Stark Economic Development Board Inc
- Assets
- $4.0m
- Revenue
- $2.8m
- Investments
- $0.0
- Employees
- 11
- Location
- Canton, OH
- Founding
- 08/1985
- Data as of
- 06/2021
- EIN
- 34-1476938
Organization Overview
Stark Economic Development Board Inc is located in Canton, OH. The organization was established in 1985. According to its NTEE Classification (S32) the organization is classified as: Rural Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Stark Economic Development Board Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Stark Economic Development Board Inc 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 06/2021, Stark Economic Development Board Inc generated $2.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 25.2% each year . All expenses for the organization totaled $1.3m during the year ending 06/2021. While expenses have increased by 3.6% 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 STRENGTHEN STARK COUNTY BY DRIVING BUSINESS GROWTH AND LEADING ECONOMIC TRANSFORMATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE STARK ECONOMIC DEVELOPMENT BOARD, INC. IS AN ORGANIZATION WHOSE PURPOSE IS TO ATTRACT, EXPAND AND RETAIN BUSINESS INVESTMENTS IN STARK COUNTY, OHIO. SEDB IS A CONDUIT TO FUNDING SOURCES FOR BUSINESSES THROUGH THE STARK COUNTY PORT AUTHORITY AND AS THE LOCAL TEAM NEO/JOBS OHIO PARTNER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ray Hexamer President & CEO | Officer | 35 | $162,042 |
Robert Gessner Chairman | OfficerTrustee | 2 | $0 |
Brian Belden Secretary | OfficerTrustee | 2 | $0 |
Timothy M Burke Treasurer | OfficerTrustee | 2 | $0 |
William Shivers Past Chairman | Trustee | 2 | $0 |
Alan Andreani Trustee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,727,057 |
| Investment income | $3,931 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $5,460 |
| 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 | $2,811,607 |
| Statement of Expenses | |
|---|---|
| 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. | $201,907 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $436,167 |
| Pension plan accruals and contributions | $9,853 |
| Other employee benefits | $55,956 |
| Payroll taxes | $37,248 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,365 |
| Fees for services: Accounting | $12,530 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $84,186 |
| Advertising and promotion | $126,277 |
| Office expenses | $15,869 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $37,516 |
| Travel | $9,932 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $749 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $301 |
| Insurance | $10,576 |
| All other expenses | $0 |
| Total functional expenses | $1,318,996 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $513,715 |
| Savings and temporary cash investments | $1,878,722 |
| Pledges and grants receivable | $1,336,320 |
| Accounts receivable, net | $40,250 |
| 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 | $4,158 |
| Investments—publicly traded securities | $15,845 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,016,090 |
| Accounts payable and accrued expenses | $15,845 |
| 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 | $0 |
| Other liabilities | $40,000 |
| Total liabilities | $55,845 |
| 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 |
| Total liabilities and net assets/fund balances | $3,960,245 |
Grants Awarded
Over the last fiscal year, Stark Economic Development Board Inc has awarded $180,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
TRUCKCORP LLC PURPOSE: JOB RETENTION | $100,000 |
Cleveland, OH PURPOSE: ATTRACT AND EXPAND NORTHEAST OHIO | $60,000 |
Canton, OH PURPOSE: AIR SERVICE DEVELOPMENT FUND | $20,000 |
Grants Recieved
Over the last fiscal year, we have identified 8 grants that Stark Economic Development Board Inc has recieved totaling $559,500.
| Awarding Organization | Amount |
|---|---|
Aultman Health Foundation Canton, OH PURPOSE: 2018-2021 CAMPAIGN PLEDGE AND 2021 - 2023 CAMPAIGN | $200,000 |
Stark Community Foundation Inc Canton, OH PURPOSE: GENERAL SUPPORT | $170,000 |
Gessner Family Foundation Columbus, OH PURPOSE: FOR THE PROFESSIONAL OFFICE OF "STRENGTHENING STARK" | $75,000 |
Sisters Of Charity Foundation Of Canton Cleveland, OH PURPOSE: Civic and Community | $60,500 |
Henry And Louise Timken Foundation Canton, OH PURPOSE: GENERAL SUPPORT | $20,000 |
The Paul And Carol David Foundation Canton, OH PURPOSE: CHARITABLE | $16,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hoosier Uplands Economic Development Corporation Mitchell, IN | $50,608,889 | $20,253,454 |
Adams And Brown Counties Economic Opportunities Inc Georgetown, OH | $10,344,175 | $16,374,406 |
Pride Community Services Inc Logan, WV | $3,436,459 | $7,199,401 |
Psats Enola, PA | $11,834,261 | $6,502,359 |
Kentucky River Area Development District Inc Hazard, KY | $5,857,667 | $4,838,342 |
Rural Action Inc The Plains, OH | $1,800,530 | $4,307,921 |
Mountain Association For Community Economic Development Inc Berea, KY | $33,227,736 | $8,576,709 |
West Virginia Community Action Partnerships Inc Charleston, WV | $514,969 | $3,682,058 |
Greater Easton Development Partnership Easton, PA | $6,246,333 | $3,172,729 |
Southeast Kentucky Economic Development Corporation Inc Somerset, KY | $28,123,081 | $3,726,346 |
Progress Fund Greensburg, PA | $56,975,518 | $5,589,608 |
Greater Pittsburgh Chamber Of Commerce Pittsburgh, PA | $334,273 | $1,396,311 |