Lake Erie Energy Development Corporation
- Assets
- $94.0k
- Revenue
- $182.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Cleveland, OH
- Founding
- 01/2011
- Data as of
- 12/2022
- EIN
- 27-2238400
Organization Overview
Lake Erie Energy Development Corporation, operating under the name LEEDCo, is located in Cleveland, OH. The organization was established in 2011. 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. LEEDCo 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 12/2022, LEEDCo generated $182.1k 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 (35.6%) each year. All expenses for the organization totaled $117.0k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (42.5%) 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
CREATE ROBUST OFFSHORE WIND ENERGY INDUSTRY IN NORTHEAST OHIO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
A MAJOR STEP IN PURSUIT OF LEEDCO'S MISSION TO BUILD THE OFFSHORE WIND INDUSTRY IN NORTHEAST OHIO IS TO DEVELOP AN INITIAL DEMONSTRATION PROJECT IN LAKE ERIE. THIS PROJECT, KNOWN AS ICEBREAKER WIND, WILL CONSIST OF SIX, APPROXIMATELY 3.5 MW WIND TURBINES LOCATED 8 MILES OFFSHORE OF DOWNTOWN CLEVELAND. IT WILL SERVE AS AN ENVIRONMENTAL DATA COLLECTION CENTER AND PROVIDE A MODEL FOR RESPONSIBLE OFFSHORE WIND DEVELOPMENT IN LAKE ERIE. THE EXPERIENCE AND DATA COLLECTED THROUGH THIS PROJECT WILL HELP IDENTIFY BEST PRACTICES, REFINE THE ENGINEERING INNOVATIONS, VALIDATE THE ENVIRONMENTAL CONDITIONS, GUIDE SITING FOR FUTURE PROJECTS, AND ULTIMATELY LOWER THE COST OF ENERGY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William D Friedman President | OfficerTrustee | 1 | $0 |
Ronald B Richard Board Chairman | Trustee | 1 | $0 |
Steve Dever Board Member | Trustee | 1 | $0 |
Jp Ducro Board Member | Trustee | 1 | $0 |
John R Hanercheck Board Member | Trustee | 1 | $0 |
Matt Lundy Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Western Ecosystems Technology Inc Avian & Bat Studies | 12/30/18 | $387,438 |
Dickinson Wright Pllc 2600 W Big Beaver Permits Counsel | 12/30/18 | $819,434 |
Dnv Kema Renewables Inc Project Design | 12/30/18 | $131,484 |
Limnotech Aquatic Species Studies | 12/30/18 | $144,396 |
Ch2m Hill Engineers Nepa Contractor | 12/30/18 | $112,622 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $13,387 |
| All other contributions, gifts, grants, and similar amounts not included above | $168,619 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $182,006 |
| Total Program Service Revenue | $0 |
| Investment income | $46 |
| 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 | $182,052 |
| 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 | $13,387 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $29,117 |
| Fees for services: Accounting | $6,463 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $48,199 |
| Advertising and promotion | $0 |
| Office expenses | $75 |
| Information technology | $1,180 |
| Royalties | $0 |
| Occupancy | $540 |
| 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 | $18,017 |
| All other expenses | $25 |
| Total functional expenses | $117,003 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $94,033 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $94,033 |
| Accounts payable and accrued expenses | $280,138 |
| 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 | $6,624,715 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $6,904,853 |
| Net assets without donor restrictions | -$6,810,820 |
| 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 | $94,033 |