Valley Shenango Economic Development Corporation
- Assets
- $5.8m
- Revenue
- $799.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Sharon, PA
- Founding
- 05/2009
- Data as of
- 12/2021
- EIN
- 02-0707982
Organization Overview
Valley Shenango Economic Development Corporation is located in Sharon, PA. The organization was established in 2009. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Valley Shenango Economic Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Valley Shenango Economic Development Corporation generated $799.5k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (6.4%) each year. All expenses for the organization totaled $389.8k during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION IS A PA NOT-FOR-PROFIT ECONOMIC DEVELOPMENT CORPORATION. ITS PURPOSE IS TO ATTRACT BUSINESS TO THE WINNER INDUSTRIAL PARK & TO RENOVATE THE FORMER WESTINGHOUSE PROPERTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LEASING SPACE TO COMPANIES IN SHARON, PA TO HELP CREATE JOBS IN A DEPRESSED AREA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Miller Treasurer And Secretary | OfficerTrustee | 1 | $0 |
Clancy Atkinson Chairman | OfficerTrustee | 1 | $0 |
Amy Atkinson Director | Trustee | 1 | $0 |
Brad Mantzell Director | Trustee | 1 | $0 |
Frank Gargiulo Director | Trustee | 1 | $0 |
Tom Roskos Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $288,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $313,843 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $601,843 |
| Total Program Service Revenue | $197,629 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $799,472 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $118,070 |
| Advertising and promotion | $3,815 |
| Office expenses | $126 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $36,818 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $119,533 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $47,592 |
| Insurance | $1,717 |
| All other expenses | $0 |
| Total functional expenses | $389,757 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $966,381 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $4,876,321 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,842,702 |
| Accounts payable and accrued expenses | $450 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $5,613,559 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $5,614,009 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $228,693 |
| Total liabilities and net assets/fund balances | $5,842,702 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Valley Shenango Economic Development Corporation has recieved totaling $260,464.
| Awarding Organization | Amount |
|---|---|
Buhl Regional Health Foundation Hermitage, PA PURPOSE: VSEDC - URBAN AGRICULTURE ENTREPRENEURIAL INNOVATION CENTER (UAEIC) | $250,000 |
Community Foundation Of Western Pennsylvania And Eastern Ohio Sharon, PA PURPOSE: PROGRAM SUPPORT | $10,464 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marshall University Research Corporation Huntington, WV | $66,297,155 | $55,595,334 |
Pidc-Developement Management Corporation Philadelphia, PA | $0 | $30,722,052 |
Calvert Impact Capital Inc Bethesda, MD | $679,643,317 | $23,234,500 |
Delaware River Waterfront Corporation Philadelphia, PA | $26,551,411 | $24,883,136 |
T R W I B Inc Pittsburgh, PA | $14,392,055 | $22,959,509 |
Wright Brothers Institute Inc Dayton, OH | $23,307,656 | $22,085,089 |
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Columbus Downtown Development Corporation Columbus, OH | $118,710,723 | $12,117,471 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |