Economic Development Growth Enterprises Corporation

Nonprofit profile at a glance

EIN
160874637
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
Rome, NY, USA
Phone
3153380393
Rating
81
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$6,388,617
Expenses
$6,672,242
Assets
$48,414,592
Liabilities
$17,472,441

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

Leadership & pay

55 people listed

Executive titles in this filing

  • SHAWNA PAPALE (PRESIDENT)

Highest reported compensation

  • SHAWNA PAPALE (PRESIDENT): $270,718 total reported compensation
  • MARK BARRACO (SECRETARY, NON-VOTING): $138,559 total reported compensation
  • MAUREEN CARNEY (CHIEF FINANCIAL OFFICER): $132,670 total reported compensation

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

Overview

Mission

Strengthen local business, attract new industries and talent, and create vibrant communities to grow the mohawk valley economy.

What it reported doing in 2025

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.

Operating model

Revenue model
Earned-program. 73% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 97% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Program spending has declined or grown slowly and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 88
  • Accountability: 90
  • Sustainability: 40
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 96%; rating input score 96
  • Program expense ratio: 91.4%; rating input score 91
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 75th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 90.2%; rating input score 90; 22nd percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: -4.4%; rating input score 16; 16th percentile among comparable filings
  • Total-asset coverage ratio: 7.26; rating input score 86; 86th percentile among comparable filings
  • Liabilities to assets ratio: 0.36; rating input score 22; 22nd percentile among comparable filings
  • Officer compensation ratio: 9.2%; rating input score 36; 36th percentile among comparable filings

Growth

  • Program expense growth: -8.2% per year; rating input score 0; 4th percentile among comparable filings
  • Revenue growth: -1.5% per year; rating input score 0; 5th percentile among comparable filings
  • Asset growth: 1.9% per year; rating input score 100; 17th percentile among comparable filings

Details

  • Where the money goes: 96% of revenue deployed · 91.4% of spending went to programs
  • Governance: 46 of 51 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $6.1M in reported program spending
  • Leadership: top reported pay $271K · 55 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $8.9M reported
  • Consistency: 34 of 34 current checks pass
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 16 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 8 filed money-flow records
  • Related organizations: 3 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 16/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Liabilities to assets ratio scored 22/100.
  • Moderate — Sustainability: Officer compensation ratio scored 36/100.