Norwalk Economic Development Corporation
- Assets
- $970.7k
- Revenue
- $264.7k
- Investments
- $0.0
- Employees
- 2
- Location
- Norwalk, OH
- Founding
- 05/1996
- Data as of
- 12/2022
- EIN
- 34-1787391
Organization Overview
Norwalk Economic Development Corporation is located in Norwalk, OH. The organization was established in 1996. 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, Norwalk Economic Development Corporation employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Norwalk Economic Development Corporation 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, Norwalk Economic Development Corporation generated $264.7k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.6%) each year. All expenses for the organization totaled $271.2k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE THE REVITALIZATION AND ECONOMIC DEVELOPMENT OF THE NORWALK AREA IN AN EFFORT TO ATTRACT ADDITIONAL BUSINESSES AND PATRONS.
Describe the Organization's Program Activity:
EVENTS PROMOTING THE NORWALK AREA TO INCREASE THE PUBLIC'S AWARENESS OF WHAT THE NORWALK AREA HAS TO OFFER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sarah Ross Ec. Dev. Dir | Trustee | 40 | $94,166 |
Dennis Camp Treasurer | OfficerTrustee | 1 | $0 |
Zach Jones President | OfficerTrustee | 1 | $0 |
Pete Lepley President El | OfficerTrustee | 1 | $0 |
Tanya Morrow Vice Preside | OfficerTrustee | 1 | $0 |
Brent Burkey Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $153,613 |
| All other contributions, gifts, grants, and similar amounts not included above | $89,225 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $242,838 |
| Total Program Service Revenue | $5,152 |
| Investment income | $3,433 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $9,916 |
| Net Gain/Loss on Asset Sales | $750 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $264,669 |
| 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 | $133,596 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $10,220 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $675 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $17,278 |
| Advertising and promotion | $438 |
| Office expenses | $5,359 |
| Information technology | $2,063 |
| Royalties | $0 |
| Occupancy | $12,195 |
| Travel | $10 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,350 |
| Interest | $6,800 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $20,399 |
| Insurance | $0 |
| All other expenses | $1,527 |
| Total functional expenses | $271,238 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $419,345 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,890 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $15,077 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $421,943 |
| Investments—publicly traded securities | $102,487 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $970,742 |
| Accounts payable and accrued expenses | $14,259 |
| Grants payable | $0 |
| Deferred revenue | $21,000 |
| 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 | $403,007 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,630 |
| Total liabilities | $442,896 |
| Net assets without donor restrictions | $444,808 |
| Net assets with donor restrictions | $83,038 |
| 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 | $970,742 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Norwalk Economic Development Corporation has recieved totaling $30,000.
| Awarding Organization | Amount |
|---|---|
John F & Doris E Ernsthausen Charitable Foundation Brooklyn, OH PURPOSE: GENERAL OPERATING | $20,000 |
Fisher Titus Medical Center Norwalk, OH PURPOSE: CONTRIBUTION TO THE NORWALK ECONOMIC DEVELOPMENT TO HELP THE LOCAL COMMUNITY | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marshall University Research Corporation Huntington, WV | $66,297,155 | $55,595,334 |
Pidc-Developement Management Corporation Philadelphia, PA | $0 | $30,722,052 |
16 Tech Community Corporation Indianapolis, IN | $90,414,871 | $43,820,376 |
Delaware River Waterfront Corporation Philadelphia, PA | $26,551,411 | $24,883,136 |
T R W I B Inc Pittsburgh, PA | $14,392,055 | $22,959,509 |
Invest Detroit Foundation Detroit, MI | $154,389,743 | $12,808,930 |
Wright Brothers Institute Inc Dayton, OH | $23,307,656 | $22,085,089 |
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Visit Indy Inc Indianapolis, IN | $20,981,890 | $14,589,218 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |