Civic Intelligence

Erie Downtown Development Corporation

990 • Fiscal year 2019 • EIN 82-0709054

Jan 01, 2019 to Dec 31, 2019 • Filed on Jul 28, 2020

Organization ProfileWWW.ERIEDDC.ORG

View Organization Page

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

90th percentile

0.93x

Higher debt load relative to assets than 90% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Liabilities / Revenue

98th percentile

24.68x

Higher debt load relative to revenue than 98% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Net Margin

2nd percentile

-128%

Higher net margin than 2% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Top Officer Pay

70th percentile

$250,769

Higher top officer pay than 70% of similar nonprofits.

Top officer pay equals 39.6% of source-year revenue.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2019

Asset Growth

98th percentile

176%

Faster asset growth than 98% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Revenue Growth

7th percentile

-40%

Faster revenue growth than 7% of similar nonprofits.

2019 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets90th percentile

Assets

Up

$16,886,411

Up $10,758,570 (+176%) from 2018

Net Assets

Down

$1,251,553

Down $808,466 (-39%) from 2018

Liabilities

Up

$15,634,858

Up $11,567,036 (+284%) from 2018

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin2nd percentile

Revenue

Down

$633,402

Down $423,671 (-40%) from 2018

Expenses

Up

$1,441,868

Up $679,895 (+89%) from 2018

Net Income

Down

-$808,466

Down $1,103,566 (-374%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth98th percentile

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

2019

Assets$16,886,411
Liabilities$15,634,858
Net Assets$1,251,553
Open 2019 Filing

Operations Trend

Revenue Growth7th percentile

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

2019

Revenue$633,402
Expenses$1,441,868
Net Income-$808,466
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Jul 28, 2020
Return Version
2019v5.0
Gross Receipts
$633,402
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
Land, Buildings, and Equipment, Net$1,507,459$6,499,279▲ $4,991,820
Cash and Non-Interest-Bearing Accounts$624,397$1,919,313▲ $1,294,916
Intangible Assets$570,000$954,375▲ $384,375
Pledges and Grants Receivable$1,677,270$869,220▼ $808,050
Prepaid Expenses and Deferred Charges$7,454$25,716▲ $18,262
Savings and Temporary Cash Investments$5,051$11,562▲ $6,511
Accounts Receivable-$4,725-
Total Assets$6,127,841$16,886,411▲ $10,758,570
Other Assets Total$1,736,210$6,602,221▲ $4,866,011
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,000,000$15,250,000▲ $11,250,000
Other Liabilities$36,249$201,153▲ $164,904
Accounts Payable and Accrued Expenses$26,573$178,705▲ $152,132
Escrow Account Liability$5,000$5,000→ $0
Total Liabilities$4,067,822$15,634,858▲ $11,567,036
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$2,060,019$1,251,553▼ $808,466
Total Net Assets Fund Balance$2,060,019$1,251,553▼ $808,466
Total Liabilities and Net Assets / Fund Balance$6,127,841$16,886,411▲ $10,758,570

Asset Categories

AssetBook ValueDepreciationBasis
Land$4,830,947-$4,830,947
Buildings$1,636,392$38,273$1,674,665
Other Land Buildings$31,940-$31,940
Other Assets Org$6,602,221--
Compensation and Service Providers
Top Officer Pay70th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
John M PersingerCEOFT$200,769$50,000$250,769
Matthew B WachterVP of FinancFT$156,731-$156,731
Matthew B WachterVP of Finance & Dev.-$125,481$31,250$156,731
Nicole ReitzellVP of CommunFT$94,039-$94,039

Board Members and Trustees

NameTitle
Timothy G NecastroPresident
Caleb PiferDirector
Carl WolfromDirector
Daniel OnoratoDirector
David GibbonsDirector
David TullioDirector
Dennis PrischakDirector
Edward KloeckerDirector
James StevensonDirector
Michael ColpoysDirector
Mike EdwardsDirector
Pierre MccormickDirector
Roger RichardsDirector
Thomas HagenDirector
Timothy HunterDirector
Michael L BatchelorSecretary
David ZimmerTreasurer
Keith TaylorVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$467,143
Program Service Revenue
$152,566
Investment Income
$11,633
Other Revenue
$2,060
All Other Contributions
$467,143
Change in Net Assets
$-808,466

