Seneca Industrial & Economic Development Corp
- Assets
- $1.7m
- Revenue
- $581.8k
- Investments
- $0.0
- Employees
- 7
- Location
- Tiffin, OH
- Founding
- 05/1984
- Data as of
- 12/2022
- EIN
- 34-1414993
Organization Overview
Seneca Industrial & Economic Development Corp is located in Tiffin, OH. The organization was established in 1984. 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 12/2022, Seneca Industrial & Economic Development Corp employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Seneca Industrial & Economic Development Corp 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 12/2022, Seneca Industrial & Economic Development Corp generated $581.8k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.5%) each year. All expenses for the organization totaled $583.3k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.2%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Seneca Industrial & Economic Development Corp has awarded 136 individual grants totaling $1,157,216. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE THE ECONOMIC WELL-BEING AND QUALITY OF LIFE FOR TIFFIN AND SENECA COUNTY, OHIO, BY LEADING, PROMOTING, AND FACILITATING POSITIVE ECONOMIC, COMMUNITY AND DOWNTOWN DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO IMPROVE THE ECONOMIC WELL-BEING AND QUALITY OF LIFE FOR TIFFIN AND SENECA COUNTY, OHIO, BY LEADING, PROMOTING, AND FACILITATING POSITIVE ECONOMIC, COMMUNITY AND DOWNTOWN DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David Zak Ceo/president | OfficerTrustee | 60 | $102,627 |
Aaron Montz Ceo/president | OfficerTrustee | 60 | $60,000 |
John Arnold Director | Trustee | 1 | $0 |
Leonard Clouse Director | Trustee | 1 | $0 |
Robert Huntington Director | Trustee | 1 | $0 |
Andrew Morgan Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $169,758 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $219,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $42,859 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $431,617 |
| Total Program Service Revenue | $88,204 |
| Investment income | $314 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $35,208 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $26,427 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $581,770 |
| 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. | $147,451 |
| Compensation of current officers, directors, key employees. | $14,745 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $136,735 |
| Pension plan accruals and contributions | $5,524 |
| Other employee benefits | $7,919 |
| Payroll taxes | $22,412 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,858 |
| Fees for services: Accounting | $9,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $17,250 |
| Advertising and promotion | $35,129 |
| Office expenses | $33,298 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $104,189 |
| Travel | $11,282 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,418 |
| Interest | $18,472 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,793 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $583,289 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $292,551 |
| Savings and temporary cash investments | $607,076 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $50,484 |
| 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 | $701,606 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,264 |
| Total assets | $1,652,981 |
| Accounts payable and accrued expenses | $19,493 |
| Grants payable | $0 |
| Deferred revenue | $96,849 |
| 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 | $434,907 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $551,249 |
| 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 | $1,101,732 |
| Total liabilities and net assets/fund balances | $1,652,981 |
Grants Awarded
Over the last fiscal year, Seneca Industrial & Economic Development Corp has awarded $1,157,216 in support to 136 organizations.
| Grant Recipient | Amount |
|---|---|
GAO RESTORATION LLC | | | $10,000 |
TANGLES BY JILL | | | $10,000 |
SPRIDGE LLC | | | $10,000 |
RED RAVEN ENTERPRISE LLC | | | $10,000 |
WASHINGTON STREET OUTFITTERS | | | $10,000 |
GW'S FINE FOOD & SPIRITS LLC | | | $10,000 |