Civic Intelligence

Erie Downtown Development Corporation

990 • Fiscal year 2022 • EIN 82-0709054

Jan 01, 2022 to Dec 31, 2022 • Filed on Nov 15, 2023

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

92nd percentile

0.97x

Higher debt load relative to assets than 92% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Liabilities / Revenue

97th percentile

12.86x

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

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Net Margin

4th percentile

-84%

Higher net margin than 4% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Top Officer Pay

84th percentile

$349,942

Higher top officer pay than 84% of similar nonprofits.

Top officer pay equals 31.2% of source-year revenue.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2022

Asset Growth

2nd percentile

-29%

Faster asset growth than 2% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Revenue Growth

15th percentile

-23%

Faster revenue growth than 15% of similar nonprofits.

2022 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Down

$14,910,077

Down $6,054,593 (-29%) from 2021

Net Assets

Down

$507,074

Down $942,156 (-65%) from 2021

Liabilities

Down

$14,403,003

Down $5,112,437 (-26%) from 2021

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin4th percentile

Revenue

Down

$1,120,288

Down $338,810 (-23%) from 2021

Expenses

Up

$2,062,444

Up $622,412 (+43%) from 2021

Net Income

Down

-$942,156

Down $961,222 (-5042%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth2nd 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

2022

Assets$14,910,077
Liabilities$14,403,003
Net Assets$507,074
Open 2022 Filing

Operations Trend

Revenue Growth15th 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

2022

Revenue$1,120,288
Expenses$2,062,444
Net Income-$942,156
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$17,437,816
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$5,865,703$3,274,234▼ $2,591,469
Pledges and Grants Receivable$1,292,202$710,000▼ $582,202
Cash and Non-Interest-Bearing Accounts$3,770,198$572,639▼ $3,197,559
Intangible Assets$150,000$150,000→ $0
Prepaid Expenses and Deferred Charges$45,489$29,212▼ $16,277
Inventories for Sale or Use$16,871$22,382▲ $5,511
Accounts Receivable$12,239$6,465▼ $5,774
Savings and Temporary Cash Investments$66$66→ $0
Total Assets$20,964,670$14,910,077▼ $6,054,593
Other Assets Total$9,811,902$10,145,079▲ $333,177
Liabilities
Mortgage Notes Payable Secured by Investment Property$18,977,782$13,566,099▼ $5,411,683
Accounts Payable and Accrued Expenses$537,658$517,731▼ $19,927
Other Liabilities-$319,173-
Total Liabilities$19,515,440$14,403,003▼ $5,112,437
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$1,449,230$507,074▼ $942,156
Total Net Assets Fund Balance$1,449,230$507,074▼ $942,156
Total Liabilities and Net Assets / Fund Balance$20,964,670$14,910,077▼ $6,054,593

Asset Categories

AssetBook ValueDepreciationBasis
Land$2,731,829-$2,731,829
Buildings$504,647$83,747$588,394
Other Land Buildings$37,758-$37,758
Other Assets Org$198,239--
Compensation and Service Providers
Top Officer Pay84th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
John M PersingerFormer CEOFT$237,985$111,957$349,942
Paula GregoryControllerFT$108,204$19,168$127,372
Nicole ReitzellVP of CommunFT$95,829$26,723$122,552
Corey CookDirec of OpeFT$82,245$27,534$109,779
Mark InschoFood & BeverFT$82,245$26,805$109,050
Ryan HooverExperience DFT$69,611$8,344$77,955

Board Members and Trustees

NameTitle
Timothy G NecastroPresident
Carl WolfromDirector
Daniel OnoratoDirector
David GibbonsDirector
James StevensonDirector
John DillDirector
Karen BilowithDirector
Roger RichardsDirector
Thomas HagenDirector
Andrew S WhitingCEO
Pierre MccormickSecretary
David ZimmerTreasurer
Keith TaylorVice Preside
Revenue and Support