Audited Revenue Reconciliation

Revenue per Audited Statements
$633,402
Total Revenue per Audited Statements
$633,402
Total Revenue per Form 990
$633,402
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$908,762
Salaries, Compensation, and Employee Benefits$533,106
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-$501,539-$501,539
Depreciation Depletion$142,604$4,518-$147,122
Interest$91,977$3,763-$95,740
All Other Expenses$36,718$49,337-$86,055
Insurance$28,595$56,371-$84,966
Fees for Services Legal$79,998$4,823-$84,821
Fees for Services Accounting$19,500$35,488-$54,988
Occupancy-$37,728-$37,728
Other Expenses$4,825$32,757-$37,582
Travel-$32,698-$32,698
Payroll Taxes-$31,567-$31,567
Office Expenses$216$10,920-$11,136
Advertising-$8,987-$8,987
Fees for Services Management-$6,045-$6,045
Total Functional Expenses$580,282$861,586$0$1,441,868

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,441,868
Total Expenses per Audited Statements$1,441,868
Total Expenses per Form 990$1,441,868
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$201,153
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
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
2020-07-28
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John M Persinger
Formed
2017
Legal Domicile
Pa
Voting Board Members
18
Independent Board Members
18
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 2, Part IV, Line 2B

“Organization holds tenant deposits for rental properties leased.”

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IRS990/Form990PartVIISectionAGrp/TitleTxt1VP OF FINANC
IRS990/Form990PartVIISectionAGrp/TitleTxt2VP OF COMMUN
IRS990/Form990PartVIISectionAGrp/TitleTxt3SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt20TREASURER
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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/OperateHospitalInd0false
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IRS990/OtherAssetsTotalGrp/EOYAmt06602221
IRS990/OtherExpensesGrp/Desc0PUBLIC SPACE IMPROVEMENT
IRS990/OtherExpensesGrp/Desc1REPAIRS & MAINTENANCE
IRS990/OtherExpensesGrp/Desc2R/E TAXES
IRS990/OtherExpensesGrp/Desc3MISC EXPENSES
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt06509
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt138536
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt232757
IRS990/OtherExpensesGrp/ProgramServicesAmt0109865
IRS990/OtherExpensesGrp/ProgramServicesAmt149691
IRS990/OtherExpensesGrp/ProgramServicesAmt216293
IRS990/OtherExpensesGrp/ProgramServicesAmt34825
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IRS990/OtherExpensesGrp/TotalAmt156200
IRS990/OtherExpensesGrp/TotalAmt254829
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IRS990/OtherRevenueMiscGrp/Desc0OTHER REVENUE
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IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt02060
IRS990/OtherRevenueTotalAmt02060
IRS990/PartialLiquidationInd0false
IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt031567
IRS990/PayrollTaxesGrp/TotalAmt031567
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt01677270
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt0869220
IRS990/PoliticalCampaignActyInd0false
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IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt025716
IRS990/PrincipalOfficerNm0JOHN M PERSINGER
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0531110
IRS990/ProgramServiceRevenueGrp/Desc0NORTH PARK ROW, LLC
IRS990/ProgramServiceRevenueGrp/Desc15TH & STATE EAST
IRS990/ProgramServiceRevenueGrp/Desc2CASHIER'S HOUSE
IRS990/ProgramServiceRevenueGrp/Desc3EDDC
IRS990/ProgramServiceRevenueGrp/Desc410 EAST 5TH
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt126378
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt212400
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt38180
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt45250
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.
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IRS990/ReconcilationRevenueExpnssAmt0-808466
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$16,886,411
Liabilities
$15,634,858
Net assets
$1,251,553
Revenue
$633,402
Expenses
$1,441,868
Net income
-$808,466
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$6.85$5.78$1.07$3.46$1.84$1.62
2023Detailed filing. Detailed filing data is available for this year.$4.97$5.38$0.40$1.57$2.63$1.06
2022Detailed filing. Detailed filing data is available for this year.$14.9$14.4$0.51$1.12$2.06$0.94
2021Detailed filing. Detailed filing data is available for this year.$21.0$19.5$1.45$1.46$1.44$0.02
2020Detailed filing. Detailed filing data is available for this year.$22.7$21.2$1.47$1.75$1.53$0.22
2019Detailed filing. Detailed filing data is available for this year.$16.9$15.6$1.25$0.63$1.44$0.81
2018Detailed filing. Detailed filing data is available for this year.$6.13$4.07$2.06$1.06$0.76$0.30
2017Summary only. Only limited summary data is available for this year.$1.77$0.01$1.76$1.95$0.19$1.76