Altoona-Blair County Development Corporation
- Assets
- $123.0m
- Revenue
- $33.4m
- Investments
- $2.8m
- Employees
- 7
- Location
- Altoona, PA
- Founding
- 10/1999
- Data as of
- 12/2022
- EIN
- 25-1143641
Organization Overview
Altoona-Blair County Development Corporation is located in Altoona, PA. The organization was established in 1999. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Altoona-Blair County Development Corporation employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Altoona-Blair County 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 12/2022, Altoona-Blair County Development Corporation generated $33.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 17.3% each year . All expenses for the organization totaled $6.3m during the year ending 12/2022. 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
CONTINUED FUNCTIONING AS A VECHICLE TO PROVIDE FINANCING,ETC FOR INDUSTRY AND EMPLOYMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONTINUED FUNCTIONING AS A VECHICLE TO PROVIDE FINANCING,ETC. FOR INDUSTRIAL AND EMPLOYMENT EXPANSION IN THE AREA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ron Mcconnel Chairmain | OfficerTrustee | 3 | $0 |
Mark Ritchey 2nd Vice Chair | OfficerTrustee | 3 | $0 |
Ann Benzel 1st Vice Chair | OfficerTrustee | 3 | $0 |
Mike Settimio Secretary | OfficerTrustee | 3 | $0 |
Troy Campbell Treasurer | OfficerTrustee | 3 | $0 |
Joseph Sheetz Secretary/assistant Treasu | OfficerTrustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,960,668 |
| All other contributions, gifts, grants, and similar amounts not included above | $80,495 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $6,041,163 |
| Total Program Service Revenue | $0 |
| Investment income | $458,582 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $3,521,591 |
| Net Gain/Loss on Asset Sales | $22,379,235 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $33,416,279 |
| 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 | $819,990 |
| 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 | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $30,346 |
| Office expenses | $42,323 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $19,335 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $415,706 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,014,060 |
| Insurance | $45,759 |
| All other expenses | $19,881 |
| Total functional expenses | $6,259,067 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $17,403,001 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,069,862 |
| 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 | $10,014 |
| Net Land, buildings, and equipment | $86,659,069 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,827,196 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $122,969,142 |
| Accounts payable and accrued expenses | $61,342 |
| Grants payable | $0 |
| Deferred revenue | $9,957,049 |
| 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 | $85,686,946 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | -$7,313,027 |
| Total liabilities | $88,392,310 |
| Net assets without donor restrictions | $11,759,069 |
| Net assets with donor restrictions | $22,817,763 |
| 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 | $122,969,142 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Altoona-Blair County Development Corporation has recieved totaling $94,183.
| Awarding Organization | Amount |
|---|---|
Alleghenies Planning And Development Commission Altoona, PA PURPOSE: VARIOUS | $94,183 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
34th Street Partnership Inc New York, NY | $17,652,180 | $14,359,330 |
Grand Central Partnership Inc New York, NY | $10,906,247 | $13,880,529 |
Pennsylvania Compensation Rating Bureau Philadelphia, PA | $10,444,965 | $13,500,527 |
Greenpoint Manufacturing And Design Center Local Development Corp Gmdc Brooklyn, NY | $54,916,417 | $14,539,539 |
Can Do Inc Hazleton, PA | $88,120,031 | $19,938,198 |
York County Economic Alliance York, PA | $4,435,375 | $9,671,986 |
Ascendus Inc New York, NY | $45,777,812 | $14,588,685 |
Bridgeway Capital Inc Pittsburgh, PA | $100,800,088 | $11,446,748 |
Altoona-Blair County Development Corporation Altoona, PA | $122,969,142 | $33,416,279 |
Greater Wilkes-Barre Industrial Fund Inc Wilkesbarre, PA | $1,685,287 | $7,409,722 |
Broad Hollow Bioscience Park Inc Farmingdale, NY | $30,625,721 | $3,689,454 |
Better Business Bureau Of Metropolitan New York Inc New York, NY | $2,973,168 | $5,685,810 |