Civic Intelligence

Montgomery County Economic Development Corporation

990 • Fiscal year 2014 • EIN 23-1680754

Jul 01, 2013 to Jun 30, 2014 • Filed on May 14, 2015

Organization ProfileWWW.MCIDC.COM

View Organization Page

206 Cynwyd Rd19004

(484) 343-6967

Siviq Scores

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

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on this filing.

Source year 2014

Liabilities / Revenue

9th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2014

Net Margin

1st percentile

-2306%

Higher net margin than 1% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2014

Top Officer Pay

45th percentile

$126,417

Higher top officer pay than 45% of similar nonprofits.

Top officer pay equals 77.5% of source-year revenue.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Source year 2014

Asset Growth

1st percentile

-100%

Faster asset growth than 1% of similar nonprofits.

2014 filings • 501(c)6 • $1M-$5M nonprofits • Annualized from 2013 to 2014

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2014

Balance Sheet
Liabilities / AssetsScore unavailable

Assets

Down

$0

Down $3,926,661 (-100%) from 2013

Net Assets

Down

$0

Down $3,761,301 (-100%) from 2013

Liabilities

Down

$0

Down $165,360 (-100%) from 2013

Revenue And Expenses
Liabilities / Revenue9th percentileNet Margin1st percentile

Revenue

$163,081

No earlier filing loaded for comparison.

Expenses

Up

$3,924,382

Up $3,015,170 (+332%) from 2013

Net Income

-$3,761,301

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset Growth1st percentile

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

$15M$10M$5.0M$0Assets 2011: $12,950,785Liabilities 2011: $6,454,514Net Assets 2011: $6,496,2712011Assets 2012: $12,135,160Liabilities 2012: $5,413,502Net Assets 2012: $6,721,6582012Assets 2013: $3,926,661Liabilities 2013: $165,360Net Assets 2013: $3,761,3012013Assets 2014: $0Liabilities 2014: $0Net Assets 2014: $02014

Highlighted filing

2014

Assets$0
Liabilities$0
Net Assets$0
Open 2014 Filing

Operations Trend

Revenue GrowthScore unavailable

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

$4.0M$2.0M$0-$2.0M-$4.0MExpenses 2011: $1,615,5842011Expenses 2012: $1,572,4192012Expenses 2013: $909,2122013Revenue 2014: $163,081Expenses 2014: $3,924,382Net Income 2014: -$3,761,3012014

Highlighted filing

2014

Revenue$163,081
Expenses$3,924,382
Net Income-$3,761,301
Open 2014 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2013 to Jun 30, 2014
Signed
May 14, 2015
Return Version
2013v4.0
Gross Receipts
$3,092,043
Mission and Program Overview

Mission

To provide low interest loans to businesses and spur economic growth within montgomery county, pa.

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Other Securities$3,554,301$0▼ $3,554,301
Savings and Temporary Cash Investments$251,848$0▼ $251,848
Land, Buildings, and Equipment, Net$57,338$0▼ $57,338
Accounts Receivable$37,139$0▼ $37,139
Cash and Non-Interest-Bearing Accounts$14,300$0▼ $14,300
Prepaid Expenses and Deferred Charges$11,735$0▼ $11,735
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$3,926,661$0▼ $3,926,661
Other Assets Total-$0-
Liabilities
Accounts Payable and Accrued Expenses$165,360$0▼ $165,360
Total Liabilities$165,360$0▼ $165,360
Net Assets / Fund Balance
Unrestricted Net Assets$3,761,301$0▼ $3,761,301
Total Net Assets Fund Balance$3,761,301$0▼ $3,761,301
Total Liabilities and Net Assets / Fund Balance$3,926,661$0▼ $3,926,661
Compensation and Service Providers
Top Officer Pay45th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
David a NilesPres/asst Secy/exec DirectorFT$114,417$12,000$126,417
Thomas M BarbineCFO/asst VPFT$57,000-$57,000
Kenneth MckinneyBoard Member (emeritus)-$12,800-$12,800
A STUARD GRAHAM DEC'D 72313Board Member (emeritus)-$600-$600

