ECONOMIC DEVELOPMENT GROWTH ENTERP… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1963

Legal Domicile

Principal Officer

SHAWNA PAPALE

Phone

3153380393

Tax Period

2024-01-01 to 2024-12-31

ECONOMIC DEVELOPMENT GROWTH ENTERPRISES CORPORATION, founded in 1963, is a mid-sized nonprofit that reported $10.8M in total revenue in fiscal year 2024. Revenue surged 32% from the prior year, signaling strong growth momentum. The organization ran a surplus of $3.9M, a strong 36% operating margin.

Mission

STRENGTHEN LOCAL BUSINESS, ATTRACT NEW INDUSTRIES AND TALENT, AND CREATE VIBRANT COMMUNITIES TO GROW THE MOHAWK VALLEY ECONOMY.

Program Service Accomplishments

Program 1

Expenses: $6,361,575 Revenue: $4,695,120

ECONOMIC DEVELOPMENT GROWTH ENTERPRISES CORPORATION (EDGE) AND ITS SUBSIDIARY ARE INVOLVED IN ACTIVITIES DESIGNED TO IMPROVE AND EXPAND THE BUSINESS COMMUNITY AND EMPLOYMENT WITHIN ONEIDA COUNTY...

ECONOMIC DEVELOPMENT GROWTH ENTERPRISES CORPORATION (EDGE) AND ITS SUBSIDIARY ARE INVOLVED IN ACTIVITIES DESIGNED TO IMPROVE AND EXPAND THE BUSINESS COMMUNITY AND EMPLOYMENT WITHIN ONEIDA COUNTY, N.Y., AND ITS ENVIRONS AND PROMOTE THE GENERAL ECONOMIC DEVELOPMENT OF THE AREA. A PRIMARY ACTIVITY OF EDGE IS THE ARRANGEMENT OF AND/OR PARTICIPATION IN FINANCING PACKAGES FOR LOCAL BUSINESSES, PRINCIPALLY THROUGH LOCAL BANKS, THE SMALL BUSINESS ADMINISTRATION, AND THE EMPIRE STATE DEVELOPMENT CORPORATION. IN ADDITION, EDGE PREPARES ECONOMIC DEVELOPMENT PLANS, PERFORMS RESEARCH, AND CARRIES OUT A UNIFIED MARKETING PROGRAM FOR THE PURPOSE OF ADVANCING ECONOMIC GROWTH IN ONEIDA COUNTY, N.Y., AND ITS ENVIRONS. A SIGNIFICANT PORTION OF EDGE'S REVENUE IS DERIVED FROM GOVERNMENT GRANTS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $5,951,446

Program Service Revenue $4,385,615

Investment Income $150,328

Other Revenue $309,505

TOTAL REVENUE $10,796,894

Expense Breakdown

Grants Paid $188,865

Salaries & Benefits $1,679,792

Fundraising Expenses $0

Program Expenses $6,361,575

Other Expenses $5,017,360

TOTAL EXPENSES $6,886,017

Year-over-Year Comparison

	2024	2023	Change
Revenue	$10,796,894	$8,193,120	+0.3%
Expenses	$6,886,017	$8,325,396	-0.2%
Net Income	$3,910,877	$-132,276	-30.6%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✓ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$553,111

