Wayne Economic Development Corp
- Assets
- $10.4m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 3
- Location
- Honesdale, PA
- Founding
- 01/1962
- Data as of
- 12/2021
- EIN
- 24-6015814
Organization Overview
Wayne Economic Development Corp is located in Honesdale, PA. The organization was established in 1962. 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 12/2021, Wayne Economic Development Corp employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wayne Economic Development Corp 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, Wayne Economic Development Corp generated $2.5m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $2.9m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, Wayne Economic Development Corp has awarded 26 individual grants totaling $1,870,906. 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
PROMOTION OF ECONOMIC DEVELOPMENT IN AND THROUGHOUT THE COUNTY OF WAYNE PA
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTION OF ECONOMIC DEVELOPMENT IN AND THROUGHOUT WAYNE COUNTY, PA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Beth Wood Executive Director | Officer | 40 | $82,440 |
Troy Bystrom Director | Trustee | $50,400 | |
Chaz Augello Director | Trustee | $0 | |
Mary Ellen Bentler Director | Trustee | $0 | |
Peter Bochnovich Vice President | Trustee | $0 | |
Lewis Critelli Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $37,500 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,343,469 |
| All other contributions, gifts, grants, and similar amounts not included above | $28,144 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,409,113 |
| Total Program Service Revenue | $99,862 |
| Investment income | $134 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $19,566 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,539,330 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,911,418 |
| 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. | $148,371 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $99,352 |
| Pension plan accruals and contributions | $2,871 |
| Other employee benefits | $8,922 |
| Payroll taxes | $14,760 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $10,522 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,350 |
| Advertising and promotion | $60,982 |
| Office expenses | $28,744 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $60,671 |
| Travel | $454 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $3,221 |
| Interest | $212,326 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $303,547 |
| Insurance | $27,383 |
| All other expenses | $7,069 |
| Total functional expenses | $2,931,153 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $329,419 |
| Savings and temporary cash investments | $40,027 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $35,562 |
| 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 | $0 |
| Net Land, buildings, and equipment | $9,976,747 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,381,755 |
| Accounts payable and accrued expenses | $5,656 |
| 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 | $6,972,180 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $17,644 |
| Total liabilities | $6,995,480 |
| Net assets without donor restrictions | $3,293,713 |
| Net assets with donor restrictions | $92,562 |
| 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 | $10,381,755 |
Grants Awarded
Over the last fiscal year, Wayne Economic Development Corp has awarded $1,870,906 in support to 26 organizations.
| Grant Recipient | Amount |
|---|---|
UGI UTILITIES INC | | | $1,314,969 |
RENEGADES OF NEWFOUNDLAND | | | $50,000 |
THE CROSSROADS | | | $50,000 |
PENN CAMPS INC | | | $45,000 |
CAMP WAYNE FOR GIRLS | | | $40,000 |
STAN'S CAFE | | | $40,000 |
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 |