T-SEC is a 501(c)(3) nonprofit organization. Our funding comes from federal, state, and local grants, allowing us to purchase and provide equipment to our SUNY system and industry partners at no cost to the partner organization.
990 Form detailing the financial activity for the 2016 fiscal year. As a nonprofit organization, T-SEC is exempt from income tax, and therefore must submit their annual report to the IRS on a yearly basis.
2016 T-SEC Financial Statements (Audited). This independent auditor’s report contains T-SEC’s financial position for 2016, including financial activities and cash flow throughout the year.
T-SEC is a 501(c)(3) nonprofit organization. Our funding comes from federal, state and local grants, allowing us to purchase and provide equipment to our university and industry partners at no cost to the organization.
T-SEC By-Laws (04-05-2010): This document outlines T-SEC’s purpose as a company, and the guidelines they follow as a nonprofit organization.
_T-SEC Conflict Of Interest & Related Party Transactions Policy (04-28-15): This document exists to help every employee and member of the T-SEC team to identify conflicts of interest and outline the appropriate procedure to handle those conflicts.
TSEC has a long history of receiving funding support from both New York State and the federal government.
These funding partners support T-SEC’s mission in the form of grants. T-SEC uses these grants to encourage business attraction/retention and workforce development via T-SEC’s unique partnerships with manufacturing firms, SMEs, economic development agencies, and SUNY community colleges located in the Hudson Valley.
Empire State Development (ESD) has been a funding partner for T-SEC for a number of years and has supported some of our most strategic and wide-ranging initiatives.
Empire State Development (“ESD”) is, per their website, “the umbrella organization for New York’s two principal economic development financing entities: The New York State Urban Development Corporation and the Department of Economic Development.”
Their mission is “to promote a vigorous and growing state economy, encourage business investment and job creation, and support diverse, prosperous local economies across New York State through the efficient use of loans, grants, tax credits, real estate development, marketing and other forms of assistance.”
T-SEC has worked closely with EDA to bring about change in the Hudson Valley via support for T-SEC’s strategy to retain and grow manufacturing and the workforce via workforce development efforts that EDA has funded.
The U.S. Department of Commerce’s Economic Development Administration (EDA) according to its website is:
“…the only federal government agency focused exclusively on economic development, the U.S. Department of Commerce’s Economic Development Administration (EDA) plays a critical role in facilitating regional economic development efforts in communities across the nation.
“Guided by the basic principle that sustainable economic development should be locally-driven, EDA works directly with communities and regions to help them build the capacity for economic development based on local business conditions and needs. EDA’s grant investments in planning, technical assistance, and infrastructure construction are designed to leverage existing regional assets to support the implementation of economic development strategies that make it easier for businesses to start and grow.”
To learn more about EDA visit here.
The Orange County Accelerator, powered by the Industrial Development Association, is a certified regional incubator designated as such by New York State’s NYSTAR. According to its website, the designation is based on the following:
“Through a competitive process, NYSTAR has designated 10 Innovation Hot Spots—one for each of New York’s economic development regions—and 20 Certified Business Incubators, which receive funding to reach a greater number of early-stage companies.
“This network of support has created a culture of innovation and success around the state, thanks to ground-level services that make a dramatic difference in a start-up company’s next steps.
“Support may vary by location but generally includes: physical space; shared administrative staff; access to capital; coaching; mentoring; networking connections; prototype development; and access to other technical services. Innovation Hot Spots also coordinate regional entrepreneurial ecosystems, and can offer tax benefits to client businesses.”
The Accelerator is located in New Windsor at Stewart International Airport and for its mission places a special emphasis on bringing manufacturing back to the mid-Hudson Valley.
Particular areas of focus are in the following economic clusters:
Learn more about The Accelerator here.