Wayne Economic Development Corp
- Assets
- $7.4m
- Revenue
- $993.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Lyons, NY
- Founding
- 04/2010
- Data as of
- 12/2021
- EIN
- 16-0955314
Organization Overview
Wayne Economic Development Corp is located in Lyons, NY. The organization was established in 2010. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood 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. Wayne Economic Development Corp 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, Wayne Economic Development Corp generated $993.6k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.5% each year . All expenses for the organization totaled $996.9k during the year ending 12/2021. While expenses have increased by 13.8% per year over the past 7 years. They've been increasing with an increasing level of total revenue. 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 CORPORATION WAS FORMED TO LESSEN THE BURDENS OF GOVERNMENT AND ACT IN THE PUBLIC INTEREST; TO FACILITATE ECONOMIC ACTIVITIES THROUGHOUT WAYNE COUNTY, NY INCLUDING THE LOCATION AND EXPANSION OF CIVIC, INDUSTRIAL AND COMMERCIAL FACILITIES, THE CREATION OF NEW AND IMPROVED JOB OPPORTUNITIES, THE REDUCTION OF UNEMPLOYMENT AND THE IMPROVEMENT OF THE WELL-BEING OF ITS COMMUNITIES AND RESIDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO FACILITATE ECONOMIC ACTIVITIES THROUGHOUT WAYNE COUNTY, NY INCLUDING THE LOCATION AND EXPANSION OF CIVIC, INDUSTRIAL AND COMMERCIAL FACILITIES, THE CREATION OF NEW AND IMPROVED JOB OPPORTUNITIES, THE REDUCTION OF UNEMPLOYMENT AND THE IMPROVEMENT OF THE WELL-BEING OF ITS COMMUNITIES AND RESIDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Spickerman Chairman | OfficerTrustee | 0.1 | $0 |
Ken Miller Vice Chair | OfficerTrustee | 0.1 | $0 |
Julie Dilella Treasurer | OfficerTrustee | 0.1 | $0 |
Kaye Stone-Gansz Secretary | OfficerTrustee | 0.1 | $0 |
Jamie Corteville CFO | Officer | 0.2 | $0 |
Kathleen Bronson COO | Officer | 0.2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $33,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $33,000 |
| Total Program Service Revenue | $19,178 |
| Investment income | $49,436 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $892,000 |
| 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 | $993,614 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $62,000 |
| Grants and other assistance to domestic individuals. | $1,428 |
| 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 | $34,505 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $24,436 |
| Advertising and promotion | $0 |
| Office expenses | $254 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $30,459 |
| Insurance | $3,052 |
| All other expenses | $15 |
| Total functional expenses | $996,865 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $587,830 |
| Savings and temporary cash investments | $2,528,984 |
| 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 | $1,504,150 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $402,216 |
| Net Land, buildings, and equipment | $2,362,428 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $7,385,608 |
| Accounts payable and accrued expenses | $62 |
| Grants payable | $0 |
| Deferred revenue | $453,697 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $453,759 |
| Net assets without donor restrictions | $6,931,849 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $7,385,608 |
Grants Awarded
Over the last fiscal year, Wayne Economic Development Corp has awarded $57,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
PALMYRA-MACEDON CENTRAL SCHOOL DISTRICT PURPOSE: PASS-THROUGH GRANT FROM THE BULLIS FUND VIA THE ROCHESTER AREA COMMUNITY FOUNDATION FOR EDGE FACTOR VIDEOS | $32,500 |
SODUS BAY OUTFITTERS PURPOSE: KICK START WAYNE COUNTY GRANT: BUSINESS STARTUP PITCH COMPETITION WINNER | $25,000 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Wayne Economic Development Corp has recieved totaling $33,000.
| Awarding Organization | Amount |
|---|---|
Rochester Area Community Foundation Rochester, NY PURPOSE: WAYNE COUNTY HAS THE EDGE PROGRAM | $33,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Urban Affairs Coalition Philadelphia, PA | $25,704,306 | $97,554,481 |
Brooklyn Navy Yard Development Corporation Brooklyn, NY | $543,633,704 | $68,378,369 |
Cent For Urban Community Svcs New York, NY | $78,734,129 | $72,768,234 |
The Community Preservation Corporation New York, NY | $1,407,109,282 | $65,839,600 |
Quincy Community Action Programs Inc Quincy, MA | $14,865,186 | $43,148,267 |
Westchester Community Opportunity Program Inc Elmsford, NY | $7,932,264 | $37,716,573 |
Reinvestment Fund Inc Philadelphia, PA | $609,259,384 | $44,624,452 |
St Nicks Alliance Corp Brooklyn, NY | $44,353,994 | $35,596,992 |
National Council For Community Development Inc Brooklyn, NY | $24,193,687 | $38,165,020 |
The Community Action Organization Of Western New York Inc Buffalo, NY | $11,956,609 | $31,001,421 |
Community Action Pioneer Valley Inc Greenfield, MA | $7,969,732 | $29,838,934 |
Citizens For Citizens Inc Fall River, MA | $12,279,316 | $29,399,731 |