Erie Downtown Development Corporation

The information for Erie Downtown Development Corporation is as of the organization's most recent filing in December '21. This organization is located in Erie, PA. It has been in existence for 4 years, following its founding in 2017.

Organization Classification

The IRS classifies organizations according to the National Taxonomy of Exempt Entities (NTEE) system. The NTEE system helps the IRS assign a 3-character code to each organization to describe the organization's activities.

The Erie Downtown Development Corporation's NTEE code is S30. The "S" tells us that the organization is classified along with Community Improvement & Capacity Building. The "30" tells us that the organization is focused on Economic Development. The NTEE describes Economic Development organizations as those whose primary purpose is to stimulate the economy, expand employment opportunities, encourage commerce and industry, and enhance the economic development of the community. This organization is also governed by a 501(c)(3) section of the Internal Revenue Code, which encompasses Religious, Educational, Charitable, Scientific, Literary, Public Safety, Amateur Sports, or Prevention of Cruelty to Children or Animals organizations. The mission of the Erie Downtown Development Corporation is to serve as a real estate development and financing nonprofit corporation that strengthens the core assets of downtown Erie and drives revitalization across the region.

Program Areas

Program Area 1: To promote the welfare of the people of the City of Erie, Pennsylvania, this program area focuses on initiatives and activities that benefit the community as a whole.

Program Area 2: The organization's program area focuses on combating community deterioration, providing relief to the poor and distressed, stabilizing, and promoting redevelopment in the city's downtown.

Program Area 3: The organization's main focus is to lessen the burdens of the government of the city by overseeing projects and programs that aim to strengthen and leverage the city's downtown core assets.

Program Area 4: The organization's program area focuses on improving the economy of the city by developing, attracting, expanding, and retaining various enterprises, including business, industrial, educational, cultural, civic, and community entities. The goal is to create and maintain jobs for the people of the city. The corporation has the authority to exercise all rights and powers granted by the laws of the Commonwealth of Pennsylvania to nonprofit corporations. This includes soliciting and receiving funds, property, or interests in property through various transactions, and administering and disbursing these resources exclusively for the promotion of health and social welfare, relief of the underprivileged, and other charitable and educational purposes related to the program's objectives.

Organization Staffing

Erie Downtown Development Corporation is run by John M Persinger, who is the CEO. The organization has 7 employees, of whom 2 are paid more than $100k per year. Supporting the paid staff are 12 volunteers.

Board Governance

The Erie Downtown Development Corporation (EDDC) appears to be well-governed based on the information provided. The organization has 14 voting members, all of whom are independent, indicating a diverse and unbiased decision-making process. This ensures that the interests of the community and the organization's mission are prioritized over personal agendas or conflicts of interest. The fact that potential conflicts of interest exist within the organization is acknowledged, but the EDDC has taken proactive steps to address this issue. They have a conflict of interest policy in place, which requires disclosure of any conflicts and ensures that decisions are made in the best interest of the organization and its stakeholders. Transparency is another key aspect of good governance, and the EDDC demonstrates this by documenting both board and committee meetings. This ensures that all discussions and decisions are properly recorded and can be reviewed if necessary. Additionally, the organization has a written whistleblower policy, which encourages employees and stakeholders to report any unethical behavior or wrongdoing without fear of retaliation. One area where the EDDC could improve its governance practices is by implementing a document retention policy. This would outline how long certain documents should be kept and how they should be securely stored. Having such a policy in place would not only ensure compliance with legal requirements but also help maintain transparency and accountability. Overall, the Erie Downtown Development Corporation appears to be effectively governed, with policies and practices in place to ensure ethical decision-making, transparency, and accountability.

Organization Growth

The Erie Downtown Development Corporation has experienced growth over the given time period. Contributions & Grants Received decreased from $1.0M in 2018 to $344.1K in 2021, but this is the only line item that decreased. Program Service Revenue increased from $50.0K in 2018 to $608.2K in 2021. Investment Income also saw significant growth, increasing from $6.7K in 2018 to $457.3K in 2021. Total Revenue increased from $1.1M in 2018 to $1.5M in 2021. Employee Salaries increased from $282.0K in 2019 to $757.0K in 2021. Total Expenses also increased from $762.0K in 2018 to $1.4M in 2021. Additionally, the organization saw an increase in Total Employees, from 3 in 2018 to 7 in 2021. The number of Total Volunteers remained the same at 12 in both 2018 and 2019. Overall, the nonprofit organization has shown growth in various aspects, including revenue, program service, investment income, employee salaries, and the number of employees.