Civic Intelligence

South Eastern Economic Development Company of Pennsylvania

990 • Fiscal year 2018 • EIN 22-2490679

Oct 01, 2017 to Sep 30, 2018 • Filed on Feb 12, 2019

Organization ProfileWWW.SEEDCOPA.COM
737 Constitution DriveExton, PA 19341

(610) 458-5700

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

38th percentile

0.10x

Higher debt load relative to assets than 38% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2018

Liabilities / Revenue

43rd percentile

0.13x

Higher debt load relative to revenue than 43% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2018

Net Margin

87th percentile

20%

Higher net margin than 87% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2018

Top Officer Pay

23rd percentile

$0

Higher top officer pay than 23% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2018

Asset Growth

46th percentile

1.2%

Faster asset growth than 46% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Revenue Growth

58th percentile

5.3%

Faster revenue growth than 58% of similar nonprofits.

2018 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets38th percentile

Assets

Up

$2,280,033

Up $26,379 (+1.2%) from 2017

Net Assets

Up

$2,060,289

Up $345,706 (+20%) from 2017

Liabilities

Down

$219,744

Down $319,327 (-59%) from 2017

Revenue And Expenses
Liabilities / Revenue43rd percentileNet Margin87th percentile

Revenue

Up

$1,733,461

Up $87,152 (+5.3%) from 2017

Expenses

Up

$1,387,755

Up $23,691 (+1.7%) from 2017

Net Income

Up

$345,706

Up $63,461 (+22%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth46th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$200M$150M$100M$50M$0Assets 2011: $135,135,608Liabilities 2011: $134,984,570Net Assets 2011: $151,0382011Assets 2012: $149,586,039Liabilities 2012: $149,260,990Net Assets 2012: $325,0492012Assets 2013: $153,174,157Liabilities 2013: $152,256,692Net Assets 2013: $917,4652013Assets 2014: $160,362,470Liabilities 2014: $159,127,744Net Assets 2014: $1,234,7262014Assets 2015: $1,812,486Liabilities 2015: $362,581Net Assets 2015: $1,449,9052015Assets 2016: $2,475,442Liabilities 2016: $1,043,104Net Assets 2016: $1,432,3382016Assets 2017: $2,253,654Liabilities 2017: $539,071Net Assets 2017: $1,714,5832017Assets 2018: $2,280,033Liabilities 2018: $219,744Net Assets 2018: $2,060,2892018Assets 2019: $2,316,988Liabilities 2019: $265,941Net Assets 2019: $2,051,0472019Assets 2020: $2,885,740Liabilities 2020: $353,457Net Assets 2020: $2,532,2832020Assets 2021: $3,531,785Liabilities 2021: $771,990Net Assets 2021: $2,759,7952021Assets 2022: $4,125,560Liabilities 2022: $1,153,022Net Assets 2022: $2,972,5382022Assets 2023: $4,280,310Liabilities 2023: $1,325,155Net Assets 2023: $2,955,1552023

Highlighted filing

2018

Assets$2,280,033
Liabilities$219,744
Net Assets$2,060,289
Open 2018 Filing

Operations Trend

Revenue Growth58th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$2.0M$1.5M$1.0M$500K$0-$500KRevenue 2011: $1,703,128Expenses 2011: $1,659,423Net Income 2011: $43,7052011Expenses 2012: $1,818,4022012Expenses 2013: $1,489,4482013Revenue 2014: $1,747,317Expenses 2014: $1,430,056Net Income 2014: $317,2612014Revenue 2015: $1,981,772Expenses 2015: $1,766,593Net Income 2015: $215,1792015Revenue 2016: $1,396,752Expenses 2016: $1,414,319Net Income 2016: -$17,5672016Revenue 2017: $1,646,309Expenses 2017: $1,364,064Net Income 2017: $282,2452017Revenue 2018: $1,733,461Expenses 2018: $1,387,755Net Income 2018: $345,7062018Revenue 2019: $1,320,527Expenses 2019: $1,329,769Net Income 2019: -$9,2422019Revenue 2020: $1,830,848Expenses 2020: $1,349,612Net Income 2020: $481,2362020Revenue 2021: $1,614,452Expenses 2021: $1,386,940Net Income 2021: $227,5122021Revenue 2022: $1,651,017Expenses 2022: $1,438,274Net Income 2022: $212,7432022Revenue 2023: $1,638,016Expenses 2023: $1,655,399Net Income 2023: -$17,3832023

Highlighted filing

2018

Revenue$1,733,461
Expenses$1,387,755
Net Income$345,706
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Oct 1, 2017 to Sep 30, 2018
Signed
Feb 12, 2019
Return Version
2017v2.3
Gross Receipts
$1,733,461
Mission and Program Overview

Mission

Foster the industrial and commercial growth of southeastern pennsylvania by providing financing available through the u.s. Small business administration loan programs to new, expanded and rehabilitated industrial and commercial projects.

