Long Island Development Corporation
Public records show a registered, tax-exempt organization in good standing.
What it says it does
ECONOMIC DEVELOPMENT TO ASSIST SMALL BUSINESSES AND NOT-FOR-PROFIT ENTITIES WITH LOANS AND TECHNICAL ASSISTANCE.
- Income
- $841,559
- Spending
- $1.3 million
- Spent on programs
- 90%
- Reserves
- -12.5 months of spending
- Largest source of income
- fees for its services, 96%
- Employees
- 4
- Volunteers
- 12
- Highest pay
- $259,310, president/ceo/board member
Source: Form 990 for the year ending September 30, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Fair: 50 out of 100. Higher than 19% of charities in its peer group (community improvement, $250k to $1m).
Reserves
0 of 35Spendable reserves are negative: it owes or has committed more than it holds.
Debt
20 of 20It owes 10% of what it owns.
Living within its means
0 of 15Spending exceeded income by 57% of income.
Income trend
15 of 15Income rose 35% on the year before.
Spending floor
15 of 1590% of spending went to programs and raising each dollar of donations cost 0 cents.
Source: Form 990 for the year ending September 30, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 100 out of 100. Higher than 92% of charities in its peer group (community improvement, $250k to $1m).
Independent board
25 of 257 of 8 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending September 30, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (2)
- $552,948 spent. CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT REVOLVING LOAN FUND:IN JULY 2020, THE DEPARTMENT OF COMMERCE'S ECONOMIC DEVELOPMENT ADMINISTRATION (EDA) APPROVED LIDC'S APPLICATION TO CAPITALIZE A $6,570,000 REVOLVING LOAN FUND TO ALLEVIATE SUDDEN AND SEVERE ECONOMIC DISLOCATION CAUSED BY THE CORONAVIRUS (COVID-19) PANDEMIC, TO PROVIDE PERMANENT RESOURCES TO SUPPORT ECONOMIC RESILIENCY, AND TO FURTHER THE LONG-TERM ECONOMIC ADJUSTMENT OBJECTIVES OF LONG ISLAND. THE EDA INVESTMENT ALSO PROVIDES $657,000 TO DEFRAY THE COST OF ADMINISTERING THE RLF. THE TOTAL PROJECT COST IS ESTIMATED TO BE $7,227,000 AND IS FUNDED UNDER THE ADDITIONAL SUPPLEMENTAL APPROPRIATIONS FOR CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT (CARES ACT). THE EDA ISSUED THE APPROVED AGREEMENT IN TWO PHASES. THE FIRST PHASE OR FUNDING PHASE IS A TWO YEAR PERIOD IN WHICH BOTH THE $6,570,000 LOAN FUNDS MUST BE DISBURSED AND THE $657,000 ADMINISTRATIVE FEE MUST BE UTILIZED. AS OF SEPTEMBER 30, 2021, $3,040,000 OF LOANS HAVE BEEN DISBURSED. THE SECOND PHASE OF REVOLVING LOAN FUND PHASE BEGINS AFTER THE FIRST PHASE HAS OCCURED AND PERFORMS AS A TRADITIONAL RLF DURING THE NEXT 7 YEARS. DURING THIS PERIOD, LIDC RECEIVES ADMINISTRATIVE FEES, SUBJECT TO MAXIMUM LIMITS SET BY THE CONTRACTS. THE ADMINISTRATIVE FEE IS PAID FROM INTEREST AND FEES EARNED IN CONNECTION WITH THE PROGRAM. IN 2029, THE LIDC CARES ACT REVOLVING LOAN FUND IS SCHEDULED TO BECOME DEFEDERALIZED FUND AND GRADUATE TO A LEGACY REVOLVING LOAN FUND.
