Overview
What is Buffalo & Erie County Industrial Land Development Corporation?
Buffalo & Erie County Industrial Land Development Corporation (ILDC) is a nonprofit organization primarily focused on providing tax-exempt bond financing for not-for-profit entities in Erie County, New York. Established with the purpose of acquiring and developing industrial sites and offering financial assistance for the acquisition or renovation of fixed assets by industrial companies, the ILDC manages a revolving loan fund to enhance economic conditions in the region. Additionally, the corporation collaborates with various entities, offering administrative and staffing services in exchange for administrative fees related to bond transactions. The ILDC also incurs expenses associated with the remediation of blighted land.
Official website here: www.ecidany.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 92% (Four-Star out of Four Star Rating)
The Buffalo & Erie County Industrial Land Development Corporation has achieved a commendable Four-Star rating from Charity Navigator, reflecting strong performance in accountability and finance. The organization scored 92% overall, with its rating primarily based on its accountability measures. This high score signifies a commitment to transparency and ethical governance, reassuring stakeholders about the organization's financial health and operational integrity.
The nonprofit showcases strong governance practices, evidenced by its fully independent board comprising seven members and a robust audit and oversight committee. It has implemented essential policies, including conflict of interest and whistleblower protections, which further enhance its credibility. The organization's effective management is also reflected in its impressive program expense ratio of 98.27%, indicating that nearly all of its funds are directed toward its mission-related activities.
However, the organization has a liabilities to assets ratio of 55.76%, which, while acceptable, could be an area for future improvement. Maintaining a healthy balance between liabilities and assets is crucial for long-term sustainability. Nonetheless, the overall financial practices and governance structure in place suggest that the Buffalo & Erie County Industrial Land Development Corporation is well-positioned to fulfill its mission effectively.
This AI summary has been generated from information found on Charity Navigator.
Is Buffalo & Erie County Industrial Land Development Corporation legitimate?
Buffalo & Erie County Industrial Land Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Buffalo & Erie County Industrial Land Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.ecidany.com
What is the mission statement of Buffalo & Erie County Industrial Land Development Corporation?
The Buffalo & Erie County Industrial Land Development Corporation (ILDC) serves as an issuer of tax-exempt bond financing for not-for-profit entities. Incorporated with a purpose to stimulate economic growth, ILDC participates in the acquisition and development of industrial sites and provides financial assistance for the acquisition or renovation of fixed assets by industrial companies expanding within the area. To further enhance economic conditions, ILDC manages a revolving loan fund. The corporation's mission aims to support industrial development and expansion, ultimately contributing to overall economic improvement.
Official website here: www.ecidany.com
Who is the CEO of Buffalo & Erie County Industrial Land Development Corporation?
John Cappellino is the Chairman of Buffalo & Erie County Industrial Land Development Corporation. The CEO's salary of Buffalo & Erie County Industrial Land Development Corporation is $0 and their total compensation is $229,632.
Official website here: www.ecidany.com
What is the revenue of Buffalo & Erie County Industrial Land Development Corporation?
Buffalo & Erie County Industrial Land Development Corporation's revenue in 2022 was $2,060,345.
Official website here: www.ecidany.com
Who are the executives of Buffalo & Erie County Industrial Land Development Corporation and what are their salaries?
There 7 volunteers at Buffalo & Erie County Industrial Land Development Corporation.
Here are 11 key members and their salaries (Buffalo & Erie County Industrial Land Development Corporation's CEO's salary is $0 and their total compensation is $229,632):
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $188,804
- Other: $40,828
- Compensation: $0
- Related: $109,602
- Other: $36,645
- Compensation: $0
- Related: $115,030
- Other: $21,900
- Compensation: $0
- Related: $107,955
- Other: $28,913
Official website here: www.ecidany.com
Where can I find the form 990 for Buffalo & Erie County Industrial Land Development Corporation?
Buffalo & Erie County Industrial Land Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.ecidany.com
Learn more at the official website: www.ecidany.com
Mission Statement of Buffalo & Erie County Industrial Land Development Corporation
Buffalo & Erie County Industrial Land Development Corporation, often referred to as ILDC, serves a crucial role in boosting economic growth within its jurisdiction. Established with a mission, the organization is primarily responsible for issuing tax-exempt bond financing to not-for-profit entities. Beyond this, ILDC was incorporated with the intention of participating in the acquisition and development of industrial sites, as well as providing financial assistance for the acquisition or renovation of fixed assets by industrial companies expanding or relocating in Erie County.
In line with its mission, ILDC manages a revolving loan fund, which is dedicated to enhancing economic conditions within Erie County. This fund plays a significant role in supporting industrial companies, enabling them to secure financing for their growth and expansion projects. By providing financial assistance, ILDC helps to create a conducive environment for businesses, ultimately contributing to the overall economic development of the region.
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Impact
October, 2024
The Buffalo & Erie County Industrial Land Development Corporation (ILDC) plays a significant role in enhancing economic conditions within Erie County. By issuing tax-exempt bond financing, it provides crucial financial support to not-for-profit entities and industrial companies seeking to establish or expand their operations in the region. This financial assistance facilitates the acquisition and renovation of fixed assets, empowering businesses to grow and thrive.
Moreover, the ILDC actively participates in the acquisition and development of industrial sites, addressing issues related to blighted land through remediation efforts. By managing a revolving loan fund, the ILDC ensures that resources are available for ongoing community improvement projects, fostering a more vibrant and sustainable local economy. Its shared services agreement allows for efficient administrative management, maximizing the impact of available funds and enhancing service delivery.
Overall, the work of the ILDC contributes to the revitalization and economic stability of Erie County, making it an essential player in local development efforts.
This information is meant to be a general summary of Buffalo & Erie County Industrial Land Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: -$180,695
- Program Service Revenue: $202,330
- Gross Receipts: $2,448,919
Assets and Liabilities:
- Total Assets: $18,925,535
- Total Liabilities: $11,575,876
- Net Assets: $7,349,659
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ADMINISTRATIVE FEES
Revenue
$190,700
INTEREST ON LOANS
Revenue
$11,630
Organization Details
Founding Year
1981
Phone
(716) 856-6525Principal Officer
John Cappellino
Main Address
95 PERRY STREET 403, BUFFALO, NY, 14203
Website
www.ecidany.comNTEE Category
Code: S31Z - Community improvement
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