Chester County Economic Development Council
- Assets
- $5.1m
- Revenue
- $4.0m
- Investments
- $0.0
- Employees
- 29
- Location
- Exton, PA
- Founding
- 11/1967
- Data as of
- 06/2022
- EIN
- 23-1576225
Organization Overview
Chester County Economic Development Council is located in Exton, PA. The organization was established in 1967. 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 06/2022, Chester County Economic Development Council employed 29 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Chester County Economic Development Council is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2022, Chester County Economic Development Council generated $4.0m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $4.0m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (0.8%) per year over the past 7 years. 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 FOSTER ECONOMIC GROWTH IN CHESTER COUNTY, PA BY PROVIDING MEANS TO LOW INTEREST FINANCING FOR NEW AND EXISTING BUSINESSES, SITE SELECTION ASSISTANCE, GRANT MANAGEMENT AND OTHER SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
VARIOUS LOW-INTEREST STATE FINANCING PROGRAMS TO QUALIFIED BUSINESSES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Smith CEO | Officer | 40 | $191,747 |
Sherwood Robbins Director Loan Program | 40 | $178,344 | |
Mike Grigalonis COO | Officer | 40 | $164,471 |
John Buckheit CFO | Officer | 40 | $137,398 |
Mary Frances Mcgarrity Business Development Director | 40 | $132,973 | |
Bill Stedman Vice Chair | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Competitive Communities Llc Urban Redevelopment Consulting Services | 6/29/16 | $108,000 |
J Lis Management Consulting Employment Consulting | 6/29/16 | $101,349 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $87,500 |
| Government grants | $1,255,739 |
| All other contributions, gifts, grants, and similar amounts not included above | $271,621 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,614,860 |
| Total Program Service Revenue | $2,383,386 |
| Investment income | $7,858 |
| 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 | $4,006,104 |
| 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 | $2,208,065 |
| Pension plan accruals and contributions | $71,139 |
| Other employee benefits | $325,526 |
| Payroll taxes | $179,312 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,766 |
| Fees for services: Accounting | $32,263 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $16,380 |
| Office expenses | $43,657 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $42,149 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $7,658 |
| Insurance | $18,191 |
| All other expenses | $56,835 |
| Total functional expenses | $4,036,032 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,265,970 |
| Savings and temporary cash investments | $404,143 |
| Pledges and grants receivable | $132,019 |
| Accounts receivable, net | $207,075 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,893,065 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $10,012 |
| Net Land, buildings, and equipment | $14,124 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $216,246 |
| Total assets | $5,142,654 |
| Accounts payable and accrued expenses | $341,136 |
| Grants payable | $0 |
| Deferred revenue | $148,139 |
| 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 | $2,165,654 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,654,929 |
| Net assets without donor restrictions | $2,487,725 |
| 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 | $5,142,654 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Chester County Economic Development Council has recieved totaling $100,000.
| Awarding Organization | Amount |
|---|---|
South Eastern Economic Development Co Of Pa Exton, PA PURPOSE: ECONOMIC DEVELOPMENT IN CHESTER COUNTY, PA | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Insitech Inc Warren, NJ | $450,270 | $14,466,949 |
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 |
Columbus Downtown Development Corporation Columbus, OH | $118,710,723 | $12,117,471 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Riverfront Development Corporation Of Delaware Wilmington, DE | $140,150,021 | $1,670,893 |
East Baltimore Development Inc Baltimore, MD | $12,751,192 | $30,262,944 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Sports Fans Coalition Ny Inc Ronkonkoma, NY | $633,460 | $8,459,536 |
Montgomery County Economic Development Corporation Rockville, MD | $2,827,028 | $7,933,113 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |