Chambersburg Area Development Corp
- Assets
- $26.3m
- Revenue
- $888.1k
- Investments
- $3.6m
- Employees
- 0
- Location
- Chambersburg, PA
- Founding
- 10/1962
- Data as of
- 12/2023
- EIN
- 25-6063943
Organization Overview
Chambersburg Area Development Corp is located in Chambersburg, PA. The organization was established in 1962. 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. Chambersburg Area 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 12/2023, Chambersburg Area Development Corp generated $888.1k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.6%) each year. All expenses for the organization totaled $461.8k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (3.1%) per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
FACILITATE ECONOMIC DEVELOPMENT IN THE CHAMBERSBURG AREA
Describe the Organization's Program Activity:
Part 3 - Line 4a
PURCHASE, DEVELOPMENT, AND SALE OF LAND FOR INDUSTRIAL DEVELOPMENT
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Andy Barnes Vice Preside | OfficerTrustee | 2 | $0 |
Josh Blankenship Director | Trustee | 0.5 | $0 |
Ray Cullen Director | Trustee | 0.5 | $0 |
Eric Foreman Director | Trustee | 0.5 | $0 |
Troy Garman Director | Trustee | 0.5 | $0 |
David Grant Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $0 |
| Total Program Service Revenue | $19,211 |
| Investment income | $460,134 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $48,850 |
| 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 | $888,054 |
| 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 | $2,369 |
| Fees for services: Accounting | $15,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $21,193 |
| 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 | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,217 |
| All other expenses | $3,918 |
| Total functional expenses | $461,814 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $56,687 |
| Savings and temporary cash investments | $839,485 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,963 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,083,279 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $116,975 |
| Net Land, buildings, and equipment | $17,088,586 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,619,113 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $489,338 |
| Total assets | $26,310,426 |
| Accounts payable and accrued expenses | $149,124 |
| 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 | $7,970,906 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $75,992 |
| Total liabilities | $8,196,022 |
| Net assets without donor restrictions | $18,114,404 |
| 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 | $26,310,426 |