Board Members and Trustees

NameTitle
Dick YoungChairman
Jay Bown1st Vice Chairman
Joseph TornettaVice President
Phillip Eastman JrVice President
David CrewsBoard Member
John T SassoBoard Member
Judy E SmithBoard Member
Karen a StoutBoard Member
Nicholas CaramenicoBoard Member
Steven HobmanBoard Member
John Ef CorsonSecretary
John a LenziTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$68,839
Program Service Revenue
$8,000
Investment Income
$69,689
Other Revenue
$16,553
Change in Net Assets
$-3,761,301
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$3,179,373
Other Expenses$428,022
Salaries, Compensation, and Employee Benefits$316,987
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs---$3,179,373
Fees for Services Legal---$195,523
Current Officers, Directors, Trustees, and Key Employees---$183,417
Other Salaries and Wages---$74,267
Occupancy---$60,368
Other Employee Benefits---$32,595
Insurance---$29,946
Fees for Services Accounting---$29,452
Payroll Taxes---$26,708
Fees for Services Other---$21,807
Depreciation Depletion---$17,965
Office Expenses---$15,714
Fees for Service Investment Mgmnt Fees---$7,665
All Other Expenses---$5,367
Other Expenses---$2,403
Advertising---$1,911
Total Functional Expenses$0$0$0$3,924,382
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
23-2253031-501(c)(3)Economic Development$2,210,000
23-2334149-501(c)(3)Economic Development$900,000
23-1352691-501(c)(3)Economic Development$12,500
23-1389404-501(c)(3)Economic Development$12,500
26-3552858-501(c)(3)Economic Development$5,000
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
In-house lobbying only
No
Subject to proxy tax
Yes
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
No
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 2

“Mcedc board directors have business ventures with each other. These business ventures are not related to nor do they impact the operations of mcedc and sdc.”

Form 990, Part VI, Section A, Line 6

“The organization has members”

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

“Current members have the right to elect other members to the governing body at the end of each year for all existing governing body members who are at the end of their term.”

Form 990, Part VI, Section B, Line 11

“The governing board reviews the form 990 before it is filed. The review generally consists of assuring that the information included on the form 990 is accurate and comparable with prior years' 990s. Any unusual variances / differences are further examined to ensure that the information is accurately stated.”

Form 990, Part VI, Section B, Line 15

“The compensation of the president and cfo are reviewed and approved through the board of directors that serve on the personnel committee, it then becomes part of the preliminary budget that is unaminously approved from the entire board of directors.”

Form 990, Part VI, Section C, Line 19

“The organization makes it's governing documents and financial statements available to the public upon request.”

Filing and Contact Details

Filer

EIN
23-1680754
Phone
4843436967

Signing Officer

Name
Richard Young
Title
Chairman
Phone
4843436967
Signed
2015-05-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Richard Young
Formed
1964
Legal Domicile
Pa
Voting Board Members
12
Independent Board Members
12
Employees
4
Volunteers
0

Preparer

Preparer
Edward J Furman CPA
Phone
6109351420
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 2C

“There has been no change in the oversight or selection process from the prior year.”

