Lehigh Valley Economic Development Corporation
- Assets
- $3.9m
- Revenue
- $6.0m
- Investments
- $0.0
- Employees
- 15
- Location
- Bethlehem, PA
- Founding
- 10/2001
- Data as of
- 12/2021
- EIN
- 23-2798276
Organization Overview
Lehigh Valley Economic Development Corporation is located in Bethlehem, PA. The organization was established in 2001. 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, Lehigh Valley Economic Development Corporation employed 15 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lehigh Valley 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, Lehigh Valley Economic Development Corporation generated $6.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.4% each year . All expenses for the organization totaled $5.0m during the year ending 12/2021. While expenses have increased by 8.9% 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.
Since 2015, Lehigh Valley Economic Development Corporation has awarded 20 individual grants totaling $2,647,414. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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 LEHIGH VALLEY ECONOMIC DEVELOPMENT CORPORATION IS TO MARKET THE ECONOMIC ASSETS OF THE LEHIGH VALLEY AND TO CREATE PARTNERSHIPS TO SUPPORT THE RECRUITMENT, GROWTH, AND RETENTION OF EMPLOYERS AND THE CREATION OF JOBS FOR PEOPLE OF ALL SKILL AND EDUCATION LEVELS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FINANCING - LVEDC ADMINISTERS A VARIETY OF ECONOMIC DEVELOPMENT FINANCE PROGRAMS.
ECONOMIC DEVELOPMENT: MARKET THE ECONOMIC ASSETS OF THE LEHIGH VALLEY, RECRUIT COMPANIES IN TARGETED ECONOMIC SECTORS, SUPPORT THE GROWTH AND RETENTION OF NEW AND EXISTING EMPLOYERS, PROMOTE AND COORDINATE A SKILLED AND PREPARED WORKFORCE, PROVIDE INTELLIGENCE AND DATA ON THE LEHIGH VALLEY ECONOMY, EXPAND PUBLIC AND PRIVATE PARTNERSHIPS FOR ECONOMIC GROWTH, AND LAND RECYCLING INITATIVES THROUGH ASSESSMENT AND REMEDIATION OF ABANDONED AND UNDER UTILIZED SITES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Donald T Cunningham Jr President/ceo | Officer | 40 | $249,271 |
Jaime Whalen Exec VP & Chief Of Staff | 40 | $130,378 | |
Karianne Gelinas VP Of Business Attraction + Talent Supply | 40 | $118,725 | |
George Lewis VP Of Marketing, Communications + Research | 40 | $104,291 | |
Neal Koplin Vice Chair | Officer | 4 | $0 |
Dan Mccarthy Secretary | Officer | 4 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,913,890 |
| All other contributions, gifts, grants, and similar amounts not included above | $762,460 |
| Noncash contributions included in lines 1a–1f | $13,760 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,676,350 |
| Total Program Service Revenue | $280,198 |
| Investment income | $8,342 |
| 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 | $6,020,924 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $2,469,250 |
| 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. | $249,272 |
| Compensation of current officers, directors, key employees. | $37,391 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,141,621 |
| Pension plan accruals and contributions | $81,926 |
| Other employee benefits | $136,877 |
| Payroll taxes | $101,551 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,377 |
| Fees for services: Accounting | $16,571 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $277,026 |
| Advertising and promotion | $113,033 |
| Office expenses | $103,240 |
| Information technology | $16,775 |
| Royalties | $0 |
| Occupancy | $163,771 |
| Travel | $10,407 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $57,368 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $18,783 |
| Insurance | $10,538 |
| All other expenses | $12,912 |
| Total functional expenses | $4,985,298 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $184,025 |
| Savings and temporary cash investments | $2,527,414 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,006,094 |
| 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 | $72,958 |
| Net Land, buildings, and equipment | $98,249 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $9,702 |
| Total assets | $3,898,442 |
| Accounts payable and accrued expenses | $527,990 |
| Grants payable | $0 |
| Deferred revenue | $5,000 |
| 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 | $40,939 |
| Total liabilities | $573,929 |
| Net assets without donor restrictions | $3,322,235 |
| Net assets with donor restrictions | $2,278 |
| 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 | $3,898,442 |
Grants Awarded
Over the last fiscal year, Lehigh Valley Economic Development Corporation has awarded $2,464,250 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Allentown, PA PURPOSE: LVEDC SERVES AS GRANT PASS THROUGH AGENT FOR THE STATE. | $1,998,000 |
THE WATERFRONT DEVELOPMENT COMPANY PURPOSE: PA DEP GROWING GREENER GRANT FOR WATERFRONT RESTORATION | $466,250 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Lehigh Valley Economic Development Corporation has recieved totaling $40,000.
| Awarding Organization | Amount |
|---|---|
South Eastern Economic Development Co Of Pa Exton, PA PURPOSE: ECONOMIC DEVELOPMENT IN LEHIGH VALLEY, PA | $20,000 |
American Online Giving Foundation Inc Newark, DE PURPOSE: GENERAL SUPPORT | $20,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Riverfront Development Corporation Of Delaware Wilmington, DE | $140,150,021 | $1,670,893 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Montgomery County Economic Development Corporation Rockville, MD | $2,827,028 | $7,933,113 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |