Corry Area Industrial Development Corp
- Assets
- $8.3m
- Revenue
- $1.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Corry, PA
- Founding
- 07/1964
- Data as of
- 02/2022
- EIN
- 25-6061724
Organization Overview
Corry Area Industrial Development Corp is located in Corry, PA. The organization was established in 1964. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, 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. Corry Area Industrial Development Corp 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 02/2022, Corry Area Industrial Development Corp generated $1.6m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.0% each year. All expenses for the organization totaled $1.1m during the year ending 02/2022. While expenses have increased by 5.4% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE ECONOMIC GROWTH TO THE CORRY AREA OF NORTHWESTERN PENNSYLVANIA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE LOW INTEREST LOANS TO LOCAL BUSINESSES TO PROMOTE ECONOMIC GROWTH IN THE COMMUNITY AND SURROUNDING AREAS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brad Russell Treasurer | OfficerTrustee | 2 | $0 |
Scott Brady Vice President | OfficerTrustee | 2 | $0 |
David Sample President | OfficerTrustee | 2 | $0 |
Dave Dearborn Secretary | OfficerTrustee | 2 | $0 |
Bill Nichols Director | Trustee | 2 | $0 |
Bob Williams Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $119,535 |
| 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 | $119,535 |
| Total Program Service Revenue | $1,492,228 |
| Investment income | $15,383 |
| 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 | $1,627,146 |
| 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 | $0 |
| Fees for services: Legal | $7,200 |
| Fees for services: Accounting | $5,600 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,420 |
| Advertising and promotion | $3,377 |
| Office expenses | $154 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $735,216 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $43 |
| Interest | $25,410 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $189,259 |
| Insurance | $55,067 |
| All other expenses | $0 |
| Total functional expenses | $1,053,697 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,230,299 |
| Savings and temporary cash investments | $1,316,878 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $187,808 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $883,372 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $17,209 |
| Net Land, buildings, and equipment | $4,693,512 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,329,078 |
| Accounts payable and accrued expenses | $0 |
| 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 | $1,860,144 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $109,680 |
| Total liabilities | $1,969,824 |
| Net assets without donor restrictions | $6,359,254 |
| 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 | $8,329,078 |
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