Raw XML AppendixShowing 400 of 517 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/OtherExpensesGrp/TotalAmt24493
IRS990/OtherExpensesGrp/TotalAmt32403
IRS990/OtherRevenueMiscGrp/BusinessCd0525990
IRS990/OtherRevenueMiscGrp/Desc0MISCELLANEOUS
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt016553
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt016553
IRS990/OtherRevenueTotalAmt016553
IRS990/OtherSalariesAndWagesGrp/TotalAmt074267
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt00
IRS990/PartialLiquidationInd00
IRS990/PayrollTaxesGrp/TotalAmt026708
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd00
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt011735
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0RICHARD YOUNG
IRS990/ProfessionalFundraisingInd00
IRS990/ProgramServiceRevenueGrp/BusinessCd0525990
IRS990/ProgramServiceRevenueGrp/Desc0SETTLEMENT FEES
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt08000
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt08000
IRS990/ProhibitedTaxShelterTransInd00
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt087964
IRS990/PYGrantsAndSimilarPaidAmt00
IRS990/PYInvestmentIncomeAmt0-2579590
IRS990/PYOtherExpensesAmt0467609
IRS990/PYOtherRevenueAmt020985
IRS990/PYProgramServiceRevenueAmt0467326
IRS990/PYRevenuesLessExpensesAmt0-2912527
IRS990/PYSalariesCompEmpBnftPaidAmt0441603
IRS990/PYTotalExpensesAmt0909212
IRS990/PYTotalProfFndrsngExpnsAmt00
IRS990/PYTotalRevenueAmt0-2003315
IRS990/RcvblFromDisqualifiedPrsnGrp/EOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
IRS990/ReconcilationRevenueExpnssAmt0-3761301
IRS990/RelatedEntityInd01
IRS990/RelatedOrganizationCtrlEntInd00
IRS990/ReportInvestmentsOtherSecInd00
IRS990/ReportLandBuildingEquipmentInd00
IRS990/ReportOtherAssetsInd00
IRS990/ReportOtherLiabilitiesInd00
IRS990/ReportProgramRelatedInvstInd00
IRS990/SavingsAndTempCashInvstGrp/BOYAmt0251848
IRS990/SavingsAndTempCashInvstGrp/EOYAmt00
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleC/AgreeCarryoverPriorYearInd00
IRS990ScheduleC/DuesAssessmentsAmt038150
IRS990ScheduleC/OnlyInHouseLobbyingInd00
IRS990ScheduleC/SubstantiallyAllDuesNondedInd00
IRS990ScheduleI/GrantRecordsMaintainedInd00
IRS990ScheduleI/RecipientTable/CashGrantAmt0900000
IRS990ScheduleI/RecipientTable/CashGrantAmt12210000
IRS990ScheduleI/RecipientTable/CashGrantAmt212500
IRS990ScheduleI/RecipientTable/CashGrantAmt312500
IRS990ScheduleI/RecipientTable/CashGrantAmt45000
IRS990ScheduleI/RecipientTable/IRCSectionDesc0501(C)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc1501(C)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc2501(C)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc3501(C)(3)
IRS990ScheduleI/RecipientTable/IRCSectionDesc4501(C)(3)
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt019932
IRS990ScheduleI/RecipientTable/NonCashAssistanceAmt119441
IRS990ScheduleI/RecipientTable/NonCashAssistanceDesc0EQUIPMENT, FURNITURE AND FIXTURES
IRS990ScheduleI/RecipientTable/NonCashAssistanceDesc1BUILDING-420 W. GERMANTOWN PIKE
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt0ECONOMIC DEVELOPMENT
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt1ECONOMIC DEVELOPMENT
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt2ECONOMIC DEVELOPMENT
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt3ECONOMIC DEVELOPMENT
IRS990ScheduleI/RecipientTable/PurposeOfGrantTxt4ECONOMIC DEVELOPMENT
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine10MONTGOMERY COUNTY DEVELOPMENT CORPORATION
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine11MONTGOMERY COUNTY COMMUNITY COLLEGE FOUNDATION
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine12WILLIAMSON FREE SCHOOL OF MECHANICAL TRADES
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine13MERCY VOCATIONAL HIGH SCHOOL SISTERS OF MERCY
