocation on IRS record
Not on the IRS revocation list.
Filing up to date?
Filed FY2024 (typical filing lag)
Legal name (IRS)Hdr · item C43north Bpc INC
EINHdr · item D47-2878159
Exempt statusHdr · item I501(c)(3) · active
Ruling yearIRS BMFApr 2015
Year of formationHdr · item L2015
Latest filingForm 990FY2024 · Form 990
Principal addressHdr · item CBuffalo, NY
NTEE classificationIRS BMFCommunity Development (S31)
WebsiteHdr · item Jwww.43north.org

Where the money goes

What each dollar paid for.

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.92 Management & general $0.08
Program services92%$8.3M
Management & general8%$717K
Total functional expensesLn 25$9.0M

Financial health

Is it on solid ground?

Program efficiency
92%
of spending reaches programs
Operating runway
11.5mo
months of highly liquid reserves at operating expense rate
Surplus margin
-2%
revenue over expenses, this year

Summary of the Filing

Part I · fiscal year 2023 · Form 990
Total assets
$12.5M
FY2023▼ -7%
Total assets by fiscal year
FY2020$53.5M
FY2021$12.2M
FY2022$13.4M
FY2023$12.5M
FY2024$10.9M
Total liabilities
$3.4M
FY2023▲ +9%
Total liabilities by fiscal year
FY2020$348K
FY2021$717K
FY2022$3.1M
FY2023$3.4M
FY2024$5.2M
Revenue less expensesPt I · Ln 19−$154K
Total assetsPt X · Ln 16$12.5M
Program-expense ratioPt IX · col B92%
Voting members of governing bodyPt I · Ln 37
Independent voting membersPt I · Ln 47

Balance Sheet

Part X · end of year
CashLn 1$764K
Total assetsLn 16$12.5M
Total liabilitiesLn 26$3.4M
Total net assetsLn 32$9.1M
Months of cash on handcomputed1.0

Statement of Revenue

Part VIII
Contributions & grants$8.7M · 99%
Other revenue$123K · 1%
Contributions & grants99%$8.7M
Other revenue1%$123K
— government grantsLn 1e$7.9M
Total revenueLn 12$8.8M

Financial Metrics

Form 990 · FY2023 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $8.6M · Operating expenses (Pt IX) $9.0M · Less non-cash grants $32K · Cash operating expenses/yr $9.0M
11.5 months
Where the money goes
Program services
Program services $8.3M · Total expenses $9.0M
92%
Management & General
Management & general $717K · Total expenses $9.0M
8%
Fundraising
Fundraising $0 · Total expenses $9.0M
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $876K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $8.7M · Total revenue $8.8M
99%
Government reliance
Government grants $7.9M · Total revenue $8.8M
90%
Earned-income share
Program service revenue $0 · Total revenue $8.8M
0%
Investment reliance
Investment income $0 · Total revenue $8.8M
0%
Program self-sufficiency
Program service revenue $0 · Total expenses $9.0M
0%
Growth & trend
Revenue growth (YoY)
This year $8.8M · Prior year $8.2M
+8%
Net-asset trend (YoY)
End of year $9.1M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $8.8M · Expenses $9.0M
-2%
Liabilities-to-Assets
Total liabilities — · Total assets $12.5M
—
Net-asset ratio
Net assets $9.1M · Total assets $12.5M
73%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) $7.8M · Total assets (Pt X, ln 16) $12.5M
63%
People & payroll
Highest Reported Total Compensation
Individual Colleen Heidinger · Reported title PRESIDENT · Highest reported compensation $215K · Total expenses $9.0M
2%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $1.6M · Total expenses $9.0M
18%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 92%——
Overhead ratio 8%——
Fundraising cost ratio 0%——
Revenue growth 8%——
Legal fee ratio 2%——
Accounting fee ratio 0.5%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Leadership and pay

Who runs it, and what are they paid?

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
$215,000Pt VII · Sec A
Vice President
$161,250Pt VII · Sec A
$109,594Pt VII · Sec A
VP of Portfolio
$105,000Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$0Pt VII · Sec A

Colleen Heidinger’s $227K as President is at the 74th percentile of top reported officer pay among 2832 $1–10M 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 · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Colleen Heidinger$227,088$215,000$188,218$152,500$135,958
Maura Devlin—$161,250$137,231$122,100$110,000
Dominic Costanzo$155,503$105,000———
Kevin Siskar——$126,266——
Christian Karrer$117,702$109,594———
Lauren Rivett————$113,187
Christian Gaddis$87,800————
Alex Gress————$12,692

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 43north Bpc INC executive salaries →

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Governance & Policies

Part VI
  • 7Voting board membersPt VI · Ln 1a
  • 7Independent board membersPt VI · Ln 1b
  • Conflict-of-interest policyPt VI · Ln 12aYes
  • Whistleblower policyPt VI · Ln 13Yes
  • Document retention policyPt VI · Ln 14No
  • Top official’s pay independently reviewedPt VI · Ln 15aYes
  • Family or business ties among leadersPt VI · Ln 2No

Mission and programs

What it does.

Hosts a global business plan competition that awards funding and support to startups that relocate to and grow the Western New York economy.

Provided by the organization

This section is blank until 43north Bpc INC claims this page.

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Mission & Programs · Part III

Where the work happens

1 program service account for $8.3M of program spending, described in the organization's own filed words · FY2023.
01

Global business plan competition

$8.3Mprogram expense

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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 · FY2024
Total grants receivedfrom 1 funder$4K
Grants paid · 755 grants · $28.0M · 2020–2024
Zam Helmets INCFY2024$1,000,000
Stepwise Electric INCFY2024$900,000
Leaping Harts INC (dba Kredit Academy)FY2024$900,000
Guidesly INCFY2024$900,000
G Cards INCFY2024$900,000
Empirican Group INCFY2024$500,000
Ouiby INCFY2024$166,666
Taskunite INCFY2024$100,000
Otrafy INCFY2024$100,000
Mod Tech Labs INCFY2024$100,000
Taskunite INCFY2023$900,000
Otrafy INCFY2023$900,000
Mod Tech Labs INCFY2023$900,000
Twipes USA LimitedFY2023$685,000
Shearshare INCFY2023$400,000
Phood INCFY2023$333,333
Flox (us) INCFY2023$215,000
Big Wheelbarrow INCFY2023$100,000
See all 755 grants →

Filing history

Every return on file.

YearRevenueExpensesChangeFiling
FY2024 Latest $9.8M$10.0M+11% 990 PDF
FY2023 Viewing $8.8M$9.0M+8% 990 PDF
FY2022 $8.2M$8.5M+173% 990 PDF
FY2021 $3.0M$48.7M-91% 990 PDF
FY2020 $32.4M$27.5M 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

Not shown yet: ratings, outcomes, and peer benchmarks. A Form 990 doesn’t report them.

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2023IRS
Classification, formation year, addressIRS Business Master File
Names, privacy, and removal requests More

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