Civic Intelligence

Chambersburg Area Development Corporation

990 • Fiscal year 2021 • EIN 25-6063943

Jan 01, 2021 to Dec 31, 2021 • Filed on Jun 15, 2022

100 Lincoln Way East Rm/Ste AChambersburg, PA 17201

(717) 264-7101

Siviq Scores

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

Liabilities / Assets

22nd percentile

0.06x

Higher debt load relative to assets than 22% of similar nonprofits.

2021 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2021

Liabilities / Revenue

88th percentile

1.14x

Higher debt load relative to revenue than 88% of similar nonprofits.

2021 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2021

Net Margin

95th percentile

57%

Higher net margin than 95% of similar nonprofits.

2021 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2021

Top Officer Pay

9th percentile

$0

Higher top officer pay than 9% of similar nonprofits.

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

2021 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2021

Asset Growth

16th percentile

0.4%

Faster asset growth than 16% of similar nonprofits.

2021 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2019 to 2021

Revenue Growth

8th percentile

-26%

Faster revenue growth than 8% of similar nonprofits.

2021 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2019 to 2021

Assets

Up

$16,114,179

Up $125,907 (+0.8%) from 2019

Net Assets

Up

$15,070,950

Up $586,257 (+4.0%) from 2019

Liabilities

Down

$1,043,229

Down $460,350 (-31%) from 2019

Revenue

Down

$915,984

Down $742,219 (-45%) from 2019

Expenses

Down

$395,127

Down $81,186 (-17%) from 2019

Net Income

Down

$520,857

Down $661,033 (-56%) from 2019

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0Assets 2013: $17,511,320Liabilities 2013: $7,036,011Net Assets 2013: $10,475,3092013Assets 2014: $20,507,160Liabilities 2014: $8,624,754Net Assets 2014: $11,882,4062014Assets 2015: $18,813,851Liabilities 2015: $6,247,308Net Assets 2015: $12,566,5432015Assets 2016: $17,883,359Liabilities 2016: $5,475,564Net Assets 2016: $12,407,7952016Assets 2017: $21,568,625Liabilities 2017: $8,715,995Net Assets 2017: $12,852,6302017Assets 2018: $21,586,272Liabilities 2018: $8,414,788Net Assets 2018: $13,171,4842018Assets 2019: $15,988,272Liabilities 2019: $1,503,579Net Assets 2019: $14,484,6932019Assets 2021: $16,114,179Liabilities 2021: $1,043,229Net Assets 2021: $15,070,9502021Assets 2022: $18,940,526Liabilities 2022: $1,400,120Net Assets 2022: $17,540,4062022Assets 2023: $26,310,426Liabilities 2023: $8,196,022Net Assets 2023: $18,114,4042023Assets 2024: $26,157,313Liabilities 2024: $7,901,072Net Assets 2024: $18,256,2412024

Highlighted filing

2021

Assets$16,114,179
Liabilities$1,043,229
Net Assets$15,070,950

Operations Trend

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

$4.0M$3.0M$2.0M$1.0M$0Revenue 2013: $746,591Expenses 2013: $616,429Net Income 2013: $130,1622013Revenue 2014: $1,091,593Expenses 2014: $552,930Net Income 2014: $538,6632014Revenue 2015: $1,006,835Expenses 2015: $594,681Net Income 2015: $412,1542015Revenue 2016: $717,057Expenses 2016: $473,867Net Income 2016: $243,1902016Revenue 2017: $878,503Expenses 2017: $523,426Net Income 2017: $355,0772017Revenue 2018: $1,026,543Expenses 2018: $569,343Net Income 2018: $457,2002018Revenue 2019: $1,658,203Expenses 2019: $476,313Net Income 2019: $1,181,8902019Revenue 2021: $915,984Expenses 2021: $395,127Net Income 2021: $520,8572021Revenue 2022: $3,203,154Expenses 2022: $428,729Net Income 2022: $2,774,4252022Revenue 2023: $888,054Expenses 2023: $461,814Net Income 2023: $426,2402023Revenue 2024: $542,957Expenses 2024: $463,559Net Income 2024: $79,3982024

Highlighted filing

2021

Revenue$915,984
Expenses$395,127
Net Income$520,857
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Jun 15, 2022
Return Version
2021v4.0
Gross Receipts
$1,835,141
Mission and Program Overview

