Oak Park Economic Development Corporation
- Assets
- $212.5k
- Revenue
- $506.9k
- Investments
- $0.0
- Employees
- 3
- Location
- Oak Park, IL
- Founding
- 11/1974
- Data as of
- 12/2021
- EIN
- 36-2788088
Organization Overview
Oak Park Economic Development Corporation is located in Oak Park, IL. The organization was established in 1974. 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. As of 12/2021, Oak Park Economic Development Corporation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Oak Park Economic Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2021, Oak Park Economic Development Corporation generated $506.9k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.9%) each year. All expenses for the organization totaled $506.9k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.4%) 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
TO ATTRACT AND PROMOTE INVESTMENT AND DEVELOPMENT IN OAK PARK WITH THE OBJECTIVES OF:-EXPANDING THE PROPERTY TAX BASE-INCREASING SALES TAX REVENUE-CREATING JOBS IN THE VILLAGE-RETAINING JOBS IN THE VILLAGE
Describe the Organization's Program Activity:
Part 3 - Line 4a
OVER 37,000 SQUARE FEET OF LEASED SPACE AND $3,400,000 IN PRIVATE INVESTMENT. TENANTS OPEN OR EXPECTED TO OPEN IN 2021/EARLY 2022 INCLUDE:-TACO MUCHO-BLACKOUT BAKING CO-EINNIM-BREWPOINT CRAFT-OAK AVE BARBER-WHIRLWIND COFFEE CO-MOSAIC BEHAVIORAL HEALTH-SPARKLE AESTHETICS-YOGASIX-STRIDE-FESTIVE COLLECTIVE-2 WINTRUST BANK BRANCHESASSISTANCE WITH PROMOTION AND IDENTIFICATION OF DEVELOPERS FOR KEY PRIVATE REDEVELOPMENT SITES INCLUDING:-203 S MARION STREET-915 S MAPLE-7 VAN BUREN-644 MADISON ST-6545 NORTH AVENUE-6501-6525 NORTH AVENUE
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Lynch Executive Dir. | Officer | 40 | $239,500 |
Eric Mazelis Econ Dev Mgr | 40 | $77,938 | |
Allison Marola Office Mgr | 40 | $47,756 | |
Cory Wesley Chairman | OfficerTrustee | 1 | $0 |
Sandeep Sood Treasurer | OfficerTrustee | 1 | $0 |
David Kennedy Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $505,409 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,472 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $506,881 |
| Total Program Service Revenue | $0 |
| Investment income | $14 |
| 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 | $506,895 |
| 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. | $244,976 |
| Compensation of current officers, directors, key employees. | $24,498 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $126,476 |
| Pension plan accruals and contributions | $5,387 |
| Other employee benefits | $10,003 |
| Payroll taxes | $22,356 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $16,150 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,442 |
| Advertising and promotion | $2,500 |
| Office expenses | $4,560 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $18,658 |
| 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 | $880 |
| Insurance | $12,868 |
| All other expenses | $4,880 |
| Total functional expenses | $506,895 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $64,445 |
| Savings and temporary cash investments | $132,081 |
| 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 | $6,763 |
| Net Land, buildings, and equipment | $9,178 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $212,467 |
| Accounts payable and accrued expenses | $59,574 |
| Grants payable | $16,091 |
| 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 | $75,665 |
| Net assets without donor restrictions | $136,802 |
| 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 | $212,467 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Indianapolis Foundation Inc Indianapolis, IN | $352,748,809 | $43,731,535 |
Delta Area Economic Opportunity Corporation Portageville, MO | $22,832,856 | $23,706,654 |
Pennyrile Allied Community Services Inc Hopkinsville, KY | $9,618,726 | $22,758,893 |
Lexington Center Corporation Lexington, KY | $378,439,328 | $16,156,810 |
Des Moines Performing Arts Des Moines, IA | $53,428,793 | $29,638,099 |
Kentucky River Foothills Development Council Inc Richmond, KY | $12,381,295 | $19,871,173 |
Community Action Of Eastern Iowa Davenport, IA | $4,145,446 | $19,807,458 |
Community Action Of Southern Kentucky Incorporated Bowling Green, KY | $10,381,389 | $18,999,181 |
Northern Kentucky Community Action Commisson Inc Covington, KY | $8,823,439 | $18,121,235 |
Embarras River Basin Agency Inc Greenup, IL | $2,961,671 | $18,793,359 |
Jefferson Franklin Community Action Corporation Hillsboro, MO | $6,544,452 | $18,340,130 |
Tri-County Opportunities Council Rock Falls, IL | $4,101,390 | $18,238,868 |