Civic Intelligence

Erie Downtown Development Corporation

990 • Fiscal year 2018 • EIN 82-0709054

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 14, 2019

417 State StErie, PA 16501

(814) 870-2850

Siviq Scores

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

Liabilities / Assets

82nd percentile

0.66x

Higher debt load relative to assets than 82% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Liabilities / Revenue

93rd percentile

3.85x

Higher debt load relative to revenue than 93% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Net Margin

83rd percentile

28%

Higher net margin than 83% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Top Officer Pay

66th percentile

$162,308

Higher top officer pay than 66% of similar nonprofits.

Top officer pay equals 15.4% of source-year revenue.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2018

Asset Growth

99th percentile

246%

Faster asset growth than 99% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2017 to 2018

Revenue Growth

5th percentile

-46%

Faster revenue growth than 5% of similar nonprofits.

2018 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2017 to 2018

Assets

Up

$6,127,841

Up $4,356,503 (+246%) from 2017

Net Assets

Up

$2,060,019

Up $295,100 (+17%) from 2017

Liabilities

Up

$4,067,822

Up $4,061,403 (+63272%) from 2017

Revenue

Down

$1,057,073

Down $893,129 (-46%) from 2017

Expenses

Up

$761,973

Up $576,690 (+311%) from 2017

Net Income

Down

$295,100

Down $1,469,819 (-83%) from 2017

Historical Trend

Balance Sheet Trend

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

$30M$20M$10M$0-$10MAssets 2017: $1,771,338Liabilities 2017: $6,419Net Assets 2017: $1,764,9192017Assets 2018: $6,127,841Liabilities 2018: $4,067,822Net Assets 2018: $2,060,0192018Assets 2019: $16,886,411Liabilities 2019: $15,634,858Net Assets 2019: $1,251,5532019Assets 2020: $22,667,146Liabilities 2020: $21,199,003Net Assets 2020: $1,468,1432020Assets 2021: $20,964,670Liabilities 2021: $19,515,440Net Assets 2021: $1,449,2302021Assets 2022: $14,910,077Liabilities 2022: $14,403,003Net Assets 2022: $507,0742022Assets 2023: $4,973,898Liabilities 2023: $5,376,239Net Assets 2023: -$402,3412023Assets 2024: $6,850,254Liabilities 2024: $5,781,138Net Assets 2024: $1,069,1162024

Highlighted filing

2018

Assets$6,127,841
Liabilities$4,067,822
Net Assets$2,060,019

Operations Trend

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

$4.0M$2.0M$0-$2.0MRevenue 2017: $1,950,202Expenses 2017: $185,283Net Income 2017: $1,764,9192017Revenue 2018: $1,057,073Expenses 2018: $761,973Net Income 2018: $295,1002018Revenue 2019: $633,402Expenses 2019: $1,441,868Net Income 2019: -$808,4662019Revenue 2020: $1,745,323Expenses 2020: $1,528,733Net Income 2020: $216,5902020Revenue 2021: $1,459,098Expenses 2021: $1,440,032Net Income 2021: $19,0662021Revenue 2022: $1,120,288Expenses 2022: $2,062,444Net Income 2022: -$942,1562022Revenue 2023: $1,570,549Expenses 2023: $2,629,964Net Income 2023: -$1,059,4152023Revenue 2024: $3,462,767Expenses 2024: $1,841,310Net Income 2024: $1,621,4572024

Highlighted filing

2018

Revenue$1,057,073
Expenses$761,973
Net Income$295,100
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 14, 2019
Return Version
2018v3.1
Gross Receipts
$1,057,073
Mission and Program Overview

Mission

The purpose of the organization is to serve as a real estate development and financing non-profit corporation to strengthen the core assets of the downtown erie and drive revitalization across the region.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$1,771,338$1,677,270▼ $94,068
Land, Buildings, and Equipment, Net-$1,507,459-
Cash and Non-Interest-Bearing Accounts-$624,397-
Intangible Assets-$570,000-
Prepaid Expenses and Deferred Charges-$7,454-
Savings and Temporary Cash Investments-$5,051-
Total Assets$1,771,338$6,127,841▲ $4,356,503
Other Assets Total-$1,736,210-
Liabilities
Mortgage Notes Payable Secured by Investment Property-$4,000,000-
Other Liabilities-$36,249-
Accounts Payable and Accrued Expenses$6,419$26,573▲ $20,154
Escrow Account Liability-$5,000-
Total Liabilities$6,419$4,067,822▲ $4,061,403
Net Assets / Fund Balance
Unrestricted Net Assets$1,764,919$2,060,019▲ $295,100
Total Net Assets Fund Balance$1,764,919$2,060,019▲ $295,100
Total Liabilities and Net Assets / Fund Balance$1,771,338$6,127,841▲ $4,356,503

