Plattsburgh Airbase Redevelopment Corp in Plattsburgh, New York (NY)

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Plattsburgh Airbase Redevelopment Corp
Employer Identification Number (EIN)141775903
Name of OrganizationPlattsburgh Airbase Redevelopment Corp
Address130 Arizona Ave Ste 2000, Plattsburgh, NY 12903-4908
ActivitiesDescribed in section 170(b)1)(a)(vi) of the Code, Area development, redevelopment of renewal, Other student aid
SubsectionCharitable Organization
Ruling Date07/1996
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period06/2012
Assets$1,000,000 to $4,999,999
Income$1,000,000 to $4,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$4,222,017
Amount of Income$3,044,948
Form 990 Revenue Amount$-1,037,085
National Taxonomy of Exempt Entities (NTEE)Community Improvement, Capacity Building: Economic Development


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Amount of income in 2012: $3,044,948
This organization: 

 $3,044,948
Other organizations performing similar types of work: 

 $679,123

Assets in 2012: $4,222,017
Plattsburgh Airbase Redevelopment Corp: 

 $4,222,017
Other organizations performing similar types of work: 

 $2,175,928

Expenses in 2002: $7,699,024
This organization: 

 $7,699,024
Other organizations performing similar types of work: 

 $639,562

Income to expenses ratio in 2002: 1.3
This organization: 

 1.3
Other organizations performing similar types of work: 

 1.1

Expenses allocated to program services in 2002: 85.0%
Plattsburgh Airbase Redevelopment Corp: 

 85.0%
Other organizations performing similar types of work: 

 16.8%

Number of employees in 2002: 68
Plattsburgh Airbase Redevelopment Corp: 

 68
Other organizations performing similar types of work: 

 9

Employees paid over $50,000 in 2002: 7.4%
Plattsburgh Airbase Redevelopment Corp: 

 7.4%
Other organizations performing similar types of work: 

 2.6%

Grants share in income in 2002: 65.0%
Plattsburgh Airbase Redevelopment Corp: 

 65.0%
Other organizations performing similar types of work: 

 38.9%

Financial snapshot ($)

Revenue for 2002

Assets at end of 2002

Expenses for 2002

Functional Expenses for 2002 ($)

Income-Producing Activities for 2002

Revenue, Expenses, and Changes in Net Assets or Fund Balances
2002
Total revenue$9,895,871
Contributions, gifts, grants, and similar amounts received$6,433,871
Contributions to donor advised funds
Direct public support$0
Indirect public support$0
Government contributions (grants)$6,433,871
Program service revenue including government fees and contracts$3,107,987
Membership dues and assessments$0
Interest on savings and temporary cash investments$3,184
Dividends and interest from securities$0
Net rental income or (loss)$0
Gross rents$0
Less: rental expenses$0
Other investment income$0
Gain or (loss) from sales of assets other than inventory$-107,594
Gross amount from sales of assets other than inventory$2,034,300
Less: cost or other basis and sales expenses$2,141,894
Net income or (loss) from special events and activities$0
Gross revenue$0
Less: direct expenses other than fundraising expenses$0
Gross profit or (loss) from sales of inventory$0
Gross sales of inventory, less returns and allowances$0
Less: cost of goods sold$0
Other revenue$458,423
Total expenses$7,699,024
Program services$6,544,170
Management and general$1,154,854
Fundraising$0
Payments to affiliates$0
Net assets or fund balances at end of year$21,764,119
Excess or (deficit) for the year$2,196,847
Net assets or fund balances at beginning of year$19,559,707
Other changes in net assets or fund balances$7,565
Statement of Functional Expenses (for 2002)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$7,699,024$6,544,170$1,154,854$0
Grants paid from donor advised funds
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$607,689$455,762$151,927$0
Compensation of former officers, directors, key employees, etc.
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Salaries and wages of employees not included above$1,498,569$1,123,931$374,638$0
Pension plan contributions not included above$104,797$83,838$20,959$0
Employee benefits not included above$119,779$95,823$23,956$0
Payroll taxes$202,641$162,113$40,528$0
Professional fundraising fees$0$0$0$0
Accounting fees$20,495$10,248$10,247$0
Legal fees$184,421$92,151$92,270$0
Supplies$0$0$0$0
Telephone$0$0$0$0
Postage and shipping$0$0$0$0
Occupancy$305,610$244,488$61,122$0
Equipment rental and maintenance$0$0$0$0
Printing and publications$0$0$0$0
Travel$0$0$0$0
Conferences, conventions, and meetings$0$0$0$0
Interest$321,972$273,676$48,296$0
Depreciation, depletion, etc.$630,973$618,354$12,619$0
Other expenses not covered above$3,702,078$3,383,786$318,292$0
Balance Sheets
2002
Total assets$34,275,424
Cash - non-interest-bearing$149,139
Savings and temporary cash investments$520,056
Accounts receivable less allowance for doubtful accounts$1,036,198
Pledges receivable less allowance for doubtful accounts$0
Grants receivable$3,395,034
Receivables from current and former officers, directors, trustees, and key employees$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)
Other notes and loans receivable less allowance for doubtful accounts$0
Inventories for sale or use$0
Prepaid expenses and deferred charges$192,676
Investments - publicly-traded securities
Investments - other securities$519,842
Investments - land, buildings, and equipment less accumulated depreciation$6,651,986
Investments - other$0
Land, buildings, and equipment less accumulated depreciation$21,796,636
Other assets, including program-related investments$13,857
Total liabilities$12,511,305
Accounts payable and accrued expenses$3,901,679
Grants payable$0
Deferred revenue$247,522
Loans from officers, directors, trustees, and key employees$0
Tax-exempt bond liabilities$0
Mortgages and other notes payable$8,134,796
Other liabilities$227,308
Total liabilities and net assets/fund balances$34,275,424
Total net assets or fund balances$21,764,119
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
2002
Total revenue$9,895,871
Total revenue, gains, and other support per audited financial statements$9,895,871
Other expenses$0
Net unrealized gains on investments$0
Donated services and use of facilities$0
Recoveries of prior year grants$0
Other$0
Other revenue$0
Investment expenses$0
Other$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
2002
Total expenses$7,699,024
Total expenses and losses per audited financial statements$7,699,024
Other revenue$0
Donated services and use of facilities$0
Prior year adjustments$0
Losses$0
Other$0
Other expenses$0
Investment expenses$0
Other$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings0
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?
Does the organization have a written conflict of interest policy?
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?
Did the organization acquire a direct or indirect interest in any applicable insurance contract?
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?
Number of employees employed in the pay period that includes March 12, 200668
Analysis of Income-Producing Activities (for 2002)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$3,184$3,458,816
Program service revenue
Program service revenue 1000000$000$0$3,107,987
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$3,184$0
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$-107,594
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$458,423
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2002)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2002)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$63,980$1,274$0
$61,996$1,860$0
$59,937$3,596$0
$56,191$3,371$0
