Greater Berks Development Fund
- Assets
- $36.8m
- Revenue
- $3.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Reading, PA
- Founding
- 03/1955
- Data as of
- 12/2023
- EIN
- 23-6392284
Organization Overview
Greater Berks Development Fund is located in Reading, PA. The organization was established in 1955. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Berks Development Fund 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 12/2023, Greater Berks Development Fund generated $3.4m in total revenue. The organization has seen a slow decline revenue. Over the past 9 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $3.3m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (0.4%) per year over the past 9 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, Greater Berks Development Fund has awarded 168 individual grants totaling $4,650,000. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE GREATER BERKS DEVELOPMENT FUND AIDS AND PROMOTES ECONOMIC AND INDUSTRIAL EXPANSION, AND CONTRIBUTES TO THE ECONOMIC WELL-BEING OF READING AND BERKS COUNTY BY FACILITATING, PROMOTING, AND PARTICIPATING IN AND FINANCING ECONOMIC DEVELOPMENT AND COMMUNITY REVITALIZATION PROJECTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FUND GRANTS REAL ESTATE AND MACHINERY & EQUIPMENT-RELATED LOANS AND ASSISTS IN OTHER ECONOMIC AND INDUSTRIAL-TYPE LENDING TO AID AND PROMOTE THE ECONOMIC AND INDUSTRIAL EXPANSION IN READING & BERKS COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel R Langdon Chairman Of The Board | OfficerTrustee | 1 | $0 |
Ernest J Choquette ESQ Vice Chairman | OfficerTrustee | 1 | $0 |
Debra L Millman President | OfficerTrustee | 40 | $0 |
Michael A Duff Secretary | OfficerTrustee | 1 | $0 |
Michael Vind Treasurer | OfficerTrustee | 1 | $0 |
Jamey Maack Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Kellenberger Excavating Llc Provides Excavation Services | 12/30/19 | $277,041 |
Parcon Cleaning Provides Cleaning Services | 12/30/19 | $111,146 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $34,802 |
| Government grants | $170,737 |
| 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 | $205,539 |
| Total Program Service Revenue | $2,765,638 |
| Investment income | $587,044 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$160,092 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,411,004 |
| 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. | $336,262 |
| Compensation of current officers, directors, key employees. | $167,010 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $203,063 |
| Pension plan accruals and contributions | $18,297 |
| Other employee benefits | $7,674 |
| Payroll taxes | $46,827 |
| Fees for services: Management | $88,772 |
| Fees for services: Legal | $3,141 |
| Fees for services: Accounting | $31,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $38,680 |
| Fees for services: Other | $1,717 |
| Advertising and promotion | $0 |
| Office expenses | $3,292 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $46,757 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $162,017 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $30 |
| Total functional expenses | $3,293,042 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $523,060 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $148,822 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $6,364,190 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $73,080 |
| Net Land, buildings, and equipment | $17,235,947 |
| Investments—publicly traded securities | $10,460,467 |
| Investments—other securities | $0 |
| Investments—program-related | $710,173 |
| Intangible assets | $0 |
| Other assets | $1,234,973 |
| Total assets | $36,750,712 |
| Accounts payable and accrued expenses | $450,090 |
| Grants payable | $0 |
| Deferred revenue | $3,362,982 |
| 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 | $14,662,892 |
| Unsecured mortgages and notes payable | $768,327 |
| Other liabilities | $0 |
| Total liabilities | $19,244,291 |
| Net assets without donor restrictions | $17,506,421 |
| 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 | $36,750,712 |
Grants Awarded
Over the last fiscal year, Greater Berks Development Fund has awarded $4,650,000 in support to 168 organizations.
| Grant Recipient | Amount |
|---|---|
257 JRF DBA KUTZTOWN PUB PURPOSE: ALLIEVIATE LOSSES RELATED TO COVID-19 PANDEMIC | $25,000 |
851 PENN STREET INC DAB ITALIAN GARDEN PURPOSE: ALLIEVIATE LOSSES RELATED TO COVID-19 PANDEMIC | $25,000 |
944 PENN STREET INC DBA FLORINOS PIZZA & BAR PURPOSE: ALLIEVIATE LOSSES RELATED TO COVID-19 PANDEMIC | $20,000 |
A TASTE OF BERKS BY DESIGN INC PURPOSE: ALLIEVIATE LOSSES RELATED TO COVID-19 PANDEMIC | $15,000 |
AEKTA HOSPITALITY LLC DBA ECONOLODGE READING AIRPORT PURPOSE: ALLIEVIATE LOSSES RELATED TO COVID-19 PANDEMIC | $20,000 |
ATLANTIS BUSINESS VENTURES INC PURPOSE: ALLIEVIATE LOSSES RELATED TO COVID-19 PANDEMIC | $10,000 |