East Falls Development Corporation
- Assets
- $490.4k
- Revenue
- $243.1k
- Investments
- $0.0
- Employees
- 6
- Location
- Philadelphia, PA
- Founding
- 11/1995
- Data as of
- 12/2022
- EIN
- 23-2805925
Organization Overview
East Falls Development Corporation is located in Philadelphia, PA. The organization was established in 1995. According to its NTEE Classification (S31) the organization is classified as: Urban & Community Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, East Falls Development Corporation employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. East Falls 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, East Falls Development Corporation generated $243.1k in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 8.5% each year. All expenses for the organization totaled $201.2k during the year ending 12/2022. While expenses have increased by 0.4% per year over the past 5 years. They've been increasing with an increasing level of total revenue. 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 EAST FALLS DEVELOPMENT CORPORATION IS A NOT-FOR-PROFIT ENTITY DEDICATED TO COMMUNITY-BASED ECONOMIC DEVELOPMENT FOR THE BENEFIT OF EAST FALLS. WE WORK TO CREATE A COMMUNITY THAT CAPITALIZES ON ITS ASSETS-A STRATEGIC LOCATION BETWEEN CENTER CITY PHILADELPHIA AND
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE THE HEALTH, SAFETY AND WELFARE OF THE RESIDENTS, BUSINESSES AND INSTITUTIONS OF THE EAST FALLS SECTION OF PHILADELPHIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Heidi E Grunwald Board Chair | OfficerTrustee | 5 | $0 |
John Hawkins Vice Chair | OfficerTrustee | 2 | $0 |
Kevin Duffy Treasurer | OfficerTrustee | 2 | $0 |
Aaron Bell Member | Trustee | 2 | $0 |
Greg Curci Member | Trustee | 2 | $0 |
Marvina Furlow Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $70,317 |
| All other contributions, gifts, grants, and similar amounts not included above | $116,657 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $186,974 |
| Total Program Service Revenue | $43,179 |
| Investment income | $126 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $12,791 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $243,070 |
| 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. | $65,388 |
| Compensation of current officers, directors, key employees. | $3,075 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $21,235 |
| Pension plan accruals and contributions | $1,820 |
| Other employee benefits | $2,706 |
| Payroll taxes | $8,615 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,188 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $311 |
| Office expenses | $989 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $6,768 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $807 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $988 |
| Insurance | $4,472 |
| All other expenses | $78,300 |
| Total functional expenses | $201,190 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $456,774 |
| Pledges and grants receivable | $24,520 |
| Accounts receivable, net | $0 |
| 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 | $7,219 |
| Net Land, buildings, and equipment | $1,259 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $600 |
| Total assets | $490,372 |
| Accounts payable and accrued expenses | $22,533 |
| 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 | $0 |
| Total liabilities | $22,533 |
| Net assets without donor restrictions | $364,839 |
| Net assets with donor restrictions | $103,000 |
| 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 | $490,372 |