$50,911$3,055$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2002)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
Enter the total number of donor advised funds owned at the end of the tax year
Enter the aggregate value of assets held in all donor advised funds owned at the end of the tax year
Enter the total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts
Enter the aggregate value of assets held in all funds or accounts included above at the end of the tax year
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that receives a substantial part of its support from a governmental unit or from the general public
Support Schedule
2001
Total$10,296,399
Gifts, grants, and contributions received$7,225,298
Membership fees received$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$2,782,296
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0
Net income from unrelated business activities not included above$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0
Other income$288,805
Lobbying Expenditures by Electing Public Charities (for 2002)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
Statements Regarding Other IRS Filings and Tax Compliance (for 2012)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2012)
Total revenue$-1,037,085
Contributions, Gifts, Grants and Other Similar Amounts$2,816,000
Program Service Revenue$113,076
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$882
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net loss from sales of assets other than inventory$-3,967,033
Gross amount from sales of assets other than inventory (Securities / Other)$0 / $115,000
Less: cost or other basis and sales expenses (Securities / Other)$0 / $4,082,033
Gain or (loss) (Securities / Other)$0 / $-3,967,033
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$-10
Statement of Functional Expenses (for 2012)
Total functional expenses$634,825
Compensation of current officers, directors, trustees, and key employees$71,958
Other salaries and wages$79,998
Payroll taxes$19,780
Professional fundraising services$0
Other$463,089
Balance Sheet (for 2012)
Total assets$4,222,017
Total liabilities$1,614,796
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$1,227,094
Unsecured notes and loans payable to unrelated third parties$0
Other$387,702
Total net assets or fund balances$2,607,221
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2012)
The organization is not a private foundation because it is:An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2012)
2008 - 2012 Total
Total Support$14,197,306
Gifts, grants, contributions, and membership fees received$14,145,995
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$51,311
Gross receipts from related activities, etc.$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Maryland Economic Development Corporation300 E Lombard St Ste 1000, Baltimore, MD 21202-3228MD1986-09$132,720,872
2Bristol Bay Economic Development Corporation, BbedcPO BOX 1464, Dillingham, AK 99576-1464AK1993-07$79,211,075
3Orlando Orange County Convention & Visitors Bureau Inc6700 Forum Drive No 100, Orlando, FL 32821-8086FL1985-07$56,005,045
4Calvert Social Investment Foundation Inc7315 Wisconsin Ave 11th, Bethesda, MD 20814MD1989-06$42,788,175
5Norton Sound Economic Development Corporation420 L St Ste 310, Anchorage, AK 99501-1971AK1993-09$38,514,557
6Nyc & Company Inc810 Seventh Avenue 3rd Floor, New York, NY 10019-5896NY1948-12$37,416,736
7Ndc Housing And Economic Development Corporation, Cdp Yonkers708 Third Ave Ste 710, New York, NY 10017-4201NY1988-11$5,536,308
8The Development CorporationPO BOX 792, Plattsburgh, NY 12901NY1966-08$4,293,114
9Kiryas Joel Municipal Local Development Corporation48 Bakertown Rd Ste 406, Monroe, NY 10950-8433NY1993-06$3,577,635
10Plattsburgh Airbase Redevelopment Corp130 Arizona Ave Ste 2000, Plattsburgh, NY 12903-4908NY1996-07$3,044,948
11Buffalo Economic Renaissance Corporation65 Niagara Sq Rm 920, Buffalo, NY 14202-3309NY1978-08$2,650,912
12Greater Olean Inc120 N Union St, Olean, NY 14760-2735NY1994-09$674,682
13Catskill Revitalization CorporationPO BOX 310, Stamford, NY 12167-0310NY1987-05$662,360
14Mohawk Valley Rehabilitation Corporation26 West Main Street, Mohawk, NY 13407-1048NY1979-08$76,899
15Malone Economic Development Corp16 Elm St, Malone, NY 12953-1507NY1984-08$31,747
16Buffalo Niagara Convention Center Management CorporationConvention Center Plaza, Buffalo, NY 14202NY1980-01$4,580,002
17Metrotech Area District Management Association Inc4 Metrotech Center Ground Fl, Brooklyn, NY 11201-8400NY1994-07$2,744,724
18Long Island Development Corporation400 Post Ave Ste 201a, Westbury, NY 11590-2226NY1981-03$1,400,210
19Northern Manhattan Coalition For Economic Development IncPO BOX 512, New York, NY 10040-0802NY1997-08$285,126
20Lp-Ec Quality Destination Inc2608 Main St, Lake Placid, NY 12946-3545NY2007-12$116,065
Number of organizations performing similar types of work
Alaska6
Alabama4
Arkansas9
Arizona5
California16
Colorado7
Connecticut3
District of Columbia3
Delaware3
Florida8
Georgia2
Iowa13
Idaho2
Illinois10
Indiana12
Kansas5
Kentucky8
Louisiana11
Massachusetts4
Maryland9
Maine3
Michigan11
Minnesota5
Missouri5
Mississippi5
Montana3
North Carolina13
North Dakota2
Nebraska3
New Hampshire3
New Jersey8
New Mexico2
New York18
Ohio10
Oklahoma2
Oregon1
Pennsylvania39
South Carolina5
South Dakota4
Tennessee3
Texas25
Utah3
Virginia8
Vermont5
Washington7
Wisconsin12
West Virginia6
International1
Total352

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