Somerset County Economic Development Council
- Assets
- $1.9m
- Revenue
- $93.7k
- Investments
- $0.0
- Employees
- 1
- Location
- Somerset, PA
- Founding
- 01/1959
- Data as of
- 12/2021
- EIN
- 25-6010909
Organization Overview
Somerset County Economic Development Council is located in Somerset, PA. The organization was established in 1959. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Somerset County Economic Development Council 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, Somerset County Economic Development Council generated $93.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.4%) each year. All expenses for the organization totaled $68.7k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (11.0%) per year over the past 7 years. 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 WAS CREATED FOR THE ECONOMIC DEVELOPMENT OF SOMERSET COUNTY, PENNSYLVANIA, WITH IT'S MISSION TO PROMOTE INDUSTRIAL, COMMERCIAL AND RETAIL GROWTH IN THE COUNTY BY RECRUITING AND ASSISTING NEW FIRMS TO LOCATE IN THE COUNTY, WHILE HELPING EXISTING COMPANIES TO RETAIN OR EXPAND EMPLOYMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ECONOMIC DEVELOPMENT OF SOMERSET COUNTY, PENNSYLVANA - TO CREATE JOBS BY PROVIDING THE DEVELOPMENT AND SALE OF INDUSTRIAL/BUSINESS PARK LAND AND TO PROMOTE BUSINESS RELOCATION TO SOMERSET COUNTY, ASSISTING BUSINESSES TO OBTAIN FINANCING AND OPERATING A MICRO-REVOLVING LOAN FUND FOR NEW BUSINESSES AS WELL AS ASSISTING BUSINESSES TO RETAIN OR EXPAND EMPLOYMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Buncich Sec/treas | OfficerTrustee | $0 | |
Kathy Berkebile Vice Preside | OfficerTrustee | $0 | |
Cassie Moon President | OfficerTrustee | $0 | |
Chris Burtner Director | Trustee | $0 | |
J C Danhires Director | Trustee | $0 | |
Colleen Dawson Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $6,050 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $80,354 |
| 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 | $86,404 |
| Total Program Service Revenue | $0 |
| Investment income | $2,042 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $93,709 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $19,497 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $3,103 |
| Payroll taxes | $5,946 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $19,736 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $286 |
| Office expenses | $2,935 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $7,239 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $3,762 |
| All other expenses | $0 |
| Total functional expenses | $68,650 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $143,925 |
| Savings and temporary cash investments | $1,256 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $620 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $96,728 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,561 |
| Net Land, buildings, and equipment | $1,630,037 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,874,127 |
| Accounts payable and accrued expenses | $8,735 |
| 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 | $8,735 |
| Net assets without donor restrictions | $1,646,931 |
| Net assets with donor restrictions | $218,461 |
| 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 | $1,874,127 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Somerset County Economic Development Council has recieved totaling $28,181.
| Awarding Organization | Amount |
|---|---|
Alleghenies Planning And Development Commission Altoona, PA PURPOSE: VARIOUS | $28,181 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Action Commission Of Fayette County Washington Court House, OH | $10,620,828 | $9,688,038 |
Downtown Cleveland Alliance Cleveland, OH | $4,884,612 | $9,424,862 |
New Jersey Community Development Corporation Inc Paterson, NJ | $38,005,348 | $12,337,768 |
Allegheny Conference On Community Development Pittsburgh, PA | $14,597,444 | $7,655,898 |
Maryland Rural Development Corporation Annapolis, MD | $2,490,801 | $9,297,615 |
Religious Coalition For Emergency Human Needs In Frederick County Frederick, MD | $4,940,518 | $9,853,659 |
Campus Partners For Community Urban Redevelopment Columbus, OH | $180,909,775 | $6,681,454 |
G M N Tri-County Community Action Committee Inc Caldwell, OH | $4,898,315 | $8,954,404 |
Fifth Avenue Association Business Improvement District Inc New York, NY | $1,371,227 | $6,747,998 |
Lakeside Association Lakeside, OH | $18,007,265 | $9,409,090 |
Alloy Development Co Inc Cincinnati, OH | $4,726,609 | $7,810,614 |
Fifth Avenue Committee Incorporated Brooklyn, NY | $7,015,493 | $7,933,714 |