East Falls Development Corporation
- Assets
- $444.8k
- Revenue
- $493.9k
- Investments
- $0.0
- Employees
- 4
- Location
- Philadelphia, PA
- Founding
- 11/1995
- Data as of
- 12/2021
- EIN
- 23-2805925
Organization Overview
East Falls Development Corporation is located in Philadelphia, PA. The organization was established in 1995. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, East Falls Development Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. East Falls 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, East Falls Development Corporation generated $493.9k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.7% each year . All expenses for the organization totaled $525.6k during the year ending 12/2021. While expenses have increased by 16.3% 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 EAST FALLS DEVELOPMENT CORPORATION IS A NOT-FOR-PROFIT ENTITY DEDICATED TO COMMUNITY-BASED ECONOMIC DEVELOPMENT FOR THE BENEFIT OF EAST FALLS. WE WORK TO CREATE A COMMUNITY THAT CAPITALIZES ON ITS ASSETS-A STRATEGIC LOCATION BETWEEN CENTER CITY PHILADELPHIA AND
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE THE HEALTH, SAFETY AND WELFARE OF THE RESIDENTS, BUSINESSES AND INSTITUTIONS OF THE EAST FALLS SECTION OF PHILADELPHIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michelle Feldman Exec Director | Officer | 40 | $40,213 |
Heidi E Grunwald Board Chair | OfficerTrustee | 5 | $0 |
John Hawkins Vice Chair | OfficerTrustee | 2 | $0 |
Kevin Duffy Treasurer | OfficerTrustee | 2 | $0 |
Greg Curci Member | Trustee | 2 | $0 |
Coren Wise Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $116,162 |
| All other contributions, gifts, grants, and similar amounts not included above | $297,009 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $413,171 |
| Total Program Service Revenue | $70,627 |
| Investment income | $83 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $9,751 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $493,883 |
| 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. | $40,213 |
| Compensation of current officers, directors, key employees. | $2,412 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,160 |
| Pension plan accruals and contributions | $1,120 |
| Other employee benefits | $1,296 |
| Payroll taxes | $4,505 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,195 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,250 |
| Office expenses | $1,209 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $10,182 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $194 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $578 |
| Insurance | $12,971 |
| All other expenses | $399,729 |
| Total functional expenses | $525,557 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $336,643 |
| Pledges and grants receivable | $99,900 |
| 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 | $5,334 |
| Net Land, buildings, and equipment | $2,282 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $600 |
| Total assets | $444,759 |
| Accounts payable and accrued expenses | $18,800 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $18,800 |
| Net assets without donor restrictions | $350,959 |
| Net assets with donor restrictions | $75,000 |
| 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 | $444,759 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that East Falls Development Corporation has recieved totaling $193,000.
| Awarding Organization | Amount |
|---|---|
William Penn Foundation Philadelphia, PA PURPOSE: RIVER LANDING ON THE SCHUYLKILL RIVER IN EAST FALLS | $193,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cincinnati Center City Development Corporation Cincinnati, OH | $365,563,062 | $43,403,938 |
Gateway Economic Development Corporation Of Greater Cleveland Cleveland, OH | $401,423,840 | $30,122,951 |
43north Bpc Inc Buffalo, NY | $13,425,800 | $3,001,464 |
Capitol South Community Urban Redevelopment Corporation Columbus, OH | $40,052,734 | $27,422,003 |
Anne Arundel Economic Development Corporation Annapolis, MD | $15,670,028 | $30,337,180 |
City Of Baltimore Development Corporation Baltimore, MD | $22,115,045 | $13,864,142 |
Grameen America Inc Jackson Heights, NY | $237,127,552 | $50,248,348 |
Harristown Development Corporation Harrisburg, PA | $29,766,695 | $19,028,512 |
Community Action Of South Eastern West Virginia Bluefield, WV | $9,324,400 | $12,779,130 |
Cintrifuse Cincinnati, OH | $9,097,086 | $17,758,065 |
Walnut Hills Redevelopment Foundation Inc Cincinnati, OH | $7,399,538 | $1,025,062 |
Greater Jamaica Development Corp Jamaica, NY | $43,416,674 | $8,397,998 |