Franklin County Area Development Corporation
- Assets
- $18.1m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 4
- Location
- Chambersburg, PA
- Founding
- 02/1987
- Data as of
- 12/2021
- EIN
- 25-1453719
Organization Overview
Franklin County Area Development Corporation is located in Chambersburg, PA. The organization was established in 1987. According to its NTEE Classification (S01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Franklin County Area Development Corporation employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Franklin County Area Development Corporation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Franklin County Area Development Corporation generated $1.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.5%) each year. All expenses for the organization totaled $1.4m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (5.3%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE ECONOMIC DEVELOPMENT STRATEGIES FOR FRANKLIN COUNTY, PENNSYLVANIA
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT PROGRAM:DURING 2021 FCADC WAS INVOLVED IN 54 PROJECTS, INCLUDING ADMINISTRATING OR PROVIDING FOR 39 FINANCING PROJECTS, WITH A TOTAL OF $2.41 MILLION IN FINANCING COMING FROM FCADC. FCADC WAS ALSO ABLE TO SUPPORT $746 MILLION IN CAPITAL INVESTMENTS AND RETAINED OR CREATED 3,900 JOBS, FCADC ALSO FACILITATED 17 EVENTS WITH A TOTAL OF 1,308 ATTENDEES TO ADDRESS SOME OF THE KEY ISSUES IMPACTING OUT LOCAL COMMUNITIES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
L Michael Ross President | OfficerTrustee | 40 | $275,095 |
Charles Sioberg Chair | OfficerTrustee | 0 | $0 |
David Keller Secretary | OfficerTrustee | 0 | $0 |
Frank Traver Vice Chair | OfficerTrustee | 0 | $0 |
Scott Brown Treasurer | OfficerTrustee | 0 | $0 |
Jackie Mowen Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $245,528 |
| All other contributions, gifts, grants, and similar amounts not included above | $18,750 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $264,278 |
| Total Program Service Revenue | $1,282,450 |
| Investment income | $41,147 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $319,333 |
| Net Income from Fundraising Events | $1,927 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,910,543 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $11,865 |
| 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. | $329,962 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $228,855 |
| Pension plan accruals and contributions | $35,441 |
| Other employee benefits | $37,646 |
| Payroll taxes | $31,865 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $7,801 |
| Fees for services: Accounting | $40,940 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,052 |
| Fees for services: Other | $1,880 |
| Advertising and promotion | $6,847 |
| Office expenses | $12,887 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $72,843 |
| Travel | $10,298 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $241,309 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $301,645 |
| Insurance | $5,642 |
| All other expenses | $0 |
| Total functional expenses | $1,417,972 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,521,151 |
| Savings and temporary cash investments | $1,558,377 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $9,104 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,578,784 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $9,568,401 |
| Investments—publicly traded securities | $571,495 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,329,521 |
| Total assets | $18,136,833 |
| Accounts payable and accrued expenses | $13,372 |
| Grants payable | $0 |
| Deferred revenue | $132,873 |
| 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 | $7,395,811 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $7,542,056 |
| Net assets without donor restrictions | $10,594,777 |
| 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 | $18,136,833 |
Grants Awarded
Over the last fiscal year, Franklin County Area Development Corporation has awarded $17,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
PENN STATE MONTE ALTO PURPOSE: TO PROVIDE FUNDING FOR THE MICHAEL & DONNA ROSS SCHOLARSHIP FUND. | $12,500 |
Chambersburg, PA PURPOSE: TO PROVIDE FUNDING FOR THE NEW POSITION OF PROGRAM COORDINATOR FOR THE UNITED WAY'S STEPPING FORWARD WORKS PROGRAM. | $5,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Franklin County Area Development Corporation has recieved totaling $21,000.
| Awarding Organization | Amount |
|---|---|
Southcentral Workforce Investment Board Harrisburg, PA PURPOSE: DCED ENGAGE GRANT | $16,000 |
Orrstown Bank Foundation Inc Shippensburg, PA PURPOSE: TO HELP FURTHER THEIR CHARITABLE CAUSE | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cincinnati Usa Regional Chamber Cincinnati, OH | $21,203,474 | $18,734,397 |
Greater Columbus Convention & Visitors Bureau Columbus, OH | $8,565,444 | $15,584,006 |
Real Estate Board Of New York Inc New York, NY | $13,608,943 | $14,285,773 |
Philadelphia Convention & Visitors Bureau Of The Chamber Of Commerce Philadelphia, PA | $21,636,489 | $20,955,897 |
The Chamber Of Commerce For Greater Philadelphia Philadelphia, PA | $17,253,411 | $11,743,354 |
United States Council For International Business New York, NY | $8,377,861 | $9,810,410 |
New Jersey Association Of Realtors Trenton, NJ | $35,262,029 | $9,547,353 |
Long Island Board Of Realtors Inc West Babylon, NY | $32,824,680 | $7,922,994 |
Ohio Association Of Realtors Columbus, OH | $13,314,743 | $8,037,922 |
Ohio Chamber Of Commerce Columbus, OH | $30,926,421 | $7,246,853 |
German American Chamber Of Commerce Inc New York, NY | $3,820,432 | $6,890,973 |
Buffalo Niagara Convention & Vistors Bureau Inc Buffalo, NY | $3,394,435 | $6,164,269 |