Franklin County Area Development Corporation
- Assets
- $15.7m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 4
- Location
- Chambersburg, PA
- Founding
- 02/1987
- Data as of
- 12/2023
- 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 12/2023, 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 12/2023, Franklin County Area Development Corporation generated $1.7m 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 (3.9%) each year. All expenses for the organization totaled $1.3m during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (4.8%) 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
TO PROMOTE ECONOMIC DEVELOPMENT STRATEGIES FOR FRANKLIN COUNTY, PENNSYLVANIA
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT PROGRAM:DURING 2023 FCADC WAS INVOLVED IN 17 DEVELOPMENT PROJECTS ACROSS THE COUNTY THAT REPRESENT ROUGHLY $650 MILLION OF NEW CAPITAL INVESTMENTS WHICH WILL CREATE/RETAIN MORE THAN 7,100 JOBS WITHIN THE NEXT THREE YEARS. THE FCADC AVAILED $7.3+ MILLION OF ECONOMIC DEVELOPMENT RESOURCES IN SUPPORT OF THOSE PROJECTS. IN ADDITION FCADC PARTICIPATED IN MORE THAN 100 EVENTS THAT HIGHLIGHTED ECONOMIC DEVEOPMENT ACCOMPLISHMENTS ACROSS THE COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
L Michael Ross President | OfficerTrustee | 40 | $288,650 |
Judy Evans Operations Mgr/asst. Sec. | 40 | $107,919 | |
Charles Sioberg Chair | OfficerTrustee | 1 | $0 |
Frank Traver Vice Chair | OfficerTrustee | 1 | $0 |
David Keller Secretary | OfficerTrustee | 1 | $0 |
Scott Brown Treasurer | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $103,810 |
| All other contributions, gifts, grants, and similar amounts not included above | $14,750 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $118,560 |
| Total Program Service Revenue | $1,163,409 |
| Investment income | $66,239 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $301,449 |
| Net Income from Fundraising Events | $34,099 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,714,991 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,652 |
| 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. | $349,494 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $247,524 |
| Pension plan accruals and contributions | $38,569 |
| Other employee benefits | $39,046 |
| Payroll taxes | $32,632 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,316 |
| Fees for services: Accounting | $31,800 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,505 |
| Fees for services: Other | $750 |
| Advertising and promotion | $11,364 |
| Office expenses | $39,728 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $39,134 |
| Travel | $19,485 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $157,676 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $272,034 |
| Insurance | $6,761 |
| All other expenses | $0 |
| Total functional expenses | $1,325,394 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,047,907 |
| Savings and temporary cash investments | $1,717,440 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $340 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,902,859 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $8,232,703 |
| Investments—publicly traded securities | $585,362 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,245,222 |
| Total assets | $15,731,833 |
| Accounts payable and accrued expenses | $12,268 |
| Grants payable | $0 |
| Deferred revenue | $91,228 |
| 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 | $4,412,472 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $4,515,968 |
| Net assets without donor restrictions | $11,215,865 |
| 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 | $15,731,833 |
Grants Awarded
Over the last fiscal year, Franklin County Area Development Corporation has awarded $17,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
UNITED WAY OF FRANKLIN COUNTY PURPOSE: TO PROVIDE FUNDING FOR THE NEW POSITION OF PROGRAM COORDINATOR FOR THE UNITED WAY'S STEPPING FORWARD WORKS PROGRAM. | $5,000 |
PENN STATE MONTE ALTO PURPOSE: TO PROVIDE FUNDING FOR THE MICHAEL & DONNA ROSS SCHOLARSHIP FUND. | $12,500 |