Centerstate Development Foundation Inc

Nonprofit profile at a glance

EIN
161165469
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Syracuse, NY, USA
Phone
3154701800
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Reported finances

Revenue
$1,915,997
Expenses
$2,051,485
Assets
$3,814,591
Liabilities
$524,034

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

Leadership & pay

32 people listed

Executive titles in this filing

  • ROBERT SIMPSON (PRESIDENT)
  • JAMES REED (VICE PRESIDENT)
  • KELLY FURMAROLA (EXECUTIVE DIRECTOR)

Highest reported compensation

  • ROBERT SIMPSON (PRESIDENT): $434,054 total reported compensation
  • BEN SIO (SVP): $174,618 total reported compensation
  • HONORA SPILLANE (VP OF ECONOMIC DEVELOPMENT): $123,987 total reported compensation

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

Overview

Mission

Economic development of the city of syracuse and urban area in upstate New York

What it reported doing in 2024

See schedule oduring the year, the foundation's efforts were focused on activities aligned with its exempt purposes and mission. Its mission is to unlock the economic potential of all central New York's people and places by attracting public and philanthropic capital. Its exempt purpose is to supports activities that build local and regional capacity to combat community and neighborhood deterioration, offer solutions to problems challenging urban areas, encourage the development, attraction, and retention of industry especially in distressed areas, ensure area residents have access to employment, encourage cultural and community activities, promote the study of community health needs, and promote the overall economic development of central New York. The foundation leads and collaborates with partners on projects of local and regional significance and fiscally sponsors projects aligned with its mission and purpose.

Operating model

Revenue model
Earned-program. 77% of the money available for current operations came from fees and other program revenue.
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 - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 72
  • Transparency & Controls: 74
  • Accountability: 84
  • Sustainability: 35
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 83.6%; rating input score 84
  • Program expense ratio: 77.4%; rating input score 77
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 95.8%; rating input score 96; 26th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -7.1%; rating input score 21; 21st percentile among comparable filings
  • Total-asset coverage ratio: 1.86; rating input score 62; 62nd percentile among comparable filings
  • Liabilities to assets ratio: 0.14; rating input score 38; 38th percentile among comparable filings
  • Officer compensation ratio: 18.2%; rating input score 17; 17th percentile among comparable filings

Growth

  • Program expense growth: -12.1% per year; rating input score 0; 4th percentile among comparable filings
  • Revenue growth: -2.2% per year; rating input score 0; 9th percentile among comparable filings
  • Asset growth: 0% per year; rating input score 100; 18th percentile among comparable filings

Details

  • Where the money goes: 83.6% of revenue deployed · 77.4% of spending went to programs
  • Governance: 23 of 24 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.6M in reported program spending
  • Leadership: top reported pay $434K · 32 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 4 contractors listed · $1.1M reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 12 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 9 filed related-organization links
  • 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.

  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 21/100.
  • High — Sustainability: Officer compensation ratio scored 17/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 38/100.