Economic Action Group Inc
- Assets
- $350.1k
- Revenue
- $331.3k
- Investments
- $0.0
- Employees
- 17
- Location
- Youngstown, OH
- Founding
- 06/2017
- Data as of
- 12/2022
- EIN
- 81-4958212
Organization Overview
Economic Action Group Inc is located in Youngstown, OH. The organization was established in 2017. 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, Economic Action Group Inc employed 17 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic Action Group 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 12/2022, Economic Action Group Inc generated $331.3k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 40.4% each year . All expenses for the organization totaled $157.2k during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SOLIDIFY AND ACCELERATE DOWNTOWN YOUNGSTOWN'S RESURGANCE AS A CENTER OF EMPLOYMENT, HIGHER EDUCATION, GOVERNMENT SERVICES, & CULTURE, AND TO SERVE AS A CATALYST FOR OVERALL ECONOMIC DEVELOPMENT IN THE MAHONING VALLEY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO SOLIDIFY AND ACCELERATE DOWNTOWN YOUNGSTOWN'S RESURGANCE AS A CENTER OF EMPLOYMENT, HIGHER EDUCATION, GOVERNMENT SERVICES, & CULTURE, AND TO SERVE AS A CATALYST FOR OVERALL ECONOMIC DEVELOPMENT IN THE MAHONING VALLEY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James Sutman Treasurer | Officer | 5 | $0 |
Paul Homick President | Officer | 5 | $0 |
Jerome Franklin Secretary | Officer | 5 | $0 |
Deborah Flora Vice Preside | Officer | 5 | $0 |
Anthony Trevena Board Member | Trustee | 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 | $164,068 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $164,068 |
| Total Program Service Revenue | $167,251 |
| Investment income | $0 |
| 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 | $331,319 |
| 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 | $120,504 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $9,378 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $945 |
| Fees for services: Accounting | $4,545 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,208 |
| Advertising and promotion | $0 |
| Office expenses | $12,053 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,088 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,534 |
| Interest | $41 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,865 |
| All other expenses | $0 |
| Total functional expenses | $157,161 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $347,332 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,758 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $350,090 |
| Accounts payable and accrued expenses | $1,234 |
| 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 | $17,544 |
| Total liabilities | $18,778 |
| Net assets without donor restrictions | $331,312 |
| 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 | $350,090 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Economic Action Group Inc has recieved totaling $40,000.
| Awarding Organization | Amount |
|---|---|
Youngstown Foundation Pittsburgh, PA PURPOSE: PROGRAM SUPPORT | $30,000 |
Dominion Energy Charitable Foundation Richmond, VA PURPOSE: MAHONING VALLEY MAIN STREET | $10,000 |
Peer Organizations
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|---|---|---|
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 |