IRS990ScheduleI/RecipientTable/RecipientBusinessName/BusinessNameLine14VETRI FOUNDATION FOR CHILDREN
IRS990ScheduleI/RecipientTable/RecipientEIN0232334149
IRS990ScheduleI/RecipientTable/RecipientEIN1232253031
IRS990ScheduleI/RecipientTable/RecipientEIN2231352691
IRS990ScheduleI/RecipientTable/RecipientEIN3231389404
IRS990ScheduleI/RecipientTable/RecipientEIN4263552858
IRS990ScheduleI/RecipientTable/USAddress/AddressLine10PO BOX 311
IRS990ScheduleI/RecipientTable/USAddress/AddressLine11340 DEKALB PIKE
IRS990ScheduleI/RecipientTable/USAddress/AddressLine12106 S NEW MIDDLETOWN RD
IRS990ScheduleI/RecipientTable/USAddress/AddressLine132900 W HUNTING PARK AVE
IRS990ScheduleI/RecipientTable/USAddress/AddressLine141113 ADMIRAL PEARY WAY QUARTERS N
IRS990ScheduleI/RecipientTable/USAddress/City0NORRISTOWN
IRS990ScheduleI/RecipientTable/USAddress/City1BLUE BELL
IRS990ScheduleI/RecipientTable/USAddress/City2MEDIA
IRS990ScheduleI/RecipientTable/USAddress/City3PHILADELPHIA
IRS990ScheduleI/RecipientTable/USAddress/City4PHILADELPHIA
IRS990ScheduleI/RecipientTable/USAddress/State0PA
IRS990ScheduleI/RecipientTable/USAddress/State1PA
IRS990ScheduleI/RecipientTable/USAddress/State2PA
IRS990ScheduleI/RecipientTable/USAddress/State3PA
IRS990ScheduleI/RecipientTable/USAddress/State4PA
IRS990ScheduleI/RecipientTable/USAddress/ZIPCode019404
IRS990ScheduleI/RecipientTable/USAddress/ZIPCode119422
IRS990ScheduleI/RecipientTable/USAddress/ZIPCode219063
IRS990ScheduleI/RecipientTable/USAddress/ZIPCode319129
IRS990ScheduleI/RecipientTable/USAddress/ZIPCode419112
IRS990ScheduleI/RecipientTable/ValuationMethodUsedDesc0NET BOOK VALUE
IRS990ScheduleI/RecipientTable/ValuationMethodUsedDesc1NET BOOK VALUE
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990/ScheduleJRequiredInd00
IRS990ScheduleJ/SeverancePaymentInd01
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990ScheduleJ/WrittenEmploymentContractInd0X
IRS990ScheduleN/AssetsDistributedInd01
IRS990ScheduleN/AttorneyGeneralNotifiedInd00
IRS990ScheduleN/BondsOutstandingInd00
IRS990ScheduleN/DirectorOfSuccessorInd00
IRS990ScheduleN/EmployeeOfSuccessorInd00
IRS990ScheduleN/LiabilitiesPaidInd01
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc0ESTIMATED LEGAL FEES (WIND DOWN EXPENSES)
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc1ESTIMATED ACCOUNTING FEES (WIND DOWN EXPENSES)
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc2ESTIMATED INSURANCE PREMIUMS (WIND DOWN EXPENSES)
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc3ESTIMATED OTHER EXPENSES (WIND DOWN EXPENSES)
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/AssetsDistriOrExpnssPaidDesc4CASH REMAINING AFTER ACTUAL WIND DOWN EXPENSES ARE PAID, IF ANY, WILL BE DONATED TO MCCC FOUNDATION.
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt010000
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt16000
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt23000
IRS990ScheduleN/LiquidationOfAssetsTableGrp/LiquidationOfAssetsDetail/FairMarketValueOfAssetAmt32972
IRS990ScheduleN/OwnerOfSuccessorInd00
IRS990ScheduleN/ReceiveCompensationInd00
IRS990ScheduleN/RequiredToNotifyAGInd00
IRS990/ScheduleORequiredInd01

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2014 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$0
Liabilities
$0
Net assets
$0
Revenue
$163,081
Expenses
$3,924,382
Net income
-$3,761,301
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2014Detailed filing. Detailed filing data is available for this year.$0.00$0.00$0.00$0.16$3.92$3.76
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.93$0.17$3.76$0.91
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$12.1$5.41$6.72$1.57
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$13.0$6.45$6.50$1.62
Peer Organizations

Similar nonprofits based on the same Siviq industry and scale cohort. 2014 filings • 501(c)6 • $1M-$5M nonprofits