Civic Intelligence

Chambersburg Area Development Corporation

990 • Fiscal year 2022 • EIN 25-6063943

Jan 01, 2022 to Dec 31, 2022 • Filed on Aug 04, 2023

Organization ProfileWWW.CHAMBERSBURG.ORG/AFFILIATES/CADC
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

21st percentile

0.07x

Higher debt load relative to assets than 21% of similar nonprofits.

2022 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

54th percentile

0.44x

Higher debt load relative to revenue than 54% of similar nonprofits.

2022 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2022

Net Margin

99th percentile

87%

Higher net margin than 99% of similar nonprofits.

2022 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

8th percentile

$0

Higher top officer pay than 8% of similar nonprofits.

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

2022 filings • 501(c)6 • $10M-$25M nonprofits • Source year 2022

Asset Growth

80th percentile

18%

Faster asset growth than 80% of similar nonprofits.

2022 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

98th percentile

250%

Faster revenue growth than 98% of similar nonprofits.

2022 filings • 501(c)6 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets21st percentile

Assets

Up

$18,940,526

Up $2,826,347 (+18%) from 2021

Net Assets

Up

$17,540,406

Up $2,469,456 (+16%) from 2021

Liabilities

Up

$1,400,120

Up $356,891 (+34%) from 2021

Revenue And Expenses
Liabilities / Revenue54th percentileNet Margin99th percentile

Revenue

Up

$3,203,154

Up $2,287,170 (+250%) from 2021

Expenses

Up

$428,729

Up $33,602 (+8.5%) from 2021

Net Income

Up

$2,774,425

Up $2,253,568 (+433%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth80th percentile

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

2022

Assets$18,940,526
Liabilities$1,400,120
Net Assets$17,540,406
Open 2022 Filing

Operations Trend

Revenue Growth98th percentile

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

2022

Revenue$3,203,154
Expenses$428,729
Net Income$2,774,425
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Aug 4, 2023
Return Version
2022v5.0
Gross Receipts
$4,151,512
Mission and Program Overview

Mission

Facilitate economic development in the chambersburg area

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$8,995,415$9,722,465▲ $727,050
Investments Other Securities$3,915,585$3,594,433▼ $321,152
Other Notes and Loans Receivable, Net$790,710$3,395,601▲ $2,604,891
Savings and Temporary Cash Investments$2,226,813$1,894,183▼ $332,630
Prepaid Expenses and Deferred Charges$88,994$92,387▲ $3,393
Cash and Non-Interest-Bearing Accounts$75,748$57,206▼ $18,542
Accounts Receivable$19,692$31,289▲ $11,597
Total Assets$16,114,179$18,940,526▲ $2,826,347
Other Assets Total$1,222$152,962▲ $151,740
Liabilities
Mortgage Notes Payable Secured by Investment Property$980,956$1,336,796▲ $355,840
Other Liabilities$32,592$32,592→ $0
Accounts Payable and Accrued Expenses$29,681$30,732▲ $1,051
Total Liabilities$1,043,229$1,400,120▲ $356,891
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$15,070,950$17,540,406▲ $2,469,456
Total Net Assets Fund Balance$15,070,950$17,540,406▲ $2,469,456
Total Liabilities and Net Assets / Fund Balance$16,114,179$18,940,526▲ $2,826,347

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$7,105,187$8,530,490$15,635,677
Land$2,611,749-$2,611,749
Equipment$5,529$24,071$29,600
Other Securities$279,175--
Closely Held Equity Interests$1,566,300--
Compensation and Service Providers
Top Officer Pay8th percentile

Board Members and Trustees

NameTitle
William Everly JrPresident
Brandon StoufferDirector
Chad RosenberryDirector
David GrantDirector
Eric ForemanDirector
Greg MeyersDirector
Jim HillDirector
Joe McdowellDirector
John MassimillaDirector
John NicklasDirector
Josh BlankenshipDirector
Lance KegerreisDirector
Mike KalathasDirector
Ray CullenDirector
Scott JenningsDirector
Tanya NitterhouseDirector
Troy GarmanDirector
Tim HenryAsst Tres
Jack SharpeSecretary
Luke MartinTreasurer
Andy BarnesVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$15,359
Investment Income
$2,702,320
Other Revenue
$485,475
Change in Net Assets
$2,774,425

