Civic Intelligence

Chambersburg Area Development Corporation

990 • Fiscal year 2023 • EIN 25-6063943

Jan 01, 2023 to Dec 31, 2023 • Filed on Jul 25, 2024

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

52nd percentile

0.31x

Higher debt load relative to assets than 52% of similar nonprofits.

2023 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2023

Liabilities / Revenue

99th percentile

9.23x

Higher debt load relative to revenue than 99% of similar nonprofits.

2023 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2023

Net Margin

96th percentile

48%

Higher net margin than 96% of similar nonprofits.

2023 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2023

Top Officer Pay

7th percentile

$0

Higher top officer pay than 7% of similar nonprofits.

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

2023 filings • 501(c)6 • $25M-$50M nonprofits • Source year 2023

Asset Growth

91st percentile

39%

Faster asset growth than 91% of similar nonprofits.

2023 filings • 501(c)6 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Revenue Growth

2nd percentile

-72%

Faster revenue growth than 2% of similar nonprofits.

2023 filings • 501(c)6 • $25M-$50M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets52nd percentile

Assets

Up

$26,310,426

Up $7,369,900 (+39%) from 2022

Net Assets

Up

$18,114,404

Up $573,998 (+3.3%) from 2022

Liabilities

Up

$8,196,022

Up $6,795,902 (+485%) from 2022

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin96th percentile

Revenue

Down

$888,054

Down $2,315,100 (-72%) from 2022

Expenses

Up

$461,814

Up $33,085 (+7.7%) from 2022

Net Income

Down

$426,240

Down $2,348,185 (-85%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth91st 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

2023

Assets$26,310,426
Liabilities$8,196,022
Net Assets$18,114,404
Open 2023 Filing

Operations Trend

Revenue Growth2nd 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

2023

Revenue$888,054
Expenses$461,814
Net Income$426,240
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Jul 25, 2024
Return Version
2023v5.0
Gross Receipts
$1,791,624
Mission and Program Overview

Mission

Facilitate economic development in the chambersburg area

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$9,722,465$17,088,586▲ $7,366,121
Other Notes and Loans Receivable, Net$3,395,601$4,083,279▲ $687,678
Investments Other Securities$3,594,433$3,619,113▲ $24,680
Savings and Temporary Cash Investments$1,894,183$839,485▼ $1,054,698
Prepaid Expenses and Deferred Charges$92,387$116,975▲ $24,588
Cash and Non-Interest-Bearing Accounts$57,206$56,687▼ $519
Accounts Receivable$31,289$16,963▼ $14,326
Total Assets$18,940,526$26,310,426▲ $7,369,900
Other Assets Total$152,962$489,338▲ $336,376
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,336,796$7,970,906▲ $6,634,110
Accounts Payable and Accrued Expenses$30,732$149,124▲ $118,392
Other Liabilities$32,592$75,992▲ $43,400
Total Liabilities$1,400,120$8,196,022▲ $6,795,902
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$17,540,406$18,114,404▲ $573,998
Total Net Assets Fund Balance$17,540,406$18,114,404▲ $573,998
Total Liabilities and Net Assets / Fund Balance$18,940,526$26,310,426▲ $7,369,900

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$14,472,172$8,939,944$23,412,116
Land$2,611,749-$2,611,749
Equipment$4,665$24,935$29,600
Other Securities$179,987--
Closely Held Equity Interests$1,500,375--
Compensation and Service Providers
Top Officer Pay7th 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
Matt RunyonDirector
Mike KalathasDirector
Ray CullenDirector
Tanya NitterhouseDirector
Tony PananesDirector
Troy GarmanDirector
Tim HenryAsst Tres
Jack SharpeSecretary
Luke MartinTreasurer
Andy BarnesVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$19,211
Investment Income
$460,134
Other Revenue
$408,709
Change in Net Assets
$426,240

Audited Revenue Reconciliation

Revenue per Audited Statements
$874,373
Revenue Not Reported on Financial Statements
$13,681
Revenue Not Reported on Form 990
$1,123,581
Other Revenue Adjustments
$13,681
Total Revenue per Audited Statements
$1,997,954
Total Revenue per Form 990
$888,054
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$461,814
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
Fees for Services Other$21,193--$21,193
Fees for Services Accounting-$15,100-$15,100
Other Expenses$55,398$7,540-$7,540
All Other Expenses$3,448$470-$3,918
Insurance-$3,217-$3,217
Fees for Services Legal$2,014$355-$2,369
Total Functional Expenses$251,753$210,061$0$461,814

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$1,423,956
Expenses Not Reported on Form 990$975,822
Total Expenses per Form 990$461,814
Expenses per Audited Statements$448,134
Expenses Not Reported on Financial Statements$13,680
Other Expense Adjustments$13,680
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
Josh BlankenshipDirectorNote ReceivableNo$350,000
Jim HillDirectorRepairs/maintenanceNo$125,943
Lance KegerreisDirectorLand DevelopmentNo$30,455
Josh BlankenshipDirectorInterest IncomeNo$13,490
Jack SharpeSecretaryLegal ServicesNo$2,369
Mike KalathasDirectorAnnual MeetingNo$2,356
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Security Deposits$75,992
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
2024-07-25

Organization Details

Principal Officer
William Everly Jr
Formed
1960
Legal Domicile
Pa
Voting Board Members
22
Independent Board Members
22
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 975,822”

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

“Investment expenses netted with income 13,679 rounding 2”

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

“Rental expenses netted with income 975,822 book / tax depreciation difference 72,253”

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

“Investment expenses netted with income 13,679 rounding 1”

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IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt1INVESTMENT EXPENSES NETTED WITH INCOME 13,679 ROUNDING 2
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt2RENTAL EXPENSES NETTED WITH INCOME 975,822 BOOK / TAX DEPRECIATION DIFFERENCE 72,253
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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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Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$26,310,426
Liabilities
$8,196,022
Net assets
$18,114,404
Revenue
$888,054
Expenses
$461,814
Net income
$426,240
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