Civic Intelligence

Lehigh Valley Economic Development Corporation (Lvedc)

990 • Fiscal year 2021 • EIN 23-2798276

Jan 01, 2021 to Dec 31, 2021 • Filed on Jun 16, 2022

520 N New StreetBethlehem, PA 18018

(610) 266-6775

Siviq Scores

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

Liabilities / Assets

53rd percentile

0.15x

Higher debt load relative to assets than 53% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Liabilities / Revenue

39th percentile

0.10x

Higher debt load relative to revenue than 39% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Net Margin

59th percentile

17%

Higher net margin than 59% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Top Officer Pay

87th percentile

$280,295

Higher top officer pay than 87% of similar nonprofits.

Top officer pay equals 4.7% of source-year revenue.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2021

Asset Growth

87th percentile

43%

Faster asset growth than 87% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Revenue Growth

63rd percentile

23%

Faster revenue growth than 63% of similar nonprofits.

2021 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2020 to 2021

Assets

Up

$3,898,442

Up $1,163,936 (+43%) from 2020

Net Assets

Up

$3,324,513

Up $1,035,626 (+45%) from 2020

Liabilities

Up

$573,929

Up $128,310 (+29%) from 2020

Revenue

Up

$6,020,924

Up $1,114,659 (+23%) from 2020

Expenses

Up

$4,985,298

Up $178,004 (+3.7%) from 2020

Net Income

Up

$1,035,626

Up $936,655 (+946%) from 2020

Historical Trend

Balance Sheet Trend

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

$8.0M$6.0M$4.0M$2.0M$0Assets 2010: $2,653,179Liabilities 2010: $616,181Net Assets 2010: $2,036,9982010Assets 2011: $2,741,645Liabilities 2011: $644,443Net Assets 2011: $2,097,2022011Assets 2012: $3,192,420Liabilities 2012: $979,876Net Assets 2012: $2,212,5442012Assets 2013: $3,036,268Liabilities 2013: $999,701Net Assets 2013: $2,036,5672013Assets 2014: $3,585,633Liabilities 2014: $1,649,544Net Assets 2014: $1,936,0892014Assets 2015: $2,792,235Liabilities 2015: $767,665Net Assets 2015: $2,024,5702015Assets 2016: $2,679,446Liabilities 2016: $535,587Net Assets 2016: $2,143,8592016Assets 2017: $2,612,625Liabilities 2017: $587,604Net Assets 2017: $2,025,0212017Assets 2018: $2,441,280Liabilities 2018: $349,569Net Assets 2018: $2,091,7112018Assets 2019: $2,409,923Liabilities 2019: $220,007Net Assets 2019: $2,189,9162019Assets 2020: $2,734,506Liabilities 2020: $445,619Net Assets 2020: $2,288,8872020Assets 2021: $3,898,442Liabilities 2021: $573,929Net Assets 2021: $3,324,5132021Assets 2022: $6,009,502Liabilities 2022: $2,546,535Net Assets 2022: $3,462,9672022Assets 2023: $6,107,133Liabilities 2023: $2,425,730Net Assets 2023: $3,681,4032023Assets 2024: $5,938,614Liabilities 2024: $2,266,563Net Assets 2024: $3,672,0512024

