Economic Development Corporation

Nonprofit profile at a glance

EIN
141757090
IRS 990 coverage
2012–2025
Forms available
Form 990 2025
Location
Glens Falls, NY, USA
Phone
5187616007
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Official website

Reported finances

Revenue
$719,215
Expenses
$753,420
Assets
$928,641
Liabilities
$166,954

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

17 people listed

Executive titles in this filing

  • JIM SIPLON (PRESIDENT/CEO)
  • JOHN WHEATLEY (VICE PRESIDENT)

Highest reported compensation

  • JIM SIPLON (PRESIDENT/CEO): $180,945 total reported compensation
  • JOHN WHEATLEY (VICE PRESIDENT): $112,801 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Edc is the central source for warren county economic development efforts, as it guides programs and projects throughout the southern adirondack region. Edc achieves results through collaborative public-private partnerships designed to encourage new investment opportunities that create jobs and create a sustainable community and area economy.

What it reported doing in 2025

Economic development: achieved certain charitable objectives and public purposes of relieving and reducing adult unemployment, promoting and providing for quality jobs for warren county citizens and lessening the burdens of government within the warren county region of New York by the following activities: encouraging the retention and expansion of various business enterprises in the warren county region; providing managerial, technical, and administrative advice to assist local business enterprises; attracting the location of business enterprises to the warren county region and related community/economic activities.

Operating model

Revenue model
Grant-funded. 77% of the money available for current operations came from government grants.
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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Revenue has declined or grown slowly and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 66
  • Transparency & Controls: 70
  • Accountability: 100
  • Sustainability: 27
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 76.2%; rating input score 76
  • Program expense ratio: 72.4%; rating input score 72
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • 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: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: -4.8%; rating input score 20; 20th percentile among comparable filings
  • Total-asset coverage ratio: 1.23; rating input score 49; 49th percentile among comparable filings
  • Liabilities to assets ratio: 0.18; rating input score 27; 27th percentile among comparable filings
  • Officer compensation ratio: 39%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: 3% per year; rating input score 100; 27th percentile among comparable filings
  • Revenue growth: -0% per year; rating input score 0; 11th percentile among comparable filings
  • Asset growth: 3.2% per year; rating input score 100; 27th percentile among comparable filings

Details

  • Where the money goes: 76.2% of revenue deployed · 72.4% of spending went to programs
  • Governance: 10 of 10 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $546K in reported program spending
  • Leadership: top reported pay $181K · 17 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2012 to 2025
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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 — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 20/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 49/100.
  • High — Sustainability: Officer compensation ratio scored 4/100.
  • High — Sustainability: Liabilities to assets ratio scored 27/100.