Troy Local Development Corporation

Nonprofit profile at a glance

EIN
141736403
IRS 990 coverage
2017–2024
Forms available
Form 990 2024, Form 990-PF 2011
Location
Troy, NY, USA
Phone
5182797392
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Official website

Reported finances

Revenue
$701,429
Expenses
$569,960
Assets
$3,735,518
Liabilities
$1,411,315

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

Leadership & pay

4 people listed

Executive titles in this filing

  • SEAMUS DONNELLYY (EXECUTIVE DIRECTOR)

People named in this filing

  • JEFF BETTS (CHAIRMAN)
  • ANDREW ROSS (VICE CHAIRMAN)
  • HON THOMAS CASEY (BOARD 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

The troy local development corporation was established for the purposes of constructing, acquiring, rehabilitating, and improving buildings or sites in the city of troy, and to assist financially in the construction, acquisition, rehabilitation, and improvement of building or sites within the city, and to foster employment opportunities for troy residents, including business retention and attraction, and job creation and retention. The tldc also serves as a liaison with federal, state, and other local authorities with respect to disseminating information and offering technical advice. The tldc has the authority to acquire real or personal property by purchase or lease, borrow funds, provide financial assistance, and issue negotiable bonds, notes and other obligations.

What it reported doing in 2024

Programs undertaken by the troy local development corporation (tldc) include: grant-making to approved applicants for real property improvements, low-interest rate advances to accomplish similar improvement purposes, and rental of owned property for the enhancement of regionally-targeted economic growth and development.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Grant intermediary. The nonprofit sent 71% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 90
  • Accountability: 56
  • Sustainability: 73
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 81%; rating input score 81
  • Program expense ratio: 95%; rating input score 95
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 19th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 99.1%; rating input score 99; 48th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 25%; rating input score 25; 10th 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: 18.7%; rating input score 75; 75th percentile among comparable filings
  • Total-asset coverage ratio: 6.55; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0.38; rating input score 20; 20th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 9.5% per year; rating input score 100; 61st percentile among comparable filings
  • Revenue growth: 5.2% per year; rating input score 100; 45th percentile among comparable filings
  • Asset growth: 2.2% per year; rating input score 100; 26th percentile among comparable filings

Details

  • Where the money goes: 81% of revenue deployed · 95% of spending went to programs
  • Governance: 1 of 4 board members independent · 7 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $542K in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 23 of 24 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 8 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • Related organizations: 2 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.

  • High — Accountability: Independent voting board scored 25/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 20/100.