Highlighted filing

2021

Assets$3,898,442
Liabilities$573,929
Net Assets$3,324,513

Operations Trend

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

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $2,643,8382010Revenue 2011: $2,809,067Expenses 2011: $2,748,863Net Income 2011: $60,2042011Expenses 2012: $3,250,8832012Revenue 2013: $3,767,617Expenses 2013: $3,943,594Net Income 2013: -$175,9772013Revenue 2014: $4,435,470Expenses 2014: $4,535,948Net Income 2014: -$100,4782014Revenue 2015: $2,828,040Expenses 2015: $2,748,707Net Income 2015: $79,3332015Revenue 2016: $2,892,411Expenses 2016: $2,899,431Net Income 2016: -$7,0202016Revenue 2017: $3,092,468Expenses 2017: $3,211,306Net Income 2017: -$118,8382017Revenue 2018: $3,051,975Expenses 2018: $2,985,285Net Income 2018: $66,6902018Revenue 2019: $3,085,817Expenses 2019: $2,987,612Net Income 2019: $98,2052019Revenue 2020: $4,906,265Expenses 2020: $4,807,294Net Income 2020: $98,9712020Revenue 2021: $6,020,924Expenses 2021: $4,985,298Net Income 2021: $1,035,6262021Revenue 2022: $3,199,006Expenses 2022: $3,060,552Net Income 2022: $138,4542022Revenue 2023: $3,329,962Expenses 2023: $3,111,526Net Income 2023: $218,4362023Revenue 2024: $3,337,616Expenses 2024: $3,346,968Net Income 2024: -$9,3522024

Highlighted filing

2021

Revenue$6,020,924
Expenses$4,985,298
Net Income$1,035,626
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Jun 16, 2022
Return Version
2021v4.2
Gross Receipts
$6,020,924
Mission and Program Overview

Mission

The mission of the lehigh valley economic development corporation is to market the economic assets of the lehigh valley and to create partnerships to support the recruitment, growth, and retention of employers and the creation of jobs for people of all skill and education levels.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$2,058,498$2,527,414▲ $468,916
Accounts Receivable$444,210$1,006,094▲ $561,884
Cash and Non-Interest-Bearing Accounts$149,172$184,025▲ $34,853
Land, Buildings, and Equipment, Net$52,854$98,249▲ $45,395
Prepaid Expenses and Deferred Charges$20,070$72,958▲ $52,888
Total Assets$2,734,506$3,898,442▲ $1,163,936
Other Assets Total$9,702$9,702→ $0
Liabilities
Accounts Payable and Accrued Expenses$59,500$527,990▲ $468,490
Mortgage Notes Payable Secured by Investment Property$329,500$0▼ $329,500
Other Liabilities$43,619$40,939▼ $2,680
Deferred Revenue$13,000$5,000▼ $8,000
Total Liabilities$445,619$573,929▲ $128,310
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,286,610$3,322,235▲ $1,035,625
Net Assets With Donor Restrictions$2,277$2,278▲ $1
Total Net Assets Fund Balance$2,288,887$3,324,513▲ $1,035,626
Total Liabilities and Net Assets / Fund Balance$2,734,506$3,898,442▲ $1,163,936

Asset Categories

AssetBook ValueDepreciationBasis
Other Land Buildings$56,169$142,289$198,458
Equipment$21,250$123,827$145,077
Leasehold Improvements$20,830$100,552$121,382
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Donald T Cunningham JrPresident/CEOFT$229,271$51,024$280,295
Jaime WhalenExec VP & Chief of StaffFT$128,878$24,563$153,441
Karianne GelinasVP OF BUSINESS ATTRACTION + TALENT SUPPLYFT$118,725$22,109$140,834
George LewisVP OF MARKETING, COMMUNICATIONS + RESEARCHFT$104,291$14,093$118,384

Board Members and Trustees

NameTitle
Edward DoughertyChair
Neal KoplinVice Chair
Alex MichaelsBoard Member
Anne BaumBoard Member
Barry WentzelBoard Member
Chris BrownBoard Member
Donald BernhardBoard Member
Dr Ann BieberBoard Member
Dr Tina Q RichardsonBoard Member
Gary KinseyBoard Member
Gregory DudkinBoard Member
HONORABLE RAY O'CONNELLBoard Member
Honorable Dan HartzellBoard Member
Honorable Kevin LottBoard Member
Honorable Lamont McclureBoard Member
Honorable Phillips ArmstrongBoard Member
Honorable Robert DonchezBoard Member
Honorable Sal Panto JrBoard Member
Julien SauvagnarguesBoard Member
Kassie HilgertBoard Member
Loren SpezialeBoard Member
Luke R CunninghamBoard Member
Michael LandsburgBoard Member
Paul AnthonyBoard Member
R Scott UngerBoard Member
Raymond MidlamBoard Member
Richard G LarsonBoard Member
Silvia HoffmanBoard Member
Stephen HoffBoard Member
Susan LarkinBoard Member
T Anthony IannelliBoard Member
Dan MccarthySecretary
Patricia JohnsonTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$5,676,350
Program Service Revenue
$280,198
Investment Income
$8,342
Other Revenue
$56,034
All Other Contributions
$762,460
Change in Net Assets
$1,035,626

