Economic Development Compnay Of Lancaster County
- Assets
- $3.2m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 14
- Location
- Lancaster, PA
- Founding
- 09/1965
- Data as of
- 12/2021
- EIN
- 23-6402651
Organization Overview
Economic Development Compnay Of Lancaster County is located in Lancaster, PA. The organization was established in 1965. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2021, Economic Development Compnay Of Lancaster County employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Economic Development Compnay Of Lancaster County 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 12/2021, Economic Development Compnay Of Lancaster County generated $2.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.6% each year. All expenses for the organization totaled $1.9m during the year ending 12/2021. While expenses have increased by 7.9% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION SEEKS TO ADVANCE LANCASTER COUNTY'S ECONOMIC DEVELOPMENT TO MORE FULLY REALIZE THE COUNTY'S POTENTIAL (GROWTH) AND SUSTAINABLY OVER TIME (PROSPERITY) TO BENEFIT THE COMMUNITY AS A WHOLE (INCLUSION). DRIVERS OF THE STRATEGIC PLAN INCLUDE LEADERSHIP, COLLABORATION, COMMUNICATION, PRIORITIZATION, RESPONSIVENESS AND MEASUREMENT. THE ORGANIZATION PROMOTES COMMUNITY AND ECONOMIC DEVELOPMENT THROUGHOUT LANCASTER COUNTY, PA BY: 1.INTENTIONALLY CULTIVATING, RETAINING AND EXPANDING INDUSTRY. 2.INFLUENCING AND/OR LEADING SYSTEMIC RESPONSES TO SPECIFIC OPPORTUNITIES AND THREATS TO ECONOMIC GROWTH AND STABILITY 3.PROVIDING AND ANALYZING ROBUST ECONOMIC INFORMATION AS A CORE FOUNDATION TO STRENGTHEN THE REGIONAL ECONOMY. 4.ALIGNING AND GROWING EDC'S COMPETENCIES, RESOURCES AND TOOLS TO REFLECT ITS STRATEGIC PRIORITIES AND TO STRENGTHEN FINANCIAL SUSTAINABILITY. 5.PROVIDING COVID-19 DRIVEN BROAD ECONOMIC RECOVERY ACTIVITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
EDC PROMOTES COMMUNITY AND ECONOMIC DEVELOPMENT THROUGHOUT LANCASTER COUNTY, PA BY: 1. INTENTIONALLY CULTIVATING, RETAINING AND EXPANDING INDUSTRY 2. INFLUENCING AND/OR LEADING SYSTEMIC RESPONSES TO SPECIFIC OPPORTUNITIES AND THREATS TO ECONOMIC GROWTH AND STABILITY 3. PROVIDING AND ANALYZING ROBUST ECONOMIC INFORMATION AS A CORE FOUNDATION TO STRENGTHEN THE REGIONAL ECONOMY 4. ALIGNING AND GROWING EDC'S COMPETENCIES, RESOURCES AND TOOLS TO REFLECT STRATEGIC PRIORITIES AND TO STRENGTHEN FINANCIAL SUSTAINABILITY 5. PROVIDING COVID-19 DRIVEN BROAD ECONOMIC RECOVERY ACTIVITY
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lisa D Riggs President | Officer | 37.4 | $182,099 |
Lyle D Hosler Vice Preside | Officer | 18 | $146,131 |
Naomi Young Director, Cr | 2.5 | $145,057 | |
Robert M Krasne Board Chair | OfficerTrustee | 1 | $0 |
Troy A Clair Board Vice C | OfficerTrustee | 1 | $0 |
Liz Martin Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $114,190 |
| All other contributions, gifts, grants, and similar amounts not included above | $160,003 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $274,193 |
| Total Program Service Revenue | $1,600,055 |
| Investment income | $38,852 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $303,303 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,216,403 |
| 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. | $406,907 |
| Compensation of current officers, directors, key employees. | $83,347 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $918,881 |
| Pension plan accruals and contributions | $75,218 |
| Other employee benefits | $93,118 |
| Payroll taxes | $90,780 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $6,525 |
| Fees for services: Accounting | $21,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $77,841 |
| Advertising and promotion | $7,745 |
| Office expenses | $6,340 |
| Information technology | $46,864 |
| Royalties | $0 |
| Occupancy | $28,454 |
| Travel | $3,023 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,970 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $19,014 |
| Insurance | $15,639 |
| All other expenses | $602 |
| Total functional expenses | $1,854,722 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $997,148 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $190,082 |
| 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 | $23,127 |
| Net Land, buildings, and equipment | $27,789 |
| Investments—publicly traded securities | $1,948,419 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,186,565 |
| Accounts payable and accrued expenses | $54,011 |
| Grants payable | $0 |
| Deferred revenue | $186,500 |
| 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 | $240,511 |
| Net assets without donor restrictions | $2,914,245 |
| Net assets with donor restrictions | $31,809 |
| 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 | $3,186,565 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Economic Development Compnay Of Lancaster County has recieved totaling $45,000.
| Awarding Organization | Amount |
|---|---|
Southcentral Workforce Investment Board Harrisburg, PA PURPOSE: DCED ENGAGE GRANT | $45,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
University Circle Incorporated Cleveland, OH | $134,622,719 | $18,118,457 |
Economic Opportunity Council Of Suffolk Inc Patchogue, NY | $6,210,341 | $18,971,000 |
Usw District 10 Local 286 Welfare Trust Fund Philadelphia, PA | $8,668,111 | $17,307,586 |
Integrated Community Alternatives Network Inc Utica, NY | $14,279,832 | $19,265,883 |
Northern Manhattan Improvement Corp New York, NY | $8,451,430 | $18,004,122 |
Economic And Community Development Institute Inc Columbus, OH | $78,355,876 | $19,971,101 |
Pennreach Allentown, NJ | $5,187,786 | $15,924,501 |
Chautauqua Opportunities Inc Dunkirk, NY | $6,065,142 | $15,802,051 |
Garrett County Maryland Community Action Committee Inc Oakland, MD | $23,823,939 | $14,024,119 |
Commission On Economic Opportunity For The Rensselaer County Area Inc Troy, NY | $18,234,515 | $14,616,169 |
Strong City Baltimore Baltimore, MD | $3,607,626 | $14,803,870 |
Phipps Neighborhoods Inc New York, NY | $46,342,034 | $30,198,997 |