- $637,596 spent. LONG ISLAND DEFENSE DIVERSIFICATION REVOLVING LOAN FUND:IN 1994 LIDC ENTERED INTO A CONTRACT WITH NEW YORK STATE DEPARTMENT OF ECONOMIC DEVELOPMENT ("NYSDED") TO ADMINISTER A $2.0 MILLION LOAN FUND TO DISBURSE LOANS TO DEFENSE DEPENDENT SMALL BUSINESS MANUFACTURERS USING FUNDS PROVIDED BY THE ECONOMIC DEVELOPMENT ADMINISTRATION ("EDA") UNDER THE U.S. DEPARTMENT OF COMMERCE THROUGH NYSDED. THE FUND WAS INCREASED TO $2.5 MILLION IN 1995. THE USE OF FUNDS WAS EXPANDED TO TARGETED INDUSTRIES (NOTE A-2C). REPAYMENTS OF PRINCIPAL AND INTEREST ALONG WITH INTEREST ON DEPOSITS AND FEES RECEIVED IN CONNECTION WITH THESE LOANS ARE RESTRICTED FOR FUTURE LENDING. INTEREST AND FEES RECEIVED ON OUTSTANDING LOANS FOR THE YEAR ENDED SEPTEMBER 30, 2024 WAS $231,262. IN ADDITION, LIDC MAINTAINS RESERVE DEPOSIT ACCOUNTS FOR SOME OF THE BORROWERS, INTEREST ON WHICH BELONGS TO LIDC. LIDC RECEIVES ADMINISTRATIVE FEES IN CONNECTION WITH THIS PROGRAM WHICH ARE PAID FROM INTEREST AND FEES EARNED UP TO CERTAIN MAXIMUM LIMITS SET BY CONTRACT. FOR THE YEAR ENDED SEPTEMBER 30, 2024, LIDC RECEIVED FROM THE LONG ISLAND DEFENSE DIVERSIFICATION REVOLVING LOAN FUND ADMINISTRATIVE FEES OF $114,884. IN A LETTER DATED JUNE 21, 2022, THE NEW YORK STATE DEPARTMENT OF ECONOMIC DEVELOPMENT REQUESTED THAT EDA RELEASE ITS FEDERAL INTEREST IN INVESTMENT NUMBER 01-49-03291. THE REQUEST WAS GRANTED BY THE EDA TO RELEASE ITS FEDERAL INTEREST IN THE REVOLVING LOAN FUND AWARDS THAT HAVE OPERATED SATISFACTORILY FOR SEVEN YEARS BEYOND DISBURSEMENT OF GRANT FUNDS. THEREFORE, THE LIDC DEFENSE DIVERSIFICATION REVOLVING LOAN FUND WAS GRADUATED TO A LEGACY REVOLVING LOAN FUND.LONG ISLAND FISHERIES ASSISTANCE REVOLVING LOAN FUND:IN SEPTEMBER 1994, LIDC ENTERED A CONTRACT WITH THE NYS DEPARTMENT OF ECONOMIC DEVELOPMENT (NYSDED) AND JOB DEVELOPMENT AUTHORITY (JDA), TO ADMINISTER A $750,000 FUND TO ASSIST COMMERCIAL FISHERMEN AND AQUACULTURE RELATED INDUSTRIES NEGATIVELY IMPACTED BY POLLUTION AND REGULATION ON LONG ISLAND. $500,000 IS FUNDED BY THE US DEPARTMENT OF COMMERCE, ECONOMIC DEVELOPMENT ADMINISTRATION (EDA) THROUGH NYS DED AND $250,000 IS FUNDED BE THE JDA. THE FUNDS ARE USED FOR WORKING CAPITAL AND CAPITAL ASSET LOANS TO ELIGIBLE SMALL BUSINESSES LOCATED ON LONG ISLAND. IN A LETTER DATED JUNE 21, 2022, THE NEW YORK STATE DEPARTMENT OF ECONOMIC DEVELOPMENT REQUESTED THAT EDA RELEASE ITS FEDERAL INTEREST IN INVESTMENT NUMBER 01-19-63003. THE REQUEST WAS GRANTED BY THE EDA TO RELEASE ITS FEDERAL INTEREST IN THE REVOLVING LOAN