Altoona-Blair County Development Corporation
- Assets
- $122.1m
- Revenue
- $5.5m
- Investments
- $2.7m
- Employees
- 7
- Location
- Altoona, PA
- Founding
- 10/1999
- Data as of
- 12/2023
- 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 12/2023, 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 12/2023, Altoona-Blair County Development Corporation generated $5.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (5.8%) each year. All expenses for the organization totaled $5.3m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (4.3%) per year over the past 9 years. 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
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 |
Ann Benzel 1st Vice Chair | OfficerTrustee | 3 | $0 |
Mark Ritchey 2nd Vice Chair | OfficerTrustee | 3 | $0 |
Mike Settimio Secretary | OfficerTrustee | 3 | $0 |
Troy Campbell Treasurer | OfficerTrustee | 3 | $0 |
Joseph Sheetz Assistant Secretary/treasu | OfficerTrustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,231,892 |
| All other contributions, gifts, grants, and similar amounts not included above | $95,084 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,326,976 |
| Total Program Service Revenue | $0 |
| Investment income | $685,790 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $2,400,218 |
| 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 | $5,482,146 |
| 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 | $841,015 |
| 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 | $42,470 |
| Office expenses | $51,033 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $21,250 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $362,793 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,812,190 |
| Insurance | $44,983 |
| All other expenses | $23,949 |
| Total functional expenses | $5,287,740 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,009,386 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,485,079 |
| 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 | $12,747 |
| Net Land, buildings, and equipment | $84,846,880 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,740,609 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $122,094,701 |
| Accounts payable and accrued expenses | $206,689 |
| Grants payable | $0 |
| Deferred revenue | $10,162,687 |
| 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 | $84,351,583 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | -$6,612,269 |
| Total liabilities | $88,108,690 |
| Net assets without donor restrictions | $9,395,211 |
| Net assets with donor restrictions | $24,590,800 |
| 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 | $122,094,701 |