Asset Categories

AssetBook ValueDepreciationBasis
Land$818,793-$818,793
Buildings$674,622$6,355$680,977
Other Land Buildings$14,044-$14,044
Other Assets Org$1,736,210--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
John M PersingerCEOFT$162,308$162,308
Matthew B WachterVP of FinancFT$62,981$62,981
Nicole ReitzellVP of CommunFT$37,789$37,789

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$1,000,367
Program Service Revenue
$49,990
Investment Income
$6,716
Other Revenue
$0
All Other Contributions
$1,000,367
Change in Net Assets
$295,100

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,057,073
Total Revenue per Audited Statements
$1,057,073
Total Revenue per Form 990
$1,057,073
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$479,962
Salaries, Compensation, and Employee Benefits$282,011
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees-$263,078-$263,078
Fees for Services Management-$176,005-$176,005
Depreciation Depletion$35,820$5,122-$40,942
Interest$36,249--$36,249
Insurance$11,382$24,376-$35,758
Fees for Services Legal$15,190$18,901-$34,091
Occupancy-$20,300-$20,300
Payroll Taxes-$18,933-$18,933
Fees for Services Accounting$4,500$13,013-$17,513
Advertising$9,447$5,981-$15,428
Travel-$11,279-$11,279
Other Expenses$5,995$11,076-$5,995
Office Expenses$168$5,518-$5,686
All Other Expenses$15$145-$160
Total Functional Expenses$158,972$603,001$0$761,973

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$761,973
Total Expenses per Audited Statements$761,973
Total Expenses per Form 990$761,973
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
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Interest$36,249
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Page 6, Part VI, Line 2

Erie indemnity company erie indemnity company ceo chairman business relationship erie indemnity company richards & associates chairman owner business relationship

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

Form 990 is reviewed by board of directors before signing.

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

Each board member annually reviews and signs the conflict of interest policy, and has a duty to disclose conflicts if they are to arise.

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

Board of directors determined salary of ceo and two vice presidents, as these are the only three paid employees of the organization. Salaries were determined upon conclusion of an independent market analysis.

Form 990, Page 6, Part VI, Line 19

No documents available to the public

Filing and Contact Details

Filer

Filer Name
Erie Downtown Development
EIN
82-0709054
Phone
8148702850
Address
417 STATE ST, ERIE, PA 16501

Signing Officer

Name
John M Persinger
Title
CEO
Phone
8148702850
Signed
2019-11-14
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John M Persinger
Formed
2017
Legal Domicile
Pa
Voting Board Members
17
Independent Board Members
17
Employees
3
Volunteers
12

Preparer

Firm
Schaffner Knight Minnaugh & Co Pc
Address
1545 WEST 38TH STREET, ERIE, PA 16508-2347
Preparer
Matthew J Minnaugh CPA
Phone
8144541997
Supplemental Narrative

Additional Explanations

Form 990, Page 1, Part I, Line 6

The volunteers represent the services provided by unpaid board members who contribute their services to the organization.

Form 990, Page 2, Part III, Line 4D

To improve the economy of the city by developing, attracting, expanding, and retaining business, industrial, educational, cultural, civic, community and other enterprises in the city and thereby developing, attracting, expanding, and retaining jobs for the people of the city; and solely for the above purposes, the corporation is empowered to exercise all rights and powers conferred by the laws of the commonwealth of pennsylvania upon nonprofit corporations, including, but without limitation thereon, to solicit and receive funds and any other property or interests in property by gift, grant, bequest, devise, bargain purchase or any similar transaction, and to hold, administer, invest and disburse such funds and property and such income as may be generated through the investment of such funds and property, exclusively for the promotion of health and social welfare, relief of the underprivileged, and such other charitable and educational purposes related thereto, including to use, apply, invest and reinvest the principal and/or income therefrom or distribute the same for the above purposes.

Financial Statement Notes

Schedule D, Page 3, Part X

The organization follows the financial accounting standards board (fasb) accounting standards codification (asc) topic on income taxes, which prescribes a minimum recognition thereshold and measurement methodology that a tax position taken or expected to be taken in a tax return is required to meet before recognized in financial statements. The organizations's statement of financial position at december, 31 2018 does not include any liabilities associated with uncertain tax positions, further, the organization has no unrecognized tax benefits. The organization would classify interest and penalties as income tax expense if any were incurred.