Revenue Composition

Contributions and Grants
$64,010
Program Service Revenue
$475,852
Investment Income
$279,372
Other Revenue
$301,054
All Other Contributions
$39,010
Change in Net Assets
$-942,156

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,120,288
Total Revenue per Audited Statements
$1,120,288
Total Revenue per Form 990
$1,120,288
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,507,260
Other Expenses$541,684
Grants and Similar Amounts Paid$13,500
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$218,829$327,879-$546,708
Other Salaries and Wages$430,146--$430,146
Comp Disqual Persons-$428,306-$428,306
Royalties$103,412--$103,412
Payroll Taxes$61,812$40,288-$102,100
Insurance$62,179$15,098-$77,277
Occupancy$42,000$25,008-$67,008
Fees for Services Legal$45,177$7,113-$52,290
Fees for Services Accounting$2,730$46,331-$49,061
Office Expenses$33,668$10,687-$44,355
Depreciation Depletion$19,766$4,739-$24,505
Fees for Services Other$9,924$9,156-$19,080
All Other Expenses$7,699$8,910-$16,609
Grants to Domestic Orgs$13,500--$13,500
Advertising$1,551$11,098-$12,649
Interest$9,284$2,338-$11,622
Travel$4,771$3,267-$8,038
Other Expenses$2,235$4,673-$6,908
Total Functional Expenses$1,089,792$972,652$0$2,062,444

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,062,444
Total Expenses per Audited Statements$2,062,444
Total Expenses per Form 990$2,062,444
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Grants to Dom Org Cash---$13,500
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
Operating Lease Liabilities$198,239
Related Party Payables$120,934
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
Andrew S Whiting
Title
CEO
Phone
8144509380
Signed
2023-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Andrew S Whiting
Formed
2017
Legal Domicile
Pa
Voting Board Members
13
Independent Board Members
13
Employees
33

Preparer

Firm
Schaffner Knight Minnaugh & Co Pc
Address
1545 WEST 38TH STREET, ERIE, PA 16508-2347
Preparer
Andrew Bemis 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.”

Form 990, Part XI, Line 9

“Block 3 development mm, llc elimination 0 flagship complex mm, llc elimination 0”

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IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt11PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt15VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt17TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt18CEO
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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/Desc1BANK FEES
IRS990/OtherExpensesGrp/Desc2REPAIRS & MAINTENANCE
IRS990/OtherExpensesGrp/Desc3DUES & MEMBERSHIPS
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IRS990/OtherExpensesGrp/ManagementAndGeneralAmt1585
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt2151
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt34673
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IRS990/OtherExpensesGrp/ProgramServicesAmt22235
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IRS990/PayPremiumsPrsnlBnftCntrctInd0false
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt040288
IRS990/PayrollTaxesGrp/ProgramServicesAmt061812
IRS990/PayrollTaxesGrp/TotalAmt0102100
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IRS990/PrincipalOfficerNm0ANDREW S WHITING
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IRS990/ProgramServiceRevenueGrp/Desc0PROPERTY MANAGEMENT INCOME
IRS990/ProgramServiceRevenueGrp/Desc1DEVELOPMENT SERVICES INCOME
IRS990/ProgramServiceRevenueGrp/Desc2COMMUNITY ENGAGEMENT INCOME
IRS990/ProgramServiceRevenueGrp/Desc3RENTAL INCOME
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt183044
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt24462
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt31924
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/ProgSrvcAccomActyOtherGrp/GrantAmt013500
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IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt0467143
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt09946840
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt1198239
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0CONSTRUCTION IN PROGRESS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1LEASE RIGHT-OF-USE ASSET

Document Assets

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Filings

Displayed year

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

Open filing
Assets
$14,910,077
Liabilities
$14,403,003
Net assets
$507,074
Revenue
$1,120,288
Expenses
$2,062,444
Net income
-$942,156
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