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
LAWRENCE T GILROY III	DIRECTOR	1.00	Director	$0	$0	$0
MICHELE DEVOE	DIRECTOR	1.00	Director	$0	$0	$0
MATT NICHOLL	DIRECTOR	1.00	Director	$0	$0	$0
PETER BAILDON	DIRECTOR	1.00	Director	$0	$0	$0
MARIANNE GAIGE	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL FRAME	VICE CHAIR	1.00	Director	$0	$0	$0
PATRICK BECHER	TREASURER	1.00	Officer Director	$0	$0	$0
JUSTIN HUMMEL	CHAIRMAN	1.00	Officer Director	$0	$0	$0
RUSS BREWER	DIRECTOR	1.00	Director	$0	$0	$0
RAYMOND HALBRITTER	DIRECTOR	1.00	Director	$0	$0	$0
RANDY VAN WAGONER	DIRECTOR	1.00	Director	$0	$0	$0
SONDRA BUTCHER	DIRECTOR	1.00	Director	$0	$0	$0
RYAN O'SHAUGHNESSY	DIRECTOR	1.00	Director	$0	$0	$0
CHARLES GREEN	DIRECTOR	1.00	Director	$0	$0	$0
JOHN ROMANO	DIRECTOR	1.00	Director	$0	$0	$0
RICHARD CREEDON	DIRECTOR	1.00	Director	$0	$0	$0
BRIAN LOUGHLIN	DIRECTOR	1.00	Director	$0	$0	$0
NICHOLAS MATT	DIRECTOR	1.00	Director	$0	$0	$0
STEPHEN WATERS	DIRECTOR	1.00	Director	$0	$0	$0
ALICIA DICKS	DIRECTOR	1.00	Director	$0	$0	$0
DAVID M MANZELMANN	DIRECTOR	1.00	Director	$0	$0	$0
JOHN BUFFA	DIRECTOR	1.00	Director	$0	$0	$0
MARIA KONTARIDIS	DIRECTOR	1.00	Director	$0	$0	$0
JOHN J PISECK	DIRECTOR	1.00	Director	$0	$0	$0
RICHARD TANTILLO	DIRECTOR	1.00	Director	$0	$0	$0
EVE VAN DE WAL	DIRECTOR	1.00	Director	$0	$0	$0
DAVID KAVNEY	DIRECTOR	1.00	Director	$0	$0	$0
TOM NEUMANN	DIRECTOR	1.00	Director	$0	$0	$0
BRIAN ANDERSON	DIRECTOR	1.00	Director	$0	$0	$0
NICHOLAS MAYHEW	DIRECTOR	1.00	Director	$0	$0	$0
ROCCO ARCURI	DIRECTOR	1.00	Director	$0	$0	$0
MARK LEWIS	DIRECTOR	1.00	Director	$0	$0	$0
JIM MCCARTHY	DIRECTOR	1.00	Director	$0	$0	$0
GENO DECONDO	VICE CHAIR	1.00	Officer Director	$0	$0	$0
SABRINA WEBSTER	DIRECTOR	1.00	Director	$0	$0	$0
DARLENE STROMSTAD	DIRECTOR	1.00	Director	$0	$0	$0
LISA BETRUS	DIRECTOR	1.00	Director	$0	$0	$0
RON BELLE	DIRECTOR	1.00	Director	$0	$0	$0
RYAN THOMPSON	DIRECTOR	1.00	Director	$0	$0	$0
JOHN SNYDER	EX-OFFICIO VOTING MEMBER	1.00	Director	$0	$0	$0
RONALD EDWARDS	EX-OFFICIO VOTING MEMBER	1.00	Director	$0	$0	$0
WILLIAM BOWER	DIRECTOR	1.00	Director	$0	$0	$0
ANDY RUSSELL	DIRECTOR	1.00	Director	$0	$0	$0
MICHAEL BUSHARDT	EX-OFFICIO VOTING MEMBER	1.00	Director	$0	$0	$0
GREGORY MATTACOLA	EX-OFFICIO VOTING MEMBER	1.00	Director	$0	$0	$0
ANNA D'AMBROSIO	DIRECTOR	1.00	Director	$0	$0	$0
RICHARD EVANS	DIRECTOR	1.00	Director	$0	$0	$0
NICK ALGER	DIRECTOR	1.00	Director	$0	$0	$0
TODD PFANNESTIEL	DIRECTOR	1.00	Director	$0	$0	$0
THOMAS CLARK JR	DIRECTOR	1.00	Director	$0	$0	$0
GREG EVANS	DIRECTOR	1.00	Director	$0	$0	$0
KAREN KOROTZER	DIRECTOR	1.00	Director	$0	$0	$0
STEVE SURACE	DIRECTOR	1.00	Director	$0	$0	$0
DOUGLAS WALTERS	DIRECTOR	1.00	Director	$0	$0	$0
DENISE CAVANAUGH	EX-OFFICIO VOTING MEMBER	1.00	Director	$0	$0	$0
KEVIN GAGLIONE	DIRECTOR	1.00	Director	$0	$0	$0
STEVEN DIMEO	FORMER PRESIDENT	40.00	Officer	$93,625	$9,352	$102,977
NICHOLAS BRUNO	SECRETARY, NON-VOTING	40.00	Officer	$88,433	$10,131	$98,564
MAUREEN CARNEY	CHIEF FINANCIAL OFFICER	40.00	Officer	$121,259	$22,856	$144,115
SHAWNA PAPALE	PRESIDENT	40.00	Officer	$161,899	$45,556	$207,455
CHRISTIAN MERCURIO	VICE PRESIDENT PLANNING AN	40.00	Highest	$113,689	$14,334	$128,023

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$10,796,894	$6,886,017	$50,447,197	$3,910,877
2023	$8,193,120	$8,325,396	$40,575,052	$-132,276
2022	$5,942,134	$5,992,359	$40,406,038	$-50,225
2021	$3,664,365	$3,765,758	$36,316,583	$-101,393
2020	$9,405,181	$5,594,223	$37,208,501	$3,810,958
2019	$16,817,671	$7,554,826	$32,886,744	$9,262,845
2018	$9,926,589	$9,989,307	$51,694,001	$-62,718

ECONOMIC DEVELOPMENT GROWTH ENTERPRISES CORPORATION