Enterprise Development Fund Of Erie County Inc
- Assets
- $4.0m
- Revenue
- $422.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Erie, PA
- Founding
- 03/1988
- Data as of
- 12/2021
- EIN
- 25-1525572
Organization Overview
Enterprise Development Fund Of Erie County Inc is located in Erie, PA. The organization was established in 1988. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Enterprise Development Fund Of Erie County Inc 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 12/2021, Enterprise Development Fund Of Erie County Inc generated $422.1k 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 (6.1%) each year. All expenses for the organization totaled $217.4k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (17.1%) 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
THIS ORGANIZATION PROVIDES CREDIT, CAPITAL, AND TECHNICAL SUPPORT TO BUSINESSES TO CREATE AND RETAIN JOBS FOR UNDERSERVED POPULATIONS
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREATION OF A LOAN FUND TO ASSIST BUSINESSES TO STIMULATE COMMUNITY AND ECONOMIC DEVELOPMENT AND TO INCREASE EMPLOYMENT IN UNDERSERVED POPULATIONS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Barber Vice Chair | OfficerTrustee | 1 | $0 |
William Mcandrew Secretary | OfficerTrustee | 1 | $0 |
Sarah Giambanco Treasurer | OfficerTrustee | 1 | $0 |
Terry Holmes Chairman | OfficerTrustee | 1 | $0 |
Sherry Bauer Board Member | Trustee | 1 | $0 |
Anthony Dabreo Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $200,000 |
| 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 | $200,000 |
| Total Program Service Revenue | $201,858 |
| Investment income | $737 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| 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 | $422,061 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $113,496 |
| Fees for services: Legal | $14,978 |
| Fees for services: Accounting | $7,200 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $7,170 |
| Interest | $48,700 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $377 |
| Insurance | $4,159 |
| All other expenses | $0 |
| Total functional expenses | $217,352 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,361,663 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,646,212 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $9,071 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,016,946 |
| Accounts payable and accrued expenses | $14,027 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $2,002,634 |
| Other liabilities | $1,750,000 |
| Total liabilities | $3,766,661 |
| Net assets without donor restrictions | $250,285 |
| 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 | $4,016,946 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Enterprise Development Fund Of Erie County Inc has recieved totaling $60,000.
| Awarding Organization | Amount |
|---|---|
Opportunity Finance Network Philadelphia, PA PURPOSE: COVID-19 GRANT | $50,000 |
Community Foundation Of Western Pennsylvania And Eastern Ohio Sharon, PA PURPOSE: PROGRAM SUPPORT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cincinnati Center City Development Corporation Cincinnati, OH | $365,563,062 | $43,403,938 |
Gateway Economic Development Corporation Of Greater Cleveland Cleveland, OH | $401,423,840 | $30,122,951 |
43north Bpc Inc Buffalo, NY | $13,425,800 | $3,001,464 |
Capitol South Community Urban Redevelopment Corporation Columbus, OH | $40,052,734 | $27,422,003 |
Anne Arundel Economic Development Corporation Annapolis, MD | $15,670,028 | $30,337,180 |
City Of Baltimore Development Corporation Baltimore, MD | $22,115,045 | $13,864,142 |
Grameen America Inc Jackson Heights, NY | $237,127,552 | $50,248,348 |
Harristown Development Corporation Harrisburg, PA | $29,766,695 | $19,028,512 |
Community Action Of South Eastern West Virginia Bluefield, WV | $9,324,400 | $12,779,130 |
Cintrifuse Cincinnati, OH | $9,097,086 | $17,758,065 |
Walnut Hills Redevelopment Foundation Inc Cincinnati, OH | $7,399,538 | $1,025,062 |
Greater Jamaica Development Corp Jamaica, NY | $43,416,674 | $8,397,998 |