ADIRONDACK ECONOMIC DEVELOPMENT CORP

EIN: 222243540 501(c)(3) Community Improvement

SARANAC LAKE, NY

Total Revenue
$726,942
Total Expenses
$892,943
Total Assets
$3,885,012
Net Assets
$1,133,828
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1986
Legal Domicile
NY
Phone
5188915523
Tax Period
2024-01-01 to 2024-12-31

ADIRONDACK ECONOMIC DEVELOPMENT CORP, founded in 1986, is a small nonprofit in the Community Improvement sector that reported $727K in total revenue in fiscal year 2024. Revenue fell 23% from the prior year — a significant decline worth monitoring. Expenses of $893K exceeded revenue, resulting in a 23% operating deficit.

Mission

To foster and support the growth of sustainable North Country communities through providing assistance to aspiring entrepreneurs and existing small business owners.

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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%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $586,877
Program Service Revenue $137,895
Investment Income $2,170
Other Revenue $0
TOTAL REVENUE $726,942

Expense Breakdown

Grants Paid $0
Salaries & Benefits $416,927
Fundraising Expenses $0
Program Expenses $704,712
Other Expenses $476,016
TOTAL EXPENSES $892,943

Year-over-Year Comparison

2024 2023 Change
Revenue $726,942 $950,209 -0.2%
Expenses $892,943 $757,038 +0.2%
Net Income $-166,001 $193,171 -1.9%
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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Governance

Voting Members
14
Independent Members
14
Employees
7
Volunteers
N/A

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
6
$217,959
Total Directors
14
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
Victoria Duley Executive Dir. 37.50
Officer
$111,225 $18,922 $130,147
KEVIN WILSON FINANCE DIRECT. 37.50
Officer
$73,337 $14,475 $87,812
Cedric Carter Director 0.20
Director
$0 $0 $0
Heather Couture Treasurer 0.30
Officer Director
$0 $0 $0
Robert Aiken Chairperson 0.30
Officer Director
$0 $0 $0
Patricia Wilson Director 0.20
Director
$0 $0 $0
JAMES LAZORE Vice Chair 0.30
Officer Director
$0 $0 $0
Molly Ryan Director 0.20
Director
$0 $0 $0
James Rucker Secretary 0.30
Officer Director
$0 $0 $0
Amber Stevens Director 0.20
Director
$0 $0 $0
MIKE KINNIE Director 0.20
Director
$0 $0 $0
Timothy Kononan Director 0.20
Director
$0 $0 $0
John Piseck Jr Director 0.20
Director
$0 $0 $0
Tori Riley Director 0.20
Director
$0 $0 $0
Kelly Gonyo Director 0.20
Director
$0 $0 $0
MICHELLE CAPONE Director 0.20
Director
$0 $0 $0
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 $726,942 $892,943 $3,885,012 $-166,001
2023 $950,209 $757,038 $3,712,856 $193,171
2022 $1,080,225 $672,424 $2,960,837 $407,801
2021 $614,778 $526,118 $3,274,343 $88,660
2020 $492,216 $429,727 $2,806,610 $62,489
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