Foster the industrial and commercial growth of southeastern pa

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$751,835$1,434,627▲ $682,792
Cash and Non-Interest-Bearing Accounts$1,393,166$722,157▼ $671,009
Accounts Receivable$78,478$91,631▲ $13,153
Prepaid Expenses and Deferred Charges$11,541$6,554▼ $4,987
Land, Buildings, and Equipment, Net$0$992▲ $992
Total Assets$2,253,654$2,280,033▲ $26,379
Other Assets Total$18,634$24,072▲ $5,438
Liabilities
Other Liabilities$481,293$155,586▼ $325,707
Accounts Payable and Accrued Expenses$57,778$64,158▲ $6,380
Total Liabilities$539,071$219,744▼ $319,327
Net Assets / Fund Balance
Temporarily Rstr Net Assets$1,349,436$1,812,773▲ $463,337
Unrestricted Net Assets$365,147$247,516▼ $117,631
Total Net Assets Fund Balance$1,714,583$2,060,289▲ $345,706
Total Liabilities and Net Assets / Fund Balance$2,253,654$2,280,033▲ $26,379

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$992$43,081$44,073
Compensation and Service Providers
Top Officer Pay23rd percentile

Board Members and Trustees

NameTitle
Edward J BreinerChairman
Marian D MoskowitzVice Chairman
Andrew StumpBoard Member
Betsy NiedziejkoBoard Member
Christine HelmigBoard Member
Edwin BrownleyBoard Member
Geoff SheehanBoard Member
Greg NewellBoard Member
Greg OlsonBoard Member
Joe CalabroBoard Member
Kristen LadowBoard Member
Lauren IntinarelliBoard Member
Mark CohenBoard Member
Mary Ann MessmerBoard Member
Michael CappellettiBoard Member
Michael StephanoBoard Member
Ralph CicaleseBoard Member
Richard GraverBoard Member
Richard StiebritzBoard Member
Michael GrigalonisCOO/assistant Director
Gary SmithExecutive Director
Sherwood RobbinsManaging Director
John BuckheitCFO
Bill StedmanSecretary
Craig a Styer EsqTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,724,801
Investment Income
$8,660
Other Revenue
$0
Change in Net Assets
$345,706

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,733,461
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$1,733,461
Total Revenue per Form 990
$1,733,461
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,257,755
Grants and Similar Amounts Paid$130,000
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs---$130,000
All Other Expenses---$73,488
Other Expenses---$24,859
Fees for Services Accounting---$14,900
Travel---$12,612
Office Expenses---$10,032
Fees for Services Legal---$9,555
Occupancy---$2,700
Depreciation Depletion---$52
Total Functional Expenses$0$0$0$1,387,755

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,387,755
Total Expenses per Audited Statements$1,387,755
Total Expenses per Form 990$1,387,755
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Chester County Economic Development CouncilExton, PA501(c)6Economic Development in Chester County, Pa$75,000
Lehigh Valley Economic Development CorpBethlehem, PA501(c)3Economic Development in Lehigh Valley, Pa$55,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Richard GraverCurrent Board MemberSeedco Outsourced Lsp 7a Services to Victory BankNo$10,125
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Noncurrent Portion of Lt Debt$98,642
Unearned Deposits$40,649
Unearned Revenues - Other$16,295
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 6

“The organization at all times has at least 9 individual members and does not exceed 25 invidual members.”

Form 990, Part VI, Section A, Line 7A

“Each member is entitled to cast one vote at any election of the directors of the organization.”

Form 990, Part VI, Section B, Line 11B

“Final 990 is reviewed by cfo to ensure accuracy and consistency with audited financial statements. Subsequently it is distributed to the advisory group of the board of directors and is reviewed with and approved by them at one of their monthly meetings prior to filing.”

Form 990, Part VI, Section B, Line 12C

“Conflict of interest policy is reviewed annually by the advisory group and approved by the board.”

Form 990, Part VI, Section C, Line 19

“These documents are made available to the public only upon direct request to the organization”

Filing and Contact Details

Filer

Filer Name
South Eastern Economic Development
EIN
22-2490679
Phone
6104585700
Address
737 CONSTITUTION DRIVE, EXTON, PA 19341

Signing Officer

Name
John Buckheit
Title
CFO
Phone
6104585700
Signed
2019-02-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Gary Smith
Formed
1983
Legal Domicile
Pa
Voting Board Members
21
Independent Board Members
21
Employees
0
Volunteers
0

Preparer

Firm
Maillie Llp
Address
624 WILLOWBROOK LANE, WEST CHESTER, PA 19382
Preparer
Craig S Springer CPA
Phone
6106964353
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2