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IRS990/Form990PartVIISectionAGrp/TitleTxt3VICE PRESIDE
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IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt18VP OF FINANC
IRS990/Form990PartVIISectionAGrp/TitleTxt19VP OF COMMUN
IRS990/Form990ProvidedToGvrnBodyInd0true
IRS990/FormationYr02017
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IRS990/MissionDesc0THE PURPOSE OF THE ORGANIZATION IS TO SERVE AS A REAL ESTATE DEVELOPMENT AND FINANCING NON-PROFIT CORPORATION TO STRENGTHEN THE CORE ASSETS OF THE DOWNTOWN ERIE AND DRIVE REVITALIZATION ACROSS THE REGION.
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IRS990/OfficeExpensesGrp/TotalAmt05686
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IRS990/OperateHospitalInd0false
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IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/EOYAmt01736210
IRS990/OtherExpensesGrp/Desc0REPAIRS & MAINTENANCE
IRS990/OtherExpensesGrp/Desc1R/E TAXES
IRS990/OtherExpensesGrp/Desc2MISC EXPENSES
IRS990/OtherExpensesGrp/Desc3UTILITIES
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt111076
IRS990/OtherExpensesGrp/ProgramServicesAmt011802
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IRS990/PrincipalOfficerNm0JOHN M PERSINGER
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IRS990/ProgramServiceRevenueGrp/BusinessCd0531110
IRS990/ProgramServiceRevenueGrp/Desc0NORTH PARK ROW, LLC
IRS990/ProgramServiceRevenueGrp/Desc1EDDC
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IRS990/ProgSrvcAccomActy2Grp/Desc0TO COMBAT COMMUNITY DETERIORATION, PROVIDE RELIEF TO THE POOR AND DISTRESSED, STABILIZE, AND GENERALLY TO OTHERWISE PROMOTE REDEVELOPMENT IN THE CITY'S DOWNTOWN.
IRS990/ProgSrvcAccomActy3Grp/Desc0TO LESSEN THE BURDENS OF GOVERNMENT OF THE CITY BY OVERSEEING PROJECTS AND PROGRAMS DESIGNED TO STRENGTHEN AND LEVERAGE THE CITY'S DOWNTOWN CORE ASSETS.
IRS990/ProgSrvcAccomActyOtherGrp/Desc0TO IMPROVE THE ECONOMY OF THE CITY BY DEVELOPING, ATTRACTING, EXPANDING, AND RETAINING BUSINESS, INDUSTRIAL, EDUCATIONAL, CULTURAL, CIVIC, COMMUNITY AND OTHER ENTERPRISES IN THE CITY AND THEREBY DEVELOPING, ATTRACTING, EXPANDING, AND RETAINING JOBS FOR THE PEOPLE OF THE CITY; AND SOLELY FOR THE ABOVE PURPOSES, THE CORPORATION IS EMPOWERED TO EXERCISE ALL RIGHTS AND POWERS CONFERRED BY THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA UPON NONPROFIT CORPORATIONS, INCLUDING, BUT WITHOUT LIMITATION THEREON, TO SOLICIT AND RECEIVE FUNDS AND ANY OTHER PROPERTY OR INTERESTS IN PROPERTY BY GIFT, GRANT, BEQUEST, DEVISE, BARGAIN PURCHASE OR ANY SIMILAR TRANSACTION, AND TO HOLD, ADMINISTER, INVEST AND DISBURSE SUCH FUNDS AND PROPERTY AND SUCH INCOME AS MAY BE GENERATED THROUGH THE INVESTMENT OF SUCH FUNDS AND PROPERTY, EXCLUSIVELY FOR THE PROMOTION OF HEALTH AND SOCIAL WELFARE, RELIEF OF THE UNDERPRIVILEGED, AND SUCH OTHER CHARITABLE AND EDUCATIONAL PURPOSES RELATED THERETO, INCLUDING TO USE, APPLY, INVEST AND REINVEST THE PRINCIPAL AND/OR INCOME THEREFROM OR DISTRIBUTE THE SAME FOR THE ABOVE PURPOSES.
IRS990/ProgSrvcAccomActyOtherGrp/ExpenseAmt0158972
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IRS990/RegularMonitoringEnfrcInd0true
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IRS990/ReportInvestmentsOtherSecInd0false
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IRS990/ReportOtherAssetsInd0true
IRS990/ReportOtherLiabilitiesInd0true
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IRS990/SavingsAndTempCashInvstGrp/EOYAmt05051
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt01950202
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IRS990ScheduleA/TotalSupportAmt02950569
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt06355
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt0818793
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt01736210
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0CONSTRUCTION IN PROGRESS
