Albany County Business Development Corp

Nonprofit profile at a glance

EIN
161530930
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Albany, NY, USA
Phone
5184475602
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Business and Industry

Reported finances

Revenue
$742,603
Expenses
$437,123
Assets
$20,235,724
Liabilities
$144,987

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

9 people listed

People named in this filing

  • SUSAN PEDO (MEMBER)
  • CAITLIN O'BRIEN (EX-OFFICIO)
  • MARCUS Q PRYOR (MEMBER)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To support a viable, sustainable economic eco-system in the county of albany by providing low interest commercial loans through the al tech loan fund to small and medium size businesses that are expected to create employment opportunities and/or expand the commercial real estate tax base.

What it reported doing in 2024

Lending - provide low interest commercial loans to small and medium size businesses in an effort to create a viable, sustainable economic eco-system within the service area through the creation of jobs.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 39
  • Transparency & Controls: 90
  • Accountability: 100
  • Sustainability: 89
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 22.5%; rating input score 23
  • Program expense ratio: 78.8%; rating input score 79
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 7 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 41.1%; rating input score 89; 89th percentile among comparable filings
  • Total-asset coverage ratio: 46.29; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 71; 71st percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: -3.1% per year; rating input score 0; 10th percentile among comparable filings
  • Revenue growth: 10% per year; rating input score 100; 66th percentile among comparable filings
  • Asset growth: 0.8% per year; rating input score 100; 21st percentile among comparable filings

Details

  • Where the money goes: 22.5% of revenue deployed · 78.8% of spending went to programs
  • Governance: 7 of 7 board members independent · 7 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $344K in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 14 of 14 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 13 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 23/100.
  • High — Growth: Program expense growth scored 0/100.