“The board of directors oversees the audit and is involved in the selection of the independent auditors.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt4TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt5BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt9BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt10BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt11BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt14BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt15BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt16BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt17BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt18BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt19BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt20BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt21COO/ASSISTANT DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt22CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt23EXECUTIVE DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt24MANAGING DIRECTOR
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr01983
IRS990/FormerOfcrEmployeesListedInd00
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IRS990/FSAuditedInd01
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IRS990/GamingActivitiesInd00
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IRS990/GrantAmt0130000
IRS990/GrantsToDomesticOrgsGrp/TotalAmt0130000
IRS990/GrantsToIndividualsInd00
IRS990/GrantsToOrganizationsInd01
IRS990/GrantToRelatedPersonInd00
IRS990/GrossReceiptsAmt01733461
IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd00
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IRS990/IndependentVotingMemberCnt021
IRS990/IndivRcvdGreaterThan100KCnt00
IRS990/IndoorTanningServicesInd00
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IRS990/InfoInScheduleOPartXIIInd0X
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IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt08660
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IRS990/LocalChaptersInd00
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IRS990/MembersOrStockholdersInd01
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IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0FOSTER THE INDUSTRIAL AND COMMERCIAL GROWTH OF SOUTHEASTERN PENNSYLVANIA BY PROVIDING FINANCING AVAILABLE THROUGH THE U.S. SMALL BUSINESS ADMINISTRATION LOAN PROGRAMS TO NEW, EXPANDED AND REHABILITATED INDUSTRIAL AND COMMERCIAL PROJECTS.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
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IRS990/NetAssetsOrFundBalancesEOYAmt02060289
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoListedPersonsCompensatedInd0X
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/TotalAmt02700
IRS990/OfficeExpensesGrp/TotalAmt010032
IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501cInd0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt018634
IRS990/OtherAssetsTotalGrp/EOYAmt024072
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IRS990/OtherExpensesGrp/Desc2COMPUTER SERVICES
IRS990/OtherExpensesGrp/Desc3CONSULTING
IRS990/OtherExpensesGrp/TotalAmt01027939
IRS990/OtherExpensesGrp/TotalAmt150418
IRS990/OtherExpensesGrp/TotalAmt231200
IRS990/OtherExpensesGrp/TotalAmt324859
IRS990/OtherLiabilitiesGrp/BOYAmt0481293
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IRS990/OtherWebsiteInd0X
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt0751835
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt01434627
IRS990/PartialLiquidationInd00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt011541
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt06554
IRS990/PrincipalOfficerNm0GARY SMITH
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0561000
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IRS990/ProgramServiceRevenueGrp/Desc1SSBCI LOAN REVENUE
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1471159
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt2196637
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt361988
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1471159
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt2196637
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt361988
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
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IRS990/PYInvestmentIncomeAmt010213
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IRS990/PYSalariesCompEmpBnftPaidAmt00
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IRS990ScheduleI/GrantRecordsMaintainedInd01
IRS990ScheduleI/RecipientTable/CashGrantAmt075000
IRS990ScheduleI/RecipientTable/CashGrantAmt155000
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(C)6
IRS990ScheduleI/RecipientTable/IRCSectionDesc1501(C)3
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0ECONOMIC DEVELOPMENT IN CHESTER COUNTY, PA
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1ECONOMIC DEVELOPMENT IN LEHIGH VALLEY, PA
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt0CHESTER COUNTY ECONOMIC DEVELOPMENT COUNCIL
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine1Txt1LEHIGH VALLEY ECONOMIC DEVELOPMENT CORP
IRS990ScheduleI/RecipientTable/RecipientEIN0231576225
IRS990ScheduleI/RecipientTable/RecipientEIN1232798276
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt0737 CONSTITUTION DRIVE
IRS990ScheduleI/RecipientTable/USAddress/AddressLine1Txt12158 AVENUE C SUITE 100
IRS990ScheduleI/RecipientTable/USAddress/CityNm0EXTON
IRS990ScheduleI/RecipientTable/USAddress/CityNm1BETHLEHEM
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd0PA
IRS990ScheduleI/RecipientTable/USAddress/StateAbbreviationCd1PA
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd019341
IRS990ScheduleI/RecipientTable/USAddress/ZIPCd118017

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,280,033
Liabilities
$219,744
Net assets
$2,060,289
Revenue
$1,733,461
Expenses
$1,387,755
Net income
$345,706
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$4.28$1.33$2.96$1.64$1.66$0.02
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$4.13$1.15$2.97$1.65$1.44$0.21
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3.53$0.77$2.76$1.61$1.39$0.23
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.89$0.35$2.53$1.83$1.35$0.48
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.32$0.27$2.05$1.32$1.33$0.01
2018Detailed filing. Detailed filing data is available for this year.$2.28$0.22$2.06$1.73$1.39$0.35
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.25$0.54$1.71$1.65$1.36$0.28
2016Detailed filing. Detailed filing data is available for this year.$2.48$1.04$1.43$1.40$1.41$0.02
2015Detailed filing. Detailed filing data is available for this year.$1.81$0.36$1.45$1.98$1.77$0.22
2014Summary only. Only limited summary data is available for this year.$160$159$1.23$1.75$1.43$0.32
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$153$152$0.92$1.49
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$150$149$0.33$1.82
2011Summary only. Only limited summary data is available for this year.$135$135$0.15$1.70$1.66$0.04
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2018 filings • 501(c)6 • $1M-$5M nonprofits