Stark Economic Development Board Inc
- Assets
- $3.7m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 9
- Location
- Canton, OH
- Founding
- 08/1985
- Data as of
- 06/2023
- EIN
- 34-1476938
Organization Overview
Stark Economic Development Board Inc is located in Canton, OH. The organization was established in 1985. According to its NTEE Classification (S32) the organization is classified as: Rural Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, Stark Economic Development Board Inc employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Stark Economic Development Board Inc 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 06/2023, Stark Economic Development Board Inc generated $1.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 10.5% each year . All expenses for the organization totaled $1.8m during the year ending 06/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO STRENGTHEN STARK COUNTY BY DRIVING BUSINESS GROWTH AND LEADING ECONOMIC TRANSFORMATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE STARK ECONOMIC DEVELOPMENT BOARD, INC. IS AN ORGANIZATION WHOSE PURPOSE IS TO ATTRACT, EXPAND AND RETAIN BUSINESS INVESTMENTS IN STARK COUNTY, OHIO. SEDB IS A CONDUIT TO FUNDING SOURCES FOR BUSINESSES THROUGH THE STARK COUNTY PORT AUTHORITY AND AS THE LOCAL TEAM NEO/JOBS OHIO PARTNER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Gessner Chairman | OfficerTrustee | 2 | $0 |
Brian Belden Secretary | OfficerTrustee | 2 | $0 |
William Shivers Treasurer | OfficerTrustee | 2 | $0 |
Alan Andreani Trustee | Trustee | 2 | $0 |
Barbara H Bennett Trustee | Trustee | 2 | $0 |
Thomas Bernabei Trustee | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $225,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $832,309 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,057,309 |
| Total Program Service Revenue | $69,600 |
| Investment income | $29,178 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $6,250 |
| 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 | $1,169,229 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $60,000 |
| 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. | $230,773 |
| Compensation of current officers, directors, key employees. | $23,310 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $539,911 |
| Pension plan accruals and contributions | $44,361 |
| Other employee benefits | $111,343 |
| Payroll taxes | $55,106 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,533 |
| Fees for services: Accounting | $14,000 |
| Fees for services: Lobbying | $5,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $27,758 |
| Advertising and promotion | $41,495 |
| Office expenses | $19,876 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $38,306 |
| Travel | $19,491 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $5,404 |
| Interest | $3,243 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $17,564 |
| Insurance | $12,613 |
| All other expenses | $2,916 |
| Total functional expenses | $1,752,044 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,115,992 |
| Pledges and grants receivable | $205,074 |
| Accounts receivable, net | $392,145 |
| 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 | $14,740 |
| Net Land, buildings, and equipment | $285,059 |
| Investments—publicly traded securities | $16,302 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $652,938 |
| Total assets | $3,682,250 |
| Accounts payable and accrued expenses | $41,036 |
| 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 | $18,075 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $671,905 |
| Total liabilities | $731,016 |
| Net assets without donor restrictions | $1,951,397 |
| Net assets with donor restrictions | $999,837 |
| 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 | $3,682,250 |
Grants Awarded
Over the last fiscal year, Stark Economic Development Board Inc has awarded $110,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
TEAM NEO FOUNDATION PURPOSE: ATTRACT AND EXPAND NORTHEAST OHIO | $60,000 |
CANTON REGIONAL CHAMER OF COMMERCE PURPOSE: AIR SERVICE DEVELOPMENT FUND | $50,000 |