Allentown Economic Development Corporation
- Assets
- $29.3m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 8
- Location
- Allentown, PA
- Founding
- 10/1981
- Data as of
- 06/2022
- EIN
- 23-2101393
Organization Overview
Allentown Economic Development Corporation is located in Allentown, PA. The organization was established in 1981. According to its NTEE Classification (S43) the organization is classified as: Small Business Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2022, Allentown Economic Development Corporation employed 8 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Allentown 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 06/2022, Allentown Economic Development Corporation generated $2.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.8% each year. All expenses for the organization totaled $1.9m during the year ending 06/2022. While expenses have increased by 2.0% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROACTIVELY IDENTIFY, ENCOURAGE, AND DEVELOP BUSINESS OPPORTUNITIES FOR THE LEHIGH VALLEY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROPERTY MANAGEMENT: MAINTAINING OF OLDER INDUSTRIAL BUILDINGS AND ATTRACTING MANUFACTURERS TO OPERATE FROM AN URBAN LOCATION. THIS IN TURN IS A SUSTAINABLE WAY OF UTILIZING INDUSTRIAL SPACE WHICH CREATES GROWTH OPPORTUNITIES FOR THE CITY AND JOBS FOR ITS RESIDENTS. IN ADDITION, MAINTAIN OTHER PROPERTIES THAT WERE DEVELOPED ON VACANT AND BLIGHTED AREAS AND HELP OLDER PROPERTY MAINTENANCE WHICH HOUSE NON-PROFITS BENEFITING THE RESIDENTS OF THE CITY OF ALLENTOWN.
1) BUSINESS RETENTION & EXPANSION: PROGRAM TO RETAIN AND EXPAND BUSINESSES IN ORDER TO BRINGS JOBS AND DEVELOP THE CITY.
DEVELOPMENT PROJECTS: DEVELOPMENT OF ACQUIRED PROPERTIES THAT WERE EITHER BLIGHTED OR UNDERUTILIZED. CREATE NEW JOBS AND FURTHER ECONOMIC DEVELOPMENT BY GETTING THESE PROPERTIES TO A SUSTAINABLE USE.
INCUBATION: ENCOURAGING AND FOSTERING THE DEVELOPMENT OF ECONOMIC GROWTH THROUGH THE ESTABLISHMENT AND MAINTENANCE OF A SMALL BUSINESS INCUBATOR FACILITY WHERE NEW AND GROWING BUSINESSES OPERATE UNDER ONE ROOF WITH LOW COST RENTAL, SHARED SERVICES AND EQUIPMENT, AND ACCESS TO PROFESSIONAL, TECHNICAL AND FINANCIAL PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donald M Bernhard Chairman | OfficerTrustee | 1 | $0 |
Vincent Tallarico Vice Chairman | OfficerTrustee | 1 | $0 |
John G Englesson Secretary | OfficerTrustee | 1 | $0 |
Matthew B Green Treasurer | OfficerTrustee | 1 | $0 |
Ray O'connel Director | Trustee | 1 | $0 |
Don Cunningham 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 | $12,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $12,500 |
| Total Program Service Revenue | $1,646,817 |
| Investment income | $93,311 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $428,819 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,229,356 |
| 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. | $159,589 |
| Compensation of current officers, directors, key employees. | $119,692 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $334,382 |
| Pension plan accruals and contributions | $18,484 |
| Other employee benefits | $83,798 |
| Payroll taxes | $25,005 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $408 |
| Fees for services: Accounting | $25,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $56,519 |
| Advertising and promotion | $2,739 |
| Office expenses | $2,815 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $264,878 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,566 |
| Interest | $133,832 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $469,194 |
| Insurance | $96,095 |
| All other expenses | $0 |
| Total functional expenses | $1,882,934 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $109,680 |
| Savings and temporary cash investments | $3,301,115 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $128,668 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,931,811 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $23,805,258 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $29,276,532 |
| Accounts payable and accrued expenses | $357,534 |
| Grants payable | $0 |
| Deferred revenue | $14,098 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $108,429 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,585,379 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $454,000 |
| Total liabilities | $5,519,440 |
| Net assets without donor restrictions | $20,945,212 |
| Net assets with donor restrictions | $2,811,880 |
| 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 | $29,276,532 |