Saratoga Economic Development Corporation

Nonprofit profile at a glance

EIN
141605957
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Saratoga Springs, NY, USA
Phone
5185870945
Rating
69
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Official website

Reported finances

Revenue
$599,325
Expenses
$858,494
Assets
$875,297
Liabilities
$59,576

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

Leadership & pay

10 people listed

Executive titles in this filing

  • J GREGORY CONNORS (PRESIDENT)

Highest reported compensation

  • J GREGORY CONNORS (PRESIDENT): $183,953 total reported compensation

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

Overview

Mission

Saratoga economic development corporation creates job growth by promoting economic development in saratoga county

What it reported doing in 2024

Saratoga economic development corporation created job growth by promoting economic development in saratoga county by promoting saratoga county to present and prospective industries and businesses. Approximately 230,000 people benefit from these services.

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 - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 73
  • Transparency & Controls: 65
  • Accountability: 95
  • Sustainability: 22
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 92.5%; rating input score 93
  • Program expense ratio: 64.5%; rating input score 64
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • 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; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -43.2%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 1.02; rating input score 43; 43rd percentile among comparable filings
  • Liabilities to assets ratio: 0.07; rating input score 48; 48th percentile among comparable filings
  • Officer compensation ratio: 21.4%; rating input score 13; 13th percentile among comparable filings

Growth

  • Program expense growth: -0.4% per year; rating input score 0; 16th percentile among comparable filings
  • Revenue growth: -1.7% per year; rating input score 0; 10th percentile among comparable filings
  • Asset growth: -6.1% per year; rating input score 0; 5th percentile among comparable filings

Details

  • Where the money goes: 92.5% of revenue deployed · 64.5% of spending went to programs
  • Governance: 9 of 9 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $553K in reported program spending
  • Leadership: top reported pay $184K · 10 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Operating margin scored 4/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 43/100.
  • High — Sustainability: Officer compensation ratio scored 13/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 48/100.