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,020,924
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$6,020,924
Total Revenue per Form 990
$6,020,924
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Grants and Similar Amounts Paid$2,469,250
Salaries, Compensation, and Employee Benefits$1,711,247
Other Expenses$804,801
Total Fundraising Expense$34,536
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$2,469,250--$2,469,250
Other Salaries and Wages$914,856$212,203$14,562$1,141,621
Fees for Services Other$253,393$23,618$15$277,026
Current Officers, Directors, Trustees, and Key Employees$199,304$37,391$12,577$249,272
Occupancy$128,188$35,583-$163,771
Other Employee Benefits$119,033$15,576$2,268$136,877
Advertising$113,033--$113,033
Office Expenses$60,941$40,546$1,753$103,240
Payroll Taxes$79,165$20,714$1,672$101,551
Pension Plan Contributions$64,971$15,373$1,582$81,926
Conferences and Meetings$49,485$7,883-$57,368
Depreciation Depletion-$18,783-$18,783
Information Technology-$16,775-$16,775
Fees for Services Accounting$1,650$14,921-$16,571
Other Expenses$12,693$219-$12,912
Insurance-$10,538-$10,538
Travel$8,943$1,357$107$10,407
Fees for Services Legal-$4,377-$4,377
Total Functional Expenses$4,474,905$475,857$34,536$4,985,298

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$4,985,298
Total Expenses per Audited Statements$4,985,298
Total Expenses per Form 990$4,985,298
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Da Vinci Science CenterAllentown, PA501(c)(3)Lvedc Serves as Grant Pass Through Agent for the State.$1,998,000
The Waterfront Development CompanyAllentown, PAN/aPa Dep Growing Greener Grant for Waterfront Restoration$466,250
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
Lobbying activity
Yes
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Compensated Absences$40,939
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 35% controlled entity
No
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
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 2

Donald t. Cunningham jr., president/ceo, and luke r. Cunningham, board member, are cousins.

Form 990, Part VI, Section A, Line 6

The corporation has approximately 139 members.

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

If the office of any officer, becomes vacant for any reason, the chairperson with board approval may choose a successor or successors, who shall hold office for the unexpired term during which such vacancy occurred.

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

A copy of the form 990 is provided to the corporation's governing body for review and approval.

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

Potential conflicts of interest are monitored regularly during executive committee meetings.

Form 990, Part VI, Section B, Line 15

The ceo's salary is approved by the executive committee.

Form 990, Part VI, Section C, Line 18

Lehigh valley economic development corporation's form 1023 and form 990's are available to the public upon request. They are also available on the internet.

Form 990, Part VI, Section C, Line 19

Lehigh valley economic development corporation's governing documents, conflict of interest policy and financial statements are available to the public upon request.

Filing and Contact Details

Filer

Filer Name
Lehigh Valley Economic
EIN
23-2798276
Phone
6102666775
Address
520 N NEW STREET, BETHLEHEM, PA 18018

Signing Officer

Name
Donald T Cunningham Jr
Title
CEO - President
Phone
6102666775
Signed
2022-06-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Donald T Cunningham Jr
Formed
1995
Legal Domicile
Pa
Voting Board Members
34
Independent Board Members
34
Employees
15
Volunteers
33

Preparer

Firm
Riley and Company Inc
Address
PO BOX 1049, STROUDSBURG, PA 18360
Preparer
Scott a Miller CPA Cfe Cva
Phone
5704240667
Supplemental Narrative

Additional Explanations

Form 990, Part XII, Line 2C

No changes in oversight process for its financial statements or selection of an independent accountant. The finance committee, board, and executive staff assume responsibility for oversight of its audited financial statements and selection of an independent accountant.