IRS990ScheduleD/OtherLandBuildingsGrp/BookValueAmt014044
IRS990ScheduleD/OtherLandBuildingsGrp/OtherCostOrOtherBasisAmt014044
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt036249
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0ACCRUED INTEREST
IRS990ScheduleD/RevenueSubtotalAmt01057073
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION FOLLOWS THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ACCOUNTING STANDARDS CODIFICATION (ASC) TOPIC ON INCOME TAXES, WHICH PRESCRIBES A MINIMUM RECOGNITION THERESHOLD AND MEASUREMENT METHODOLOGY THAT A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN IS REQUIRED TO MEET BEFORE RECOGNIZED IN FINANCIAL STATEMENTS. THE ORGANIZATIONS'S STATEMENT OF FINANCIAL POSITION AT DECEMBER, 31 2018 DOES NOT INCLUDE ANY LIABILITIES ASSOCIATED WITH UNCERTAIN TAX POSITIONS, FURTHER, THE ORGANIZATION HAS NO UNRECOGNIZED TAX BENEFITS. THE ORGANIZATION WOULD CLASSIFY INTEREST AND PENALTIES AS INCOME TAX EXPENSE IF ANY WERE INCURRED.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleD/TotalBookValueOtherAssetsAmt01736210
IRS990ScheduleD/TotalExpensesPerForm990Amt0761973
IRS990ScheduleD/TotalLiabilityAmt036249
IRS990ScheduleD/TotalRevenuePerForm990Amt01057073
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt01057073
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IRS990ScheduleJ/InitialContractExceptionInd0false
IRS990/ScheduleJRequiredInd0true
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0162308
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0JOHN M PERSINGER
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0CEO
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0162308
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE VOLUNTEERS REPRESENT THE SERVICES PROVIDED BY UNPAID BOARD MEMBERS WHO CONTRIBUTE THEIR SERVICES TO THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1TO IMPROVE THE ECONOMY OF THE CITY BY DEVELOPING, ATTRACTING, EXPANDING, AND RETAINING BUSINESS, INDUSTRIAL, EDUCATIONAL, CULTURAL, CIVIC, COMMUNITY AND OTHER ENTERPRISES IN THE CITY AND THEREBY DEVELOPING, ATTRACTING, EXPANDING, AND RETAINING JOBS FOR THE PEOPLE OF THE CITY; AND SOLELY FOR THE ABOVE PURPOSES, THE CORPORATION IS EMPOWERED TO EXERCISE ALL RIGHTS AND POWERS CONFERRED BY THE LAWS OF THE COMMONWEALTH OF PENNSYLVANIA UPON NONPROFIT CORPORATIONS, INCLUDING, BUT WITHOUT LIMITATION THEREON, TO SOLICIT AND RECEIVE FUNDS AND ANY OTHER PROPERTY OR INTERESTS IN PROPERTY BY GIFT, GRANT, BEQUEST, DEVISE, BARGAIN PURCHASE OR ANY SIMILAR TRANSACTION, AND TO HOLD, ADMINISTER, INVEST AND DISBURSE SUCH FUNDS AND PROPERTY AND SUCH INCOME AS MAY BE GENERATED THROUGH THE INVESTMENT OF SUCH FUNDS AND PROPERTY, EXCLUSIVELY FOR THE PROMOTION OF HEALTH AND SOCIAL WELFARE, RELIEF OF THE UNDERPRIVILEGED, AND SUCH OTHER CHARITABLE AND EDUCATIONAL PURPOSES RELATED THERETO, INCLUDING TO USE, APPLY, INVEST AND REINVEST THE PRINCIPAL AND/OR INCOME THEREFROM OR DISTRIBUTE THE SAME FOR THE ABOVE PURPOSES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ERIE INDEMNITY COMPANY ERIE INDEMNITY COMPANY CEO CHAIRMAN BUSINESS RELATIONSHIP ERIE INDEMNITY COMPANY RICHARDS & ASSOCIATES CHAIRMAN OWNER BUSINESS RELATIONSHIP
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3FORM 990 IS REVIEWED BY BOARD OF DIRECTORS BEFORE SIGNING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4EACH BOARD MEMBER ANNUALLY REVIEWS AND SIGNS THE CONFLICT OF INTEREST POLICY, AND HAS A DUTY TO DISCLOSE CONFLICTS IF THEY ARE TO ARISE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5BOARD OF DIRECTORS DETERMINED SALARY OF CEO AND TWO VICE PRESIDENTS, AS THESE ARE THE ONLY THREE PAID EMPLOYEES OF THE ORGANIZATION. SALARIES WERE DETERMINED UPON CONCLUSION OF AN INDEPENDENT MARKET ANALYSIS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6NO DOCUMENTS AVAILABLE TO THE PUBLIC

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