Audited Revenue Reconciliation

Revenue per Audited Statements
$3,189,754
Revenue Not Reported on Financial Statements
$13,400
Revenue Not Reported on Form 990
$716,911
Other Revenue Adjustments
$13,400
Total Revenue per Audited Statements
$3,906,665
Total Revenue per Form 990
$3,203,154
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$428,729
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
All Other Expenses$5,065$9,676-$14,741
Other Expenses$27,099$13,400-$13,400
Fees for Services Accounting-$13,400-$13,400
Insurance-$3,157-$3,157
Fees for Services Legal$2,638$466-$3,104
Total Functional Expenses$242,710$186,019$0$428,729

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,437,209
Expenses Not Reported on Form 990$1,021,880
Total Expenses per Form 990$428,729
Expenses per Audited Statements$415,329
Expenses Not Reported on Financial Statements$13,400
Other Expense Adjustments$13,400
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
Jack SharpeSecretaryLegal ServicesNo$38,572
Lance KegerreisDirectorLand DevelopmentNo$9,842
Eric ForemanDirectorBank FeesNo$4,584
Jim HillDirectorRepairs/maintenanceNo$3,300
Mike KalathasDirectorAnnual MeetingNo$2,016
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
William Everly Jr
Title
President
Phone
7172647101
Signed
2023-08-04

Organization Details

Principal Officer
William Everly Jr
Formed
1960
Legal Domicile
Pa
Voting Board Members
21
Independent Board Members
21
Employees
0

Preparer

Firm
Schultheiss & Associates
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 1,021,877 rounding 2”

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

“Investment expenses netted with income 13,400”

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

“Rental expenses netted with income 1,021,877 rounding 3 book / tax depreciation difference 73,523”

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

“Investment expenses netted with income 13,400”

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IRS990/Form990PartVIISectionAGrp/TitleTxt0VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt1DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6ASST TRES
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt12TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt20DIRECTOR
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IRS990/PrincipalOfficerNm0WILLIAM EVERLY JR
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IRS990/PYInvestmentIncomeAmt0535039
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IRS990ScheduleD/ExpensesNotRptFinclStmtAmt013400
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0SECURITY DEPOSITS
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IRS990ScheduleD/OtherSecuritiesGrp/BookValueAmt1279175
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0RENTAL EXPENSES NETTED WITH INCOME 1,021,877 ROUNDING 2
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1INVESTMENT EXPENSES NETTED WITH INCOME 13,400
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2RENTAL EXPENSES NETTED WITH INCOME 1,021,877 ROUNDING 3 BOOK / TAX DEPRECIATION DIFFERENCE 73,523
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt3INVESTMENT EXPENSES NETTED WITH INCOME 13,400
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
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IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm0LANCE KEGERREIS
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm1JACK SHARPE
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm2JIM HILL
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm3MIKE KALATHAS
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/NameOfInterested/PersonNm4ERIC FOREMAN
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt0DIRECTOR
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt1SECRETARY
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt2DIRECTOR
IRS990ScheduleL/BusTrInvolveInterestedPrsnGrp/RelationshipDescriptionTxt3DIRECTOR

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$18,940,526
Liabilities
$1,400,120
Net assets
$17,540,406
Revenue
$3,203,154
Expenses
$428,729
Net income
$2,774,425
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$26.2$7.90$18.3$0.54$0.46$0.08
2023Detailed filing. Detailed filing data is available for this year.$26.3$8.20$18.1$0.89$0.46$0.43
2022Detailed filing. Detailed filing data is available for this year.$18.9$1.40$17.5$3.20$0.43$2.77
2021Detailed filing. Detailed filing data is available for this year.$16.1$1.04$15.1$0.92$0.40$0.52
2019Detailed filing. Detailed filing data is available for this year.$16.0$1.50$14.5$1.66$0.48$1.18
2018Detailed filing. Detailed filing data is available for this year.$21.6$8.41$13.2$1.03$0.57$0.46
2017Detailed filing. Detailed filing data is available for this year.$21.6$8.72$12.9$0.88$0.52$0.36
2016Detailed filing. Detailed filing data is available for this year.$17.9$5.48$12.4$0.72$0.47$0.24
2015Detailed filing. Detailed filing data is available for this year.$18.8$6.25$12.6$1.01$0.59$0.41
2014Detailed filing. Detailed filing data is available for this year.$20.5$8.62$11.9$1.09$0.55$0.54
2013Detailed filing. Detailed filing data is available for this year.$17.5$7.04$10.5$0.75$0.62$0.13