Lawrence County Economic Development Corporation
- Assets
- $6.5m
- Revenue
- $659.9k
- Investments
- $0.0
- Employees
- 0
- Location
- New Castle, PA
- Founding
- 03/2005
- Data as of
- 12/2021
- EIN
- 25-6028031
Organization Overview
Lawrence County Economic Development Corporation is located in New Castle, PA. The organization was established in 2005. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Lawrence County 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, Lawrence County Economic Development Corporation generated $659.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.0% each year. All expenses for the organization totaled $817.4k during the year ending 12/2021. While expenses have increased by 2.9% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO TRANSFORM LIVES BY SERVING AS A CREATIVE FORCE THAT PROMOTES EXCELLENCE IN LEADERSHIP, COORDINATION, AND ORDERLY BUSINESS DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADVANCE OUR ECONOMY: PROMOTE AND ENHANCE A VIBRANT, DIVERSE, AND SUSTAINABLE ECONOMY AND LOCAL QUALITY OF LIFE, WHILE POSITIONING THE COUNTY AND SURROUNDING REGION FOR LONG TERM SUCCESS.
DEVELOP LEADERS & COUNTY-WIDE COOPERATION: PROMOTE AND ENHANCE THE SKILLSETS NEEDED TO COMMUNICATE EFFECTIVELY AND OVERCOME COMMON CHALLENGES.
DEVELOP A SINGLE ACTIONABLE COUNTY-WIDE VISION: PROMOTE AND ENHANCE EFFORTS DESIGNED TO CREATE A STREAMLINED VISION FOR LAWRENCE COUNTY THAT REDUCES DEUPLICATE EFFORTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Cournan Treasurer | OfficerTrustee | 2 | $0 |
Mark Tomaszewski President | OfficerTrustee | 2 | $0 |
Justin Bruce Secretary | OfficerTrustee | 2 | $0 |
Alex Mccoy Chief Executive Officer | Officer | 40 | $0 |
Stephen Sant Board Member | Trustee | 1 | $0 |
Craig Bicehouse Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $178,511 |
| All other contributions, gifts, grants, and similar amounts not included above | $193,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $371,511 |
| Total Program Service Revenue | $68,840 |
| Investment income | $18,716 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $63,007 |
| Net Rental Income | $257,700 |
| Net Gain/Loss on Asset Sales | -$119,915 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $659,859 |
| 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 | $14,235 |
| Fees for services: Legal | $42,101 |
| Fees for services: Accounting | $6,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,154 |
| Advertising and promotion | $414 |
| Office expenses | $534 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $27,025 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $73,246 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,878 |
| Insurance | $8,638 |
| All other expenses | $0 |
| Total functional expenses | $817,422 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,783,850 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,786 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $556,453 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $7,608 |
| Net Land, buildings, and equipment | $408 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $4,116,350 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,466,455 |
| Accounts payable and accrued expenses | $833,926 |
| Grants payable | $0 |
| Deferred revenue | $1,500 |
| 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 | $4,387,710 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $22,125 |
| Total liabilities | $5,245,261 |
| Net assets without donor restrictions | $1,221,194 |
| 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 | $6,466,455 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Lawrence County Economic Development Corporation has recieved totaling $193,000.
| Awarding Organization | Amount |
|---|---|
Lawrence County Regional Chamber Foundation New Castle, PA PURPOSE: Support Contribution | $193,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marshall University Research Corporation Huntington, WV | $66,297,155 | $55,595,334 |
Pidc-Developement Management Corporation Philadelphia, PA | $0 | $30,722,052 |
Calvert Impact Capital Inc Bethesda, MD | $679,643,317 | $23,234,500 |
Delaware River Waterfront Corporation Philadelphia, PA | $26,551,411 | $24,883,136 |
T R W I B Inc Pittsburgh, PA | $14,392,055 | $22,959,509 |
Wright Brothers Institute Inc Dayton, OH | $23,307,656 | $22,085,089 |
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 |