Greater Berks Development Fund
- Assets
- $39.6m
- Revenue
- $9.7m
- Investments
- $1.3m
- Employees
- 0
- Location
- Reading, PA
- Founding
- 03/1955
- Data as of
- 12/2021
- EIN
- 23-6392284
Organization Overview
Greater Berks Development Fund is located in Reading, PA. The organization was established in 1955. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Berks Development Fund is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, Greater Berks Development Fund generated $9.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 14.2% each year . All expenses for the organization totaled $9.0m during the year ending 12/2021. While expenses have increased by 14.9% per year over the past 7 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.
Since 2021, Greater Berks Development Fund has awarded 168 individual grants totaling $4,650,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE GREATER BERKS DEVELOPMENT FUND AIDS AND PROMOTES ECONOMIC AND INDUSTRIAL EXPANSION, AND CONTRIBUTES TO THE ECONOMIC WELL-BEING OF READING AND BERKS COUNTY BY FACILITATING, PROMOTING, AND PARTICIPATING IN AND FINANCING ECONOMIC DEVELOPMENT AND COMMUNITY REVITALIZATION PROJECTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE FUND GRANTS REAL ESTATE AND MACHINERY & EQUIPMENT-RELATED LOANS AND ASSISTS IN OTHER ECONOMIC AND INDUSTRIAL-TYPE LENDING TO AID AND PROMOTE THE ECONOMIC AND INDUSTRIAL EXPANSION IN READING & BERKS COUNTY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael A Duff Vp/secretary | OfficerTrustee | 1 | $0 |
Jeffery R Rush Treasurer | OfficerTrustee | 1 | $0 |
Debra L Millman President | OfficerTrustee | 40 | $0 |
Daniel R Langdon Chairman Of The Board | OfficerTrustee | 1 | $0 |
James Gerlach CEO | OfficerTrustee | 5 | $0 |
Ernest J Choquette ESQ Vice Chairman | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Parcon Cleaning Provides Cleaning Services | 12/30/19 | $111,146 |
Kellenberger Excavating Llc Provides Excavation Services | 12/30/19 | $277,041 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,477,202 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,477,202 |
| Total Program Service Revenue | $4,086,441 |
| Investment income | $368,787 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$952,964 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $9,719,449 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,680,000 |
| 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. | $424,018 |
| Compensation of current officers, directors, key employees. | $201,317 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $158,844 |
| Pension plan accruals and contributions | $11,115 |
| Other employee benefits | $24,525 |
| Payroll taxes | $49,946 |
| Fees for services: Management | $74,391 |
| Fees for services: Legal | $3,715 |
| Fees for services: Accounting | $28,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $499 |
| Advertising and promotion | $0 |
| Office expenses | $4,741 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $60,828 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $303,164 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $915 |
| All other expenses | $114,416 |
| Total functional expenses | $9,034,282 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,355,835 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $148,886 |
| Loans from Officers, Directors, or Controlling Persons | $178,412 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $8,521,625 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $77,701 |
| Net Land, buildings, and equipment | $16,484,995 |
| Investments—publicly traded securities | $9,508,597 |
| Investments—other securities | $1,274,207 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,900 |
| Total assets | $39,552,158 |
| Accounts payable and accrued expenses | $205,892 |
| Grants payable | $0 |
| Deferred revenue | $63,620 |
| 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 | $17,704,301 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $4,608,030 |
| Total liabilities | $22,581,843 |
| Net assets without donor restrictions | $16,970,315 |
| 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 | $39,552,158 |
Grants Awarded
Over the last fiscal year, Greater Berks Development Fund has awarded $4,650,000 in support to 168 organizations.
| Grant Recipient | Amount |
|---|---|
CROSSROADS FAMILY RESTAURANT PURPOSE: ALLIEVIATE LOSSES RELATED TO COVID-19 PANDEMIC | $50,000 |
BEST WESTERN PLUS READING INN & SUITES PURPOSE: ALLIEVIATE LOSSES RELATED TO COVID-19 PANDEMIC | $50,000 |
JIMMY GS BEVERLY HILLS TAVERN INC PURPOSE: ALLIEVIATE LOSSES RELATED TO COVID-19 PANDEMIC | $50,000 |
FOLIO ESTATE LLC PURPOSE: ALLIEVIATE LOSSES RELATED TO COVID-19 PANDEMIC | $50,000 |
COASTAL GRILL LLC PURPOSE: ALLIEVIATE LOSSES RELATED TO COVID-19 PANDEMIC | $50,000 |
READING HOSPITALITY LLC PURPOSE: ALLIEVIATE LOSSES RELATED TO COVID-19 PANDEMIC | $50,000 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Greater Berks Development Fund has recieved totaling $11,250.
| Awarding Organization | Amount |
|---|---|
Greater Reading Chamber And Economic Development Corporation Reading, PA PURPOSE: ADVANCEMENT | $6,250 |
Berks Alliance Llc Reading, PA PURPOSE: TREE TRIMMING ON PENN STREET | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Frontline Community Services Inc Beltsville, MD | $6,957,560 | $20,985,182 |
Shared Support South Inc Warrington, PA | $9,549,705 | $20,704,692 |
Viecare Butler Llc Cranberry Township, PA | $15,820,808 | $20,591,438 |
Valley View Haven Inc Belleville, PA | $35,512,325 | $21,268,828 |
Montgomery Housing Partnership Inc Silver Spring, MD | $117,127,971 | $17,924,784 |
The Arc Morris County Chapter Nj Inc Morris Plains, NJ | $23,360,035 | $22,219,596 |
Pathways To Housing Pa Philadelphia, PA | $7,362,789 | $17,371,070 |
Reach Riverside Development Corporation Wilmington, DE | $31,775,413 | $42,220,664 |
Jewish Federation Housing Development Fund Company Buffalo, NY | $0 | $1,951,149 |
Enterprise Community Loan Fund Inc Columbia, MD | $332,804,742 | $25,996,753 |
Habitat For Humanity International Inc Cincinnati, OH | $19,861,311 | $21,403,808 |
Alfa Development Inc Newfoundland, NJ | $12,469,438 | $16,200,874 |