Bucks County Economic Development Corporation
- Assets
- $10.8m
- Revenue
- $479.5k
- Investments
- $0.0
- Employees
- 4
- Location
- Doylestown, PA
- Founding
- 06/1960
- Data as of
- 12/2021
- EIN
- 23-1524674
Organization Overview
Bucks County Economic Development Corporation is located in Doylestown, PA. The organization was established in 1960. 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. As of 12/2021, Bucks County Economic Development Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bucks County Economic Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, Bucks County Economic Development Corporation generated $479.5k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $640.0k during the year ending 12/2021. While expenses have increased by 1.1% 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 MISSION OF THE BUCKS COUNTY ECONOMIC DEVELOPMENT CORPORATION (BCEDC) IS TO CREATE A STRONG AND VITAL ECONOMIC BASE THROUGH THE PRESERVATION AND CREATION OF JOB OPPORTUNITIES FOR BUCKS COUNTY RESIDENTS. THE BCEDC ASSISTS COMPANIES WITH START UP, EXPANSION AND/OR RELOCATION PLANNING BY PROVIDING LONG-TERM, LOW INTEREST LOANS FOR LAND, BUILDINGS, MACHINERY AND EQUIPMENT. VARIOUS PROGRAMS ARE COMBINED TO CREATE INNOVATIVE FINANCING ALTERNATIVES AT LOWER THAN CONVENTIONAL RATES. INCENTIVES TO EXPAND IN BUCKS COUNTY INCLUDE LOW INTEREST LOAN THROUGH THE COUNTY, THE COMMONWEALTH OF PENNSYLVANIA AND US SMALL BUSINESS ADMINISTRATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CORPORATION PROVIDES LOW COST LOANS TO COMMERCIAL AND NON-COMMERCIAL ENTITIES FUNDED BY THE PENNSYLVANIA INDUSTRIAL DEVELOPMENT AUTHORITY OR OTHER LENDERS IN ORDER TO STIMULATE THE LOCAL ECONOMY.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert F Cormack Executive Di | Officer | 40 | $178,795 |
Phil Eastman Secretary | OfficerTrustee | 1 | $0 |
Gerald C Forest Vice Preside | OfficerTrustee | 1 | $0 |
James Bleakly President | OfficerTrustee | 1 | $0 |
Karen Lasorda Treasurer/as | OfficerTrustee | 1 | $0 |
David R Breidinger Director | Trustee | 1 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $428,864 |
| Investment income | $26,613 |
| 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 | $479,487 |
| 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. | $185,951 |
| Compensation of current officers, directors, key employees. | $37,190 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $208,692 |
| Pension plan accruals and contributions | $8,344 |
| Other employee benefits | $43,895 |
| Payroll taxes | $27,819 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $15,000 |
| Fees for services: Accounting | $7,275 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,786 |
| Advertising and promotion | $5,239 |
| Office expenses | $14,715 |
| Information technology | $5,198 |
| Royalties | $0 |
| Occupancy | $63,237 |
| Travel | $6,430 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,083 |
| Interest | $5,302 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,745 |
| Insurance | $22,886 |
| All other expenses | $0 |
| Total functional expenses | $640,019 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $5,190,442 |
| 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 | $1,075,575 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $19,050 |
| Net Land, buildings, and equipment | $3,934 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,545,612 |
| Total assets | $10,834,613 |
| Accounts payable and accrued expenses | $12,344 |
| Grants payable | $0 |
| Deferred revenue | $2,043 |
| 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 | $4,545,612 |
| Unsecured mortgages and notes payable | $267,963 |
| Other liabilities | $0 |
| Total liabilities | $4,827,962 |
| Net assets without donor restrictions | $6,006,651 |
| 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 | $10,834,613 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Bucks County Economic Development Corporation has recieved totaling $48,914.
| Awarding Organization | Amount |
|---|---|
Philadelphia Industrial Development Corp Philadelphia, PA PURPOSE: ECON DEVELOPMENT | $48,914 |
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 |