Civic Intelligence

Erie Downtown Development Corporation

990 • Fiscal year 2020 • EIN 82-0709054

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 09, 2021

Organization ProfileWWW.ERIEDDC.ORG

View Organization Page

10 East 5th StreetErie, PA 16507

(814) 870-2850

Siviq Scores

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

Liabilities / Assets

91st percentile

0.94x

Higher debt load relative to assets than 91% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Liabilities / Revenue

97th percentile

12.15x

Higher debt load relative to revenue than 97% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Net Margin

68th percentile

12%

Higher net margin than 68% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Top Officer Pay

82nd percentile

$326,543

Higher top officer pay than 82% of similar nonprofits.

Top officer pay equals 18.7% of source-year revenue.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2020

Asset Growth

85th percentile

34%

Faster asset growth than 85% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Revenue Growth

96th percentile

176%

Faster revenue growth than 96% of similar nonprofits.

2020 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets91st percentile

Assets

Up

$22,667,146

Up $5,780,735 (+34%) from 2019

Net Assets

Up

$1,468,143

Up $216,590 (+17%) from 2019

Liabilities

Up

$21,199,003

Up $5,564,145 (+36%) from 2019

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin68th percentile

Revenue

Up

$1,745,323

Up $1,111,921 (+176%) from 2019

Expenses

Up

$1,528,733

Up $86,865 (+6.0%) from 2019

Net Income

Up

$216,590

Up $1,025,056 (+127%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth85th 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

2020

Assets$22,667,146
Liabilities$21,199,003
Net Assets$1,468,143
Open 2020 Filing

Operations Trend

Revenue Growth96th 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

2020

Revenue$1,745,323
Expenses$1,528,733
Net Income$216,590
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 9, 2021
Return Version
2020v4.0
Gross Receipts
$1,745,323
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$6,499,279$6,932,225▲ $432,946
Cash and Non-Interest-Bearing Accounts$1,919,313$5,282,616▲ $3,363,303
Pledges and Grants Receivable$869,220$1,494,291▲ $625,071
Intangible Assets$954,375$574,875▼ $379,500
Prepaid Expenses and Deferred Charges$25,716$50,210▲ $24,494
Accounts Receivable$4,725$33,043▲ $28,318
Savings and Temporary Cash Investments$11,562$6,660▼ $4,902
Total Assets$16,886,411$22,667,146▲ $5,780,735
Other Assets Total$6,602,221$8,293,226▲ $1,691,005
Liabilities
Mortgage Notes Payable Secured by Investment Property$15,250,000$20,683,298▲ $5,433,298
Other Liabilities$201,153$467,419▲ $266,266
Accounts Payable and Accrued Expenses$178,705$39,486▼ $139,219
Escrow Account Liability$5,000$8,800▲ $3,800
Total Liabilities$15,634,858$21,199,003▲ $5,564,145
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,251,553$1,468,143▲ $216,590
Total Net Assets Fund Balance$1,251,553$1,468,143▲ $216,590
Total Liabilities and Net Assets / Fund Balance$16,886,411$22,667,146▲ $5,780,735

Asset Categories

AssetBook ValueDepreciationBasis
Land$5,429,120-$5,429,120
Buildings$1,470,434$81,739$1,552,173
Other Land Buildings$32,671-$32,671
Other Assets Org$8,293,226--
Compensation and Service Providers
Top Officer Pay82nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
John M PersingerCEOFT$220,092$106,451$326,543
Matthew B WachterVP of FinancFT$171,451$31,373$202,824
Matthew B WachterVP of Finance & Dev.-$137,557$65,267$202,824
Nicole ReitzellVP of CommunFT$102,872$30,964$133,836
Paula GregoryControllerFT$50,532$8,516$59,048

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 EdwardsDirector
Roger RichardsDirector
Thomas HagenDirector
Timothy HunterDirector
Michael L BatchelorSecretary
David ZimmerTreasurer
Keith TaylorVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$1,598,685
Program Service Revenue
$130,750
Investment Income
$15,888
Other Revenue
$0
All Other Contributions
$1,529,685
Change in Net Assets
$216,590

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,745,323
Total Revenue per Audited Statements
$1,745,323
Total Revenue per Form 990
$1,745,323
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$771,741
Salaries, Compensation, and Employee Benefits$756,992
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-$722,252-$722,252
Interest$199,768$44-$199,812
Depreciation Depletion$177,057$5,214-$182,271
Fees for Services Legal$51,519$6,679-$58,198
Advertising$9,824$27,717-$37,541
Payroll Taxes-$34,740-$34,740
Fees for Services Accounting-$29,317-$29,317
Fees for Services Management$27,939$563-$28,502
Other Expenses$28,155$4,146-$28,155
Insurance$22,448$5,575-$28,023
All Other Expenses$17,746$5,862-$23,608
Fees for Services Other-$11,442-$11,442
Travel-$7,854-$7,854
Office Expenses$279$4,753-$5,032
Occupancy-$1,728-$1,728
Total Functional Expenses$603,759$924,974$0$1,528,733

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$1,528,733
Total Expenses per Audited Statements$1,528,733
Total Expenses per Form 990$1,528,733
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$467,419
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
Yes
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. Salaries were determined upon conclusion of an independent market analysis.”

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

“Board of directors determined salary of two vice presidents and controller. 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
10 EAST 5TH STREET, ERIE, PA 16507

Signing Officer

Name
John M Persinger
Title
CEO
Phone
8148702850
Signed
2021-11-09
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
4

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 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/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17DIRECTOR
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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/OtherExpensesGrp/Desc2REPAIRS & MAINTENANCE
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IRS990/PrincipalOfficerNm0JOHN M PERSINGER
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IRS990/ProgramServiceRevenueGrp/Desc0NORTH PARK ROW, LLC
IRS990/ProgramServiceRevenueGrp/Desc15TH & STATE EAST
IRS990/ProgramServiceRevenueGrp/Desc210 EAST 5TH
IRS990/ProgramServiceRevenueGrp/Desc3CURLING LEAGUE REVENUE
IRS990/ProgramServiceRevenueGrp/Desc4CASHIER'S HOUSE
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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.
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$22,667,146
Liabilities
$21,199,003
Net assets
$1,468,143
Revenue
$1,745,323
Expenses
$1,528,733
Net income
$216,590
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