Greater Erie Economic Development Corporation
- Assets
- $14.8m
- Revenue
- $762.9k
- Investments
- $7.8m
- Employees
- 0
- Location
- Erie, PA
- Founding
- 03/1976
- Data as of
- 12/2021
- EIN
- 25-1269138
Organization Overview
Greater Erie Economic Development Corporation is located in Erie, PA. The organization was established in 1976. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Greater Erie Economic 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 12/2021, Greater Erie Economic Development Corporation generated $762.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 4.2% each year. All expenses for the organization totaled $1.5m during the year ending 12/2021. While expenses have increased by 7.4% 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 2014, Greater Erie Economic Development Corporation has awarded 273 individual grants totaling $3,918,445. 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2021
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE GREATER ERIE ECONOMIC DEVELOPMENT CORPORATION SUPPORTS AND ADVOCATES FOR THE IMPROVEMENT OF COMMUNICATION, EDUCATION AND JOB OPPORTUNITIES FOR MINORITIES AND INDIVIDUALS IN THE ERIE COMMUNITY. GEEDC PROVIDED GRANTS FOR BUILDING REPAIRS, UPGRADES, AND NEW EQUIPMENT PURCHASES. GEEDC ALSO PROVIDED GRANTS FOR SPONSORSHIP OF VARIOUS YOUTH TEAM ORGANIZATIONS TO HELP AT RISK YOUTH.GEEDC ALSO PROVIDES FINANCIAL ASSISTANCE TO STUDENTS ATTENDING VARIOUS COLLEGES AND UNIVERSITIES AND OTHER TRAINING INSTITUTIONS.
RENTAL EXPENSE - PROVIDES SPACE FOR OTHER NON-PROFIT ORGANIZATIONS TO HELP THEM CARRY OUT THEIR MISSION AT REDUCED RATES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gerald L Blanks President & CEO | 8 | $55,505 | |
Melvin Witherspoon Treasurer | 8 | $10,000 | |
Carla Johnson CEO | 8 | $9,378 | |
Ronald Bryant Chairman | 8 | $7,417 | |
Vivian Mccullum Vice Chair | 8 | $6,000 | |
Evan Tucker Secretary | 8 | $5,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $24,557 |
| Interest on Savings | $0 |
| Dividends & Interest | $204,206 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $218,438 |
| Capital Gain Net Income | $218,438 |
| Net ST Capital Gain | $88,077 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $315,721 |
| Total Revenue | $762,922 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $99,051 |
| Other employee salaries and wages | $53,739 |
| Pension plans, employee benefits | $10,623 |
| Interest | $0 |
| Taxes | $106,038 |
| Depreciation | $45,062 |
| Occupancy | $83,158 |
| Travel, conferences, and meetings | $9,794 |
| Printing and publications | $0 |
| Other expenses | $54,806 |
| Total operating and administrative expenses | $530,925 |
| Contributions, gifts, grants paid | $934,890 |
| Total expenses and disbursements | $1,465,815 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $5,751,952 |
| Net Accounts receivable | $11,334 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $28,221 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $20,943 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $7,817,641 |
| Net Land, buildings, and equipment | $1,123,122 |
| Other assets | $0 |
| Total assets | $14,753,213 |
| Accounts payable and accrued expenses | $173,384 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $173,384 |
Grants Awarded
Over the last fiscal year, Greater Erie Economic Development Corporation has awarded $934,890 in support to 41 organizations.
| Grant Recipient | Amount |
|---|---|
KEYSTONE ATHLETIC DEVELOPMENT ORGAN PURPOSE: 10 SCHOLARSHIPS | $650,000 |
BOOKER T WASHINGTON CENTER PURPOSE: COMMUNITY SUPPORT | $31,055 |
GABRIELLE WATSON PURPOSE: HIGHER EDUCATION ASSISTANCE | $27,903 |
UNFHCC SICKLE CELL PROGRAM PURPOSE: PROGRAM SUPPORT | $25,000 |
Erie, PA PURPOSE: REDUCE RECIDIVISM IN ERIE COUNTY | $20,000 |
AVERY STEVENS PURPOSE: HIGHER EDUCATION ASSISTANCE | $16,569 |
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 |