FUND AWARDS THAT HAVE OPERATED SATISFACTORILY FOR SEVEN YEARS BEYOND DISBURSEMENT OF GRANT FUNDS. THEREFORE, THE LIDC FISHERIES ASSISTANCE REVOLVING LOAN FUND WAS GRADUATED TO A LEGACY REVOLVING LOAN FUND. LIDC RECEIVES ADMINISTRATIVE FEES, SUBJECT TO MAXIMUM LIMITS SET BY THE CONTRACTS. THE ADMINISTRATIVE FEE IS PAID FROM INTEREST AND FEES EARNED IN CONNECTION WITH THE PROGRAM. INTEREST AND FEES RECEIVED ON OUTSTANDING LOANS FOR THE YEAR ENDED SEPTEMBER 30, 2024 WAS $79,508. USE OF INTEREST, PRINCIPAL AND FEES IS RESTRICTED BY CONTRACT. FOR THE YEARS ENDED SEPTEMBER 30, 2024, LIDC RECEIVED FROM THE LONG ISLAND FISHERIES ASSISTANCE REVOLVING LOAN FUND ADMINISTRATIVE FEES OF $38,049.LONG ISLAND TARGETED INDUSTRIES REVOLVING LOAN FUND:IN 1995, LIDC ENTERED INTO AGREEMENTS WITH THE NYS URBAN DEVELOPMENT CORPORATION ("UDC"), NASSAU AND SUFFOLK COUNTIES TO CREATE THE LONG ISLAND WORKING CAPITAL LOAN FUND. THIS FUND WAS TO PROVIDE WORKING CAPITAL LOANS TO TARGETED SMALL BUSINESSES FOR DEFENSE DIVERSIFICATION, INDUSTRIAL MODERNIZATION, AND SPECIAL COMMUNITY PROJECTS. AS OF SEPTEMBER 30, 1999, LIDC HAD RECEIVED $2,000,000 IN LOAN LOSS RESERVE FUNDS FROM UDC ($1,000,000), SUFFOLK COUNTY ($500,000), AND NASSAU COUNTY ($500,000). DURING THE FISCAL YEAR 1999 THE LONG ISLAND WORKING CAPITAL LOAN FUND WAS DISSOLVED AND THE BALANCE OF THE NYS (UDC) LOAN LOSS RESERVE WAS TRANSFERRED INTO THE LONG ISLAND TARGETED INDUSTRY RLF FOR DIRECT LENDING. ELIGIBILITY FOR THE TARGETED FUND WAS EXPANDED BEYOND THE LISTED TARGETED INDUSTRIES, AND COMMUNITY DEVELOPMENT PROJECTS TO INCLUDE NON-RETAIL STATE MINORITY AND/OR WOMEN OWNED BUSINESSES CERTIFIED BY NYS AND TO INCLUDE ANY BUSINESSES LOCATED IN A NYS EMPIRE ZONE, OR THAT IS NYS EXCELSIOR CERTIFIED. LIDC RECEIVES ADMINISTRATIVE FEES, SUBJECT TO MAXIMUM LIMITS SET BY THE CONTRACTS. THE ADMINISTRATIVE FEE IS PAID FROM INTEREST AND FEES EARNED IN CONNECTION WITH THE PROGRAM. INTEREST AND FEES RECEIVED ON OUTSTANDING LOANS FOR THE YEAR ENDED SEPTEMBER 30, 2024 WAS $130,028. USE OF INTEREST, PRINCIPAL AND FEES IS RESTRICTED BY CONTRACT. FOR THE YEAR ENDED SEPTEMBER 30, 2024, LIDC RECEIVED FROM THE LONG ISLAND TARGETED INDUSTRIES REVOLVING LOAN FUND ADMINISTRATIVE FEES OF 67,021.
Source: Form 990 for the year ending September 30, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending September 2025.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since March 1981.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.
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