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IRS990/Form990PartVIISectionAGrp/PersonNm3HONORABLE ROBERT DONCHEZ
IRS990/Form990PartVIISectionAGrp/PersonNm4HONORABLE DAN HARTZELL
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IRS990/Form990PartVIISectionAGrp/PersonNm6HONORABLE KEVIN LOTT
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IRS990/Form990PartVIISectionAGrp/PersonNm18DR TINA Q RICHARDSON
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IRS990/Form990PartVIISectionAGrp/PersonNm21SILVIA HOFFMAN
IRS990/Form990PartVIISectionAGrp/PersonNm22RICHARD G LARSON
IRS990/Form990PartVIISectionAGrp/PersonNm23LOREN SPEZIALE
IRS990/Form990PartVIISectionAGrp/PersonNm24BARRY WENTZEL
IRS990/Form990PartVIISectionAGrp/PersonNm25PAUL ANTHONY
IRS990/Form990PartVIISectionAGrp/PersonNm26STEPHEN HOFF
IRS990/Form990PartVIISectionAGrp/PersonNm27RAYMOND MIDLAM
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IRS990/Form990PartVIISectionAGrp/TitleTxt0BOARD MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt2BOARD MEMBER
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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/TitleTxt21BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt22BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt23BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt24BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt25BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt26BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt27BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt28BOARD MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt29PRESIDENT/CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt30SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt31CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt32TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt33VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt34EXEC VP & CHIEF OF STAFF
IRS990/Form990PartVIISectionAGrp/TitleTxt35VP OF BUSINESS ATTRACTION + TALENT SUPPLY
IRS990/Form990PartVIISectionAGrp/TitleTxt36VP OF MARKETING, COMMUNICATIONS + RESEARCH
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IRS990/IndependentAuditFinclStmtInd01
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IRS990/LobbyingActivitiesInd01
IRS990/LocalChaptersInd00
IRS990/MaterialDiversionOrMisuseInd00
IRS990/MembersOrStockholdersInd01
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0THE MISSION OF THE LEHIGH VALLEY ECONOMIC DEVELOPMENT CORPORATION IS TO MARKET THE ECONOMIC ASSETS OF THE LEHIGH VALLEY AND TO CREATE PARTNERSHIPS TO SUPPORT THE RECRUITMENT, GROWTH, AND RETENTION OF EMPLOYERS AND THE CREATION OF JOBS FOR PEOPLE OF ALL SKILL AND EDUCATION LEVELS.
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt0329500

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$5.94$2.27$3.67$3.34$3.35$0.01
2023Detailed filing. Detailed filing data is available for this year.$6.11$2.43$3.68$3.33$3.11$0.22
2022Detailed filing. Detailed filing data is available for this year.$6.01$2.55$3.46$3.20$3.06$0.14
2021Detailed filing. Detailed filing data is available for this year.$3.90$0.57$3.32$6.02$4.99$1.04
2020Detailed filing. Detailed filing data is available for this year.$2.73$0.45$2.29$4.91$4.81$0.10
2019Detailed filing. Detailed filing data is available for this year.$2.41$0.22$2.19$3.09$2.99$0.10
2018Detailed filing. Detailed filing data is available for this year.$2.44$0.35$2.09$3.05$2.99$0.07
2017Detailed filing. Detailed filing data is available for this year.$2.61$0.59$2.03$3.09$3.21$0.12
2016Detailed filing. Detailed filing data is available for this year.$2.68$0.54$2.14$2.89$2.90$0.01
2015Detailed filing. Detailed filing data is available for this year.$2.79$0.77$2.02$2.83$2.75$0.08
2014Detailed filing. Detailed filing data is available for this year.$3.59$1.65$1.94$4.44$4.54$0.10
2013Detailed filing. Detailed filing data is available for this year.$3.04$1.00$2.04$3.77$3.94$0.18
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.19$0.98$2.21$3.25
2011Summary only. Only limited summary data is available for this year.$2.74$0.64$2.10$2.81$2.75$0.06
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.65$0.62$2.04$2.64