Mission

Facilitate economic development in the chambersburg area

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$9,097,119$8,995,415▼ $101,704
Investments Other Securities$3,719,926$3,915,585▲ $195,659
Savings and Temporary Cash Investments$2,111,796$2,226,813▲ $115,017
Other Notes and Loans Receivable, Net$772,056$790,710▲ $18,654
Prepaid Expenses and Deferred Charges$86,877$88,994▲ $2,117
Cash and Non-Interest-Bearing Accounts$75,118$75,748▲ $630
Accounts Receivable$40,286$19,692▼ $20,594
Total Assets$15,904,370$16,114,179▲ $209,809
Other Assets Total$1,192$1,222▲ $30
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,267,079$980,956▼ $286,123
Other Liabilities$32,592$32,592→ $0
Accounts Payable and Accrued Expenses$42,564$29,681▼ $12,883
Total Liabilities$1,342,235$1,043,229▼ $299,006
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$14,562,135$15,070,950▲ $508,815
Total Net Assets Fund Balance$14,562,135$15,070,950▲ $508,815
Total Liabilities and Net Assets / Fund Balance$15,904,370$16,114,179▲ $209,809

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$6,769,371$8,115,861$14,885,232
Land$2,219,651-$2,219,651
Equipment$6,393$23,207$29,600
Other Securities$275,205--
Closely Held Equity Interests$1,628,705--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Eric ForemanPresident
Andy BarnesDirector
Brandon StoufferDirector
Chad RosenberryDirector
Greg MeyersDirector
Jim HillDirector
Joe McdowellDirector
John MassimillaDirector
John NicklasDirector
Lance KegerreisDirector
Lane ThrushDirector
Mike KalathasDirector
Ray CullenDirector
Scott JenningsDirector
Tanya NitterhouseDirector
Troy GarmanDirector
Tim HenryAsst Tres
Jack SharpeSecretary
Luke MartinTreasurer
William Everly JrVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$18,266
Investment Income
$535,039
Other Revenue
$362,679
Change in Net Assets
$520,857

Audited Revenue Reconciliation

Revenue per Audited Statements
$901,022
Revenue Not Reported on Financial Statements
$14,962
Revenue Not Reported on Form 990
$979,083
Other Revenue Adjustments
$14,962
Total Revenue per Audited Statements
$1,880,105
Total Revenue per Form 990
$915,984
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$395,127
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$32,250$14,960-$14,960
Fees for Services Accounting-$13,400-$13,400
All Other Expenses$3,521$9,222-$12,743
Insurance-$3,003-$3,003
Fees for Services Legal$1,803$318-$2,121
Total Functional Expenses$221,024$174,103$0$395,127

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,371,291
Expenses Not Reported on Form 990$991,125
Total Expenses per Form 990$395,127
Expenses per Audited Statements$380,166
Expenses Not Reported on Financial Statements$14,961
Other Expense Adjustments$14,961
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
Jim HillDirectorRepairs/maintenanceNo$363,358
Lance KegerreisDirectorLand DevelopmentNo$7,020
Jack SharpeSecretaryLegal ServicesNo$6,304
Mike KalathasDirectorAnnual MeetingNo$2,350
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposits$32,592
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
Yes
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
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 b, policies - policies for whistleblower (13) and written document line 19 -the financial statements are available to the public upon request

Form 990, Page 6, Part VI, Line 11B

The form 990 is presented before the governing body at the monthly meeting.

Form 990, Page 6, Part VI, Line 12C

The organization requires that all directors disclose any conflicts of interest and abstain from voting on any matters to which there may be a conflict of interest.

Form 990, Page 6, Part VI, Line 15A

A committee of the board of directors sets the executive directores compensation. No board members are compensated.

Form 990, Page 6, Part VI, Line 19

Documents requireing public inspection are available upon request at main office if they exist

Filing and Contact Details

Filer

Filer Name
Chambersburg Area Development
EIN
25-6063943
Phone
7172647101
Address
100 LINCOLN WAY EAST RM/STE A, CHAMBERSBURG, PA 17201

Signing Officer

Name
Eric Foreman
Title
President
Phone
7172647101
Signed
2022-06-15

Organization Details

Principal Officer
Eric Foreman
Formed
1960
Legal Domicile
Pa
Voting Board Members
20
Independent Board Members
20
Employees
0

Preparer

Firm
Fdb & Associates Corp
Address
720 NORLAND AVENUE, CHAMBERSBURG, PA 17201
Preparer
Michael L Hargleroad
Phone
7172672100
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 4, Part XI, Line 2D

