Civic Intelligence

Erie Downtown Development Corporation

990 • Fiscal year 2023 • EIN 82-0709054

Jan 01, 2023 to Dec 31, 2023 • Filed on Nov 11, 2024

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

95th percentile

1.08x

Higher debt load relative to assets than 95% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Liabilities / Revenue

92nd percentile

3.42x

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

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Net Margin

5th percentile

-67%

Higher net margin than 5% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Top Officer Pay

61st percentile

$215,911

Higher top officer pay than 61% of similar nonprofits.

Top officer pay equals 13.7% of source-year revenue.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Source year 2023

Asset Growth

1st percentile

-67%

Faster asset growth than 1% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Revenue Growth

85th percentile

40%

Faster revenue growth than 85% of similar nonprofits.

2023 filings • 501(c)3 • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets95th percentile

Assets

Down

$4,973,898

Down $9,936,179 (-67%) from 2022

Net Assets

Down

-$402,341

Down $909,415 (-179%) from 2022

Liabilities

Down

$5,376,239

Down $9,026,764 (-63%) from 2022

Revenue And Expenses
Liabilities / Revenue92nd percentileNet Margin5th percentile

Revenue

Up

$1,570,549

Up $450,261 (+40%) from 2022

Expenses

Up

$2,629,964

Up $567,520 (+28%) from 2022

Net Income

Down

-$1,059,415

Down $117,259 (-12%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth1st 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

2023

Assets$4,973,898
Liabilities$5,376,239
Net Assets-$402,341
Open 2023 Filing

Operations Trend

Revenue Growth85th 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

2023

Revenue$1,570,549
Expenses$2,629,964
Net Income-$1,059,415
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2023 to Dec 31, 2023
Signed
Nov 11, 2024
Return Version
2023v5.0
Gross Receipts
$13,763,097
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$3,274,234$918,467▼ $2,355,767
Cash and Non-Interest-Bearing Accounts$572,639$716,670▲ $144,031
Pledges and Grants Receivable$710,000--
Intangible Assets$150,000$343,147▲ $193,147
Prepaid Expenses and Deferred Charges$29,212$23,045▼ $6,167
Inventories for Sale or Use$22,382$21,537▼ $845
Savings and Temporary Cash Investments$66$20,041▲ $19,975
Accounts Receivable$6,465$5,292▼ $1,173
Total Assets$14,910,077$4,973,898▼ $9,936,179
Other Assets Total$10,145,079$2,925,699▼ $7,219,380
Liabilities
Mortgage Notes Payable Secured by Investment Property$13,566,099$4,805,800▼ $8,760,299
Accounts Payable and Accrued Expenses$517,731$462