Scranton Lackawanna Industrial Building Company
- Assets
- $51.6m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Scranton, PA
- Founding
- 06/1947
- Data as of
- 06/2023
- EIN
- 23-6298311
Organization Overview
Scranton Lackawanna Industrial Building Company is located in Scranton, PA. The organization was established in 1947. 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. Scranton Lackawanna Industrial Building Company 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 06/2023, Scranton Lackawanna Industrial Building Company generated $2.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (7.0%) each year. All expenses for the organization totaled $3.6m during the year ending 06/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROMOTE ECONOMIC GROWTH IN LACKAWANNA COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADMINISTERED INCENTIVE FINANCING PROGRAMS AND PROVIDED ECONOMIC ASSISTANCE TO INDUSTRY IN AN EFFORT TO ATTRACT, SUSTAIN AND GROW BUSINESS IN LACKAWANNA COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Davis President | OfficerTrustee | 1 | $0 |
Robert F Durkin Executive Vice President | OfficerTrustee | 1 | $0 |
Donald A Brominski Vice President | OfficerTrustee | 1 | $0 |
Joseph Ferretti Vice President | OfficerTrustee | 1 | $0 |
Alana Roberts Vice President | OfficerTrustee | 1 | $0 |
Robert C Markowski Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $206,033 |
| All other contributions, gifts, grants, and similar amounts not included above | $15,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $221,033 |
| Total Program Service Revenue | $1,784,249 |
| Investment income | $221,764 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $15,427 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,242,473 |
| 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. | $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 | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $34,465 |
| Fees for services: Other | $26,015 |
| Advertising and promotion | $0 |
| Office expenses | $7,396 |
| Information technology | $7,089 |
| 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 | $24,299 |
| Interest | $15,852 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,048,558 |
| Insurance | $108,806 |
| All other expenses | $260,560 |
| Total functional expenses | $3,590,159 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,728 |
| Savings and temporary cash investments | $5,728,970 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $109,267 |
| 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 | $347,259 |
| Net Land, buildings, and equipment | $9,634,443 |
| Investments—publicly traded securities | $5,752,812 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $30,012,580 |
| Total assets | $51,603,059 |
| Accounts payable and accrued expenses | $394,702 |
| Grants payable | $0 |
| Deferred revenue | $45,163 |
| 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 | $1,514,105 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $64,050 |
| Total liabilities | $2,018,020 |
| Net assets without donor restrictions | $49,511,144 |
| Net assets with donor restrictions | $73,895 |
| 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 | $51,603,059 |