Rental expenses netted with income 991,124

Schedule D, Page 4, Part XI, Line 4B

Investment expenses netted with income 14,960 rounding 2

Schedule D, Page 4, Part XII, Line 2D

Rental expenses netted with income 991,124 book / tax depreciation difference 71,963

Schedule D, Page 4, Part XII, Line 4B

Investment expenses netted with income 14,960 rounding 1

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IRS990/NoListedPersonsCompensatedInd0X
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IRS990/OtherAssetsTotalGrp/BOYAmt01192
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IRS990/OtherChangesInNetAssetsAmt0-1
IRS990/OtherExpensesGrp/Desc0ADMINISTRATIVE FEES
IRS990/OtherExpensesGrp/Desc1BAD DEBTS
IRS990/OtherExpensesGrp/Desc2CONTRIBUTIONS
IRS990/OtherExpensesGrp/Desc3INVESTMENT FEES
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt0133200
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IRS990/OtherRevenueMiscGrp/Desc0COMMON AREA MAINTENANCE FEES
IRS990/OtherRevenueMiscGrp/Desc1UTILITY REIMBURSEMENT
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IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt1113099
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IRS990/PrincipalOfficerNm0ERIC FOREMAN
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IRS990/ProgramServiceRevenueGrp/Desc0INDUSTRIAL DEVELOPMENT FEES
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt018266
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IRS990/PYOtherRevenueAmt0290704
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IRS990/RelatedOrganizationCtrlEntInd0true
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IRS990/ReportInvestmentsOtherSecInd0true
IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/ReportOtherLiabilitiesInd0true
IRS990/ReportProgramRelatedInvstInd0false
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt08115861
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt014885232
IRS990ScheduleD/CloselyHeldEquityInterestsGrp/BookValueAmt01628705
IRS990ScheduleD/CloselyHeldEquityInterestsGrp/MethodValuationCd0C
IRS990ScheduleD/EquipmentGrp/BookValueAmt06393
IRS990ScheduleD/EquipmentGrp/DepreciationAmt023207
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt029600
IRS990ScheduleD/ExpensesNotReportedAmt0991125
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt014961
IRS990ScheduleD/ExpensesSubtotalAmt0380166
IRS990ScheduleD/LandGrp/BookValueAmt02219651
IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt02219651
IRS990ScheduleD/NetUnrealizedGainsInvstAmt0-12041
IRS990ScheduleD/OtherExpensesIncludedAmt0991125
IRS990ScheduleD/OtherExpensesNotIncludedAmt014961
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt032592
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SECURITY DEPOSITS
IRS990ScheduleD/OtherRevenueAmt0991124
IRS990ScheduleD/OtherRevenuesNotIncludedAmt014962
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt02011675
IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt1275205
IRS990ScheduleD/OtherSecuritiesGrp/Desc0INVESTMENT
IRS990ScheduleD/OtherSecuritiesGrp/Desc1CERTIFICATE OF DEPOSIT
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd0F
IRS990ScheduleD/OtherSecuritiesGrp/MethodValuationCd1C
IRS990ScheduleD/RevenueNotReportedAmt0979083
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt014962
IRS990ScheduleD/RevenueSubtotalAmt0901022
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0RENTAL EXPENSES NETTED WITH INCOME 991,124
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1INVESTMENT EXPENSES NETTED WITH INCOME 14,960 ROUNDING 2
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2RENTAL EXPENSES NETTED WITH INCOME 991,124 BOOK / TAX DEPRECIATION DIFFERENCE 71,963
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3INVESTMENT EXPENSES NETTED WITH INCOME 14,960 ROUNDING 1
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 4, PART XI, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc1SCHEDULE D, PAGE 4, PART XI, LINE 4B
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc2SCHEDULE D, PAGE 4, PART XII, LINE 2D
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc3SCHEDULE D, PAGE 4, PART XII, LINE 4B
IRS990ScheduleD/TotalBookValueLandBuildingsAmt08995415
IRS990ScheduleD/TotalBookValueSecuritiesAmt03915585
IRS990ScheduleD/TotalExpensesPerForm990Amt0395127
IRS990ScheduleD/TotalLiabilityAmt032592
IRS990ScheduleD/TotalRevenuePerForm990Amt0915984
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01880105
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IRS990/ScheduleJRequiredInd0false
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0LANCE KEGERREIS
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm1JACK SHARPE
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm2JIM HILL
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm3MIKE KALATHAS
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0DIRECTOR
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt1SECRETARY
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt2DIRECTOR
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt3DIRECTOR
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/SharingOfRevenuesInd0false
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt16304
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt2363358
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/TransactionAmt32350

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