Fay-Penn Economic Development Corporation
- Assets
- $55.8m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 12
- Location
- Lemont Furnace, PA
- Founding
- 05/1992
- Data as of
- 12/2021
- 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 12/2021, Fay-Penn Economic Development Corporation employed 12 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 12/2021, Fay-Penn Economic Development Corporation generated $4.1m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.0%) each year. All expenses for the organization totaled $3.8m during the year ending 12/2021. 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
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Shark Executive Director (thru 10/21) | Officer | 40 | $92,511 |
Brent Filak CFO | Officer | 40 | $82,671 |
Mark Fike 1st Vice Chairman | OfficerTrustee | 2 | $0 |
James Foutz Chairman | OfficerTrustee | 0.5 | $0 |
Dan Gearing 2nd Vice Chairman | OfficerTrustee | 2 | $0 |
Lawrence J Kiefer Treasurer | OfficerTrustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Fairchance Construction Construction | 12/30/21 | $3,079,195 |
Kr Construction Llc Construction | 12/30/21 | $177,935 |
Silvis Group Inc Landscaping | 12/30/21 | $149,619 |
Hranec Corporation Construction | 12/30/21 | $127,286 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $51,675 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $476,361 |
| All other contributions, gifts, grants, and similar amounts not included above | $322 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $528,358 |
| Total Program Service Revenue | $2,627,290 |
| Investment income | $104,482 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $94,995 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $744,996 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,117,570 |
| 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. | $225,263 |
| Compensation of current officers, directors, key employees. | $34,209 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $574,992 |
| Pension plan accruals and contributions | $60,116 |
| Other employee benefits | $81,409 |
| Payroll taxes | $63,993 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $74,937 |
| Fees for services: Accounting | $25,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $170,994 |
| Advertising and promotion | $18,807 |
| Office expenses | $34,050 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $4,218 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $31,595 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,308,125 |
| Insurance | $126,192 |
| All other expenses | $4,771 |
| Total functional expenses | $3,828,104 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $903,622 |
| Savings and temporary cash investments | $10,873,011 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $168,271 |
| Loans from Officers, Directors, or Controlling Persons | $1,047,179 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $907,066 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $419,780 |
| Net Land, buildings, and equipment | $37,345,178 |
| Investments—publicly traded securities | $4,162,909 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $55,827,016 |
| Accounts payable and accrued expenses | $694,383 |
| Grants payable | $0 |
| Deferred revenue | $283,759 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $153,249 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $9,068,984 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $10,200,375 |
| Net assets without donor restrictions | $45,626,641 |
| 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 | $55,827,016 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Fay-Penn Economic Development Corporation has recieved totaling $5,191.
| Awarding Organization | Amount |
|---|---|
Community Foundation Of Fayette County Pennsylvania Uniontown, PA PURPOSE: OPERATING EXPENSES | $5,191 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |
Columbus Downtown Development Corporation Columbus, OH | $118,710,723 | $12,117,471 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Riverfront Development Corporation Of Delaware Wilmington, DE | $140,150,021 | $1,670,893 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Montgomery County Economic Development Corporation Rockville, MD | $2,827,028 | $7,933,113 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |