NEW YORK STATE URBAN DEVELOPMENT CORPORATION d/b/a ...

TO: Frances Walton
CC: Sheila Robinson
FROM: Jonevan Hornsby
DATE: March 20, 2012
FINANCE MEMORANDUM
RE: Southern Tier Regional Economic Development Corporation
Grantee
Name: Southern Tier Regional Economic Development Corporation (“STREDC”)
Corporate Location: Corning, New York
Corporate Form: Not-for-profit Corporation
Ownership: Privately-held (administered by Regional Economic Development and
Energy Corporation)
o Nature of Business: Promotes industrial development and general economic
prosperity in the Southern Tier region of New York State.
Financial Information
Industry: All Other Nondepository Credit Intermediation
NAICS Code: 522298
ESD Credit Rating (Score)*: Satisfactory (3)
o Profitability:
Sales: Increasing over 3 year historical period
Profit Margin: Above the industry median in most recent year
EBITDA: Positive and increasing over 3 year historical period
Net Income: Increasing over 3 year historical period
o Liquidity:
Current ratio: Below the industry median and below 1.0 in most recent full year of
operations
o Solvency:
Total debt/total assets: Below the industry median and less than 65%; STREDC has
no debt.
EBITDA/Debt Service: Strong; STREDC has no debt.
o Other:
Audit status: All financial are audited.