Erie Downtown Development Corporation
- Assets
- $14.9m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 33
- Location
- Erie, PA
- Founding
- 07/2017
- Data as of
- 12/2022
- EIN
- 82-0709054
Organization Overview
Erie Downtown Development Corporation is located in Erie, PA. 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, Erie Downtown Development Corporation employed 33 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Erie Downtown 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, Erie Downtown Development Corporation generated $1.1m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 1.2% each year. All expenses for the organization totaled $2.1m 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
THE PURPOSE OF THE ORGANIZATION IS TO SERVE AS A REAL ESTATE DEVELOPMENT AND FINANCING NON-PROFIT CORPORATION TO STRENGTHEN THE CORE ASSETS OF THE DOWNTOWN ERIE AND DRIVE REVITALIZATION ACROSS THE REGION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE THE WELFARE OF THE PEOPLE OF THE CITY OF ERIE, PENNSYLVANIA (THE "CITY").
TO IMPROVE THE ECONOMY OF THE CITY BY DEVELOPING, ATTRACTING, EXPANDING, AND RETAINING BUSINESS, INDUSTRIAL, EDUCATIONAL, CULTURAL, CIVIC, COMMUNITY AND OTHER ENTERPRISES IN THE CITY AND THEREBY DEVELOPING, ATTRACTING, EXPANDING, AND RETAINING JOBS FOR THE PEOPLE OF THE CITY; AND SOLELY FOR THE ABOVE PURPOSES, THE CORPORATION IS EMPOWERED TO EXERCISE ALL RIGHTS AND POWERS CONFERRED BY THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA UPON NONPROFIT CORPORATIONS, INCLUDING, BUT WITHOUT LIMITATION THEREON, TO SOLICIT AND RECEIVE FUNDS AND ANY OTHER PROPERTY OR INTERESTS IN PROPERTY BY GIFT, GRANT, BEQUEST, DEVISE, BARGAIN PURCHASE OR ANY SIMILAR TRANSACTION, AND TO HOLD, ADMINISTER, INVEST AND DISBURSE SUCH FUNDS AND PROPERTY AND SUCH INCOME AS MAY BE GENERATED THROUGH THE INVESTMENT OF SUCH FUNDS AND PROPERTY, EXCLUSIVELY FOR THE PROMOTION OF HEALTH AND SOCIAL WELFARE, RELIEF OF THE UNDERPRIVILEGED, AND SUCH OTHER CHARITABLE AND EDUCATIONAL PURPOSES RELATED THERETO, INCLUDING TO USE, APPLY, INVEST AND REINVEST THE PRINCIPAL AND/OR INCOME THEREFROM OR DISTRIBUTE THE SAME FOR THE ABOVE PURPOSES.
TO COMBAT COMMUNITY DETERIORATION, PROVIDE RELIEF TO THE POOR AND DISTRESSED, STABILIZE, AND GENERALLY TO OTHERWISE PROMOTE REDEVELOPMENT IN THE CITY'S DOWNTOWN.
TO LESSEN THE BURDENS OF GOVERNMENT OF THE CITY BY OVERSEEING PROJECTS AND PROGRAMS DESIGNED TO STRENGTHEN AND LEVERAGE THE CITY'S DOWNTOWN CORE ASSETS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John M Persinger Former CEO | 40 | $299,305 | |
Paula Gregory Controller | Officer | 40 | $108,204 |
Nicole Reitzell VP Of Commun | Officer | 40 | $95,829 |
Corey Cook Direc Of Ope | Officer | 40 | $82,245 |
Mark Inscho Food & Bever | Officer | 40 | $82,245 |
Ryan Hoover Experience D | Officer | 40 | $69,611 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $25,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $39,010 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $64,010 |
| Total Program Service Revenue | $475,852 |
| Investment income | $8,345 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $271,027 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $301,054 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,120,288 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $13,500 |
| 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. | $546,708 |
| Compensation of current officers, directors, key employees. | $327,879 |
| Compensation to disqualified persons | $428,306 |
| Other salaries and wages | $430,146 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $102,100 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $52,290 |
| Fees for services: Accounting | $49,061 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $19,080 |
| Advertising and promotion | $12,649 |
| Office expenses | $44,355 |
| Information technology | $0 |
| Royalties | $103,412 |
| Occupancy | $67,008 |
| Travel | $8,038 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $11,622 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $24,505 |
| Insurance | $77,277 |
| All other expenses | $16,609 |
| Total functional expenses | $2,062,444 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $572,639 |
| Savings and temporary cash investments | $66 |
| Pledges and grants receivable | $710,000 |
| Accounts receivable, net | $6,465 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $22,382 |
| Prepaid expenses and deferred charges | $29,212 |
| Net Land, buildings, and equipment | $3,274,234 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $150,000 |
| Other assets | $10,145,079 |
| Total assets | $14,910,077 |
| Accounts payable and accrued expenses | $517,731 |
| 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 | $13,566,099 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $319,173 |
| Total liabilities | $14,403,003 |
| Net assets without donor restrictions | $507,074 |
| 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 | $14,910,077 |