Akron Development Corporation
- Assets
- $6.2m
- Revenue
- $934.4k
- Investments
- $1.1m
- Employees
- 0
- Location
- Akron, OH
- Founding
- 09/2009
- Data as of
- 12/2021
- EIN
- 34-1308327
Organization Overview
Akron Development Corporation, operating under the name Same, is located in Akron, OH. The organization was established in 2009. According to its NTEE Classification (S31) the organization is classified as: Urban & Community 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. Same 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, Same generated $934.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (21.6%) each year. All expenses for the organization totaled $1.0m 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
THE AKRON DEVELOPMENT CORPORATION WAS ORGANIZED TO SUPPORT ECONOMIC DEVELOPMENT INITIATIVES IN THE CITY OF AKRON, PARTICULARLY THROUGH A PROGRAM WITH THE FORMER AKRON GLOBAL BUSINESS ACCELERATOR, AND TO SECURE STATE OF OHIO FINANCING FUNDING FOR TECHNOLOGY-BASED BUSINESSES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE AKRON DEVELOPMENT COPORATION PROVIDED GRANTS AND SUPPORT TO THE CITY OF AKRON AND OTHER 501(C)(3) ORGANIZATIONS THAT SUPPORT THE CITY OF AKRON'S MISSION.
DURING CALENDAR YEAR 2021, THE AKRON DEVELOPMENT CORPORATION ASSISTED THE BOUNCE INNOVATION HUB WITH FUNDS TO ASSIST WITH THEIR OPERATIONAL NEEDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joe Dancy Secretary | OfficerTrustee | 4 | $0 |
Adele Roth Chairperson | OfficerTrustee | 4 | $0 |
Ken Burns Treasurer | OfficerTrustee | 4 | $0 |
Samuel Deshazior Trustee | Trustee | 4 | $0 |
Annual Vyas Trustee | Trustee | 4 | $0 |
Jason Dodson Trustee | Trustee | 4 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bounce Innovation Hub Business Technology | 12/30/20 | $315,621 |
West Reserve Comm Fund Inc Revolving Loan Fund | 12/30/20 | $250,000 |
United Way Summit County Rentalmortgage Assistance | 12/30/20 | $543,800 |
City Of Akron Oh Program Reimbursement | 12/30/20 | $765,000 |
City Of Akron Oh Grantscv19 Relief Et Al | 12/30/20 | $1,618,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $42,282 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $648,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $690,282 |
| Total Program Service Revenue | $244,121 |
| Investment income | $23 |
| 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 | $934,426 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $521,520 |
| 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 | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $37,500 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $7,941 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $77,045 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $362,901 |
| Insurance | $1,588 |
| All other expenses | $0 |
| Total functional expenses | $1,008,495 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $227,981 |
| Savings and temporary cash investments | $9,948 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $4,955,485 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $1,056,320 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,249,734 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $1,470,000 |
| Other liabilities | $0 |
| Total liabilities | $1,470,000 |
| Net assets without donor restrictions | $0 |
| 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 | $4,779,734 |
| Total liabilities and net assets/fund balances | $6,249,734 |
Grants Awarded
Over the last fiscal year, Akron Development Corporation has awarded $495,520 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF AKRON PURPOSE: AKRON CARES DONATION, FULL TERM FIRST BIRTHDAY, ECONOMIC DEVELOPMENT COORDINATOR, RUBBER CITY MATCH | $410,000 |
Akron, OH PURPOSE: COMMUNITY INVESTMENT | $75,000 |
Akron, OH PURPOSE: GREAT STREETS INITIATIVE | $10,520 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Akron Development Corporation has recieved totaling $48,500.
| Awarding Organization | Amount |
|---|---|
Akron Community Foundation Akron, OH PURPOSE: TO SUPPORT GREAT STREETS AKRON TO CONTINUE TO INCREASE THE VIBRANCY OF TARGETED BUSINESS DISTRICTS WITHIN THE CITY OF AKRON | $47,500 |
R C Musson & Katharine M Musson Charitable Foundation Akron, OH PURPOSE: CHARITABLE | $1,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Harristown Development Corporation Harrisburg, PA | $29,766,695 | $19,028,512 |
The Center Of Workforce Innovations Inc Valparaiso, IN | $2,958,255 | $14,608,336 |
Community Action Of South Eastern West Virginia Bluefield, WV | $9,324,400 | $12,779,130 |
Cintrifuse Cincinnati, OH | $9,097,086 | $17,758,065 |
Walnut Hills Redevelopment Foundation Inc Cincinnati, OH | $7,399,538 | $1,025,062 |
Midtown Detroit Inc Detroit, MI | $6,098,841 | $4,938,478 |
Pittsburgh Downtown Partnership Pittsburgh, PA | $5,197,454 | $6,457,703 |
Bellvue Gardens Community Urban Redevelopment Corporation Cincinnati, OH | $29,237,042 | $3,964,847 |
Detriot Economic Growth Association Detroit, MI | $6,651,865 | $5,567,044 |
Enterprise Center Philadelphia, PA | $14,775,584 | $14,297,548 |
Pidc Community Capital Philadelphia, PA | $51,592,924 | $9,506,766 |
Downtown Cleveland Improvementcorporation Cleveland, OH | $5,269 | $4,399,889 |