Fay-Penn Economic Development Corporation
- Assets
- $57.1m
- Revenue
- $5.3m
- Investments
- $0.0
- Employees
- 13
- Location
- Lemont Furnace, PA
- Founding
- 05/1992
- Data as of
- 12/2022
- EIN
- 25-1649514
Organization Overview
Fay-Penn Economic Development Corporation is located in Lemont Furnace, PA. The organization was established in 1992. According to its NTEE Classification (S30) the organization is classified as: Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Fay-Penn Economic Development Corporation employed 13 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fay-Penn Economic 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, Fay-Penn Economic Development Corporation generated $5.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $4.2m during the year ending 12/2022. While expenses have increased by 3.6% per year over the past 8 years. They've been increasing with an increasing level of total revenue. 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
FAY-PENN ECONOMIC DEVELOPMENT COUNCIL ASSISTS IN GROWING AND DIVERSIFYING THE ECONOMY IN FAYETTE COUNTY, PENNSYLVANIA. FAY-PENN'S ULTIMATE OBJECTIVE IS TO SUSTAIN A SUPPORTIVE ENVIRONMENT FOR BUSINESS START-UP, EXPANSION, AND ATTRACTION. INTENDED TARGETS OF THIS APPROACH INCLUDE:-- RETAINING AND GROWING EXISTING BUSINESSES-- ADDING NEW BUSINESSES-- CREATING AND RETAINING JOBS-- DEVELOPING THE WORKFORCE-- GENERATING PRIVATE AND PUBLIC BUSINESS INVESTMENT-- ENHANCING QUALITY OF LIFE AMENITIES AND SERVICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION WAS FORMED IN 1991 TO ASSIST IN THE ECONOMIC REVITALIZATION EFFORTS OF FAYETTE COUNTY, PENNSYLVANIA. THE ORGANIZATION PROVIDES COMPREHENSIVE, SECOND-TO-NONE, BUSINESS DEVELOPMENT SERVICES WHICH INCLUDE LOW-INTEREST FINANCING THROUGH ITS REVOLVING LOAN FUND (RLF), BUSINESS PLANNING, TECHNICAL ASSISTANCE, TRAINING AND COUNSELING TO FACILITATE NEW BUSINESS DEVELOPMENT AND ENTREPRENEURIALISM. FAY-PENN ALSO PROMOTES FAYETTE COUNTY AS A PLACE TO DO BUSINESS BY PROVIDING SITE SELECTION ASSISTANCE THROUGH BUSINESS PARK AND MULTI-TENANT FACILITIES DEVELOPMENT STRATEGY. FAY-PENN OWNS, CONSTRUCTS, AND OPERATES NUMEROUS READILY-AVAILABLE LAND AND BUILDING SITES THROUGHOUT THE COUNTY IN AN EFFORT TO ATTRACT TENANTS AND CREATE MORE JOBS. TO DATE, FAY-PENN HAS COMPLETED OVER 438 PROJECTS, CREATED AND/OR RETAINED OVER 11,514 JOBS, RESULTING IN $1.40 BILLION IN NEW INVESTMENT THROUGHOUT THE COUNTY. FAY-PENN HAS ALSO FINANCED 211 LOANS, RESULTING IN THE CREATION AND/OR RETENTION OF OVER 4,600 JOBS.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ed Balling Director | Trustee | 0.5 | $0 |
William B Blaney Assistant Treasurer | OfficerTrustee | 0.5 | $0 |
Todd Casteel 2nd Vice Chairman | OfficerTrustee | 0.5 | $0 |
Mark Fike Chairman | OfficerTrustee | 0.5 | $0 |
James Foutz Past Chairman | Trustee | 0.5 | $0 |
Michael George Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fairchance Construction Construction | 12/30/22 | $5,099,610 |
Kr Construction Llc Construction | 12/30/22 | $363,097 |
Hranec Corporation Construction | 12/30/22 | $128,529 |
Sleighter Engineering Construction | 12/30/22 | $123,579 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $45,275 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $855,788 |
| All other contributions, gifts, grants, and similar amounts not included above | $10,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $911,063 |
| Total Program Service Revenue | $3,048,838 |
| Investment income | $89,626 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $130,653 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,025,752 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,269,897 |
| 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. | $318,356 |
| Compensation of current officers, directors, key employees. | $30,710 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $627,900 |
| Pension plan accruals and contributions | $54,279 |
| Other employee benefits | $85,713 |
| Payroll taxes | $66,201 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $81,002 |
| Fees for services: Accounting | $30,180 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $153,562 |
| Advertising and promotion | $42,256 |
| Office expenses | $50,421 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $12,617 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $120,759 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,247,240 |
| Insurance | $107,806 |
| All other expenses | $76,470 |
| Total functional expenses | $4,155,247 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,619,256 |
| Savings and temporary cash investments | $11,682,320 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $810,535 |
| Loans from Officers, Directors, or Controlling Persons | $429,634 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,073,357 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $445,230 |
| Net Land, buildings, and equipment | $36,739,002 |
| Investments—publicly traded securities | $4,305,835 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $16,964 |
| Total assets | $57,122,133 |
| Accounts payable and accrued expenses | $2,862,080 |
| Grants payable | $0 |
| Deferred revenue | $116,124 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $213,419 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $8,083,730 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $16,964 |
| Total liabilities | $11,292,317 |
| Net assets without donor restrictions | $45,829,816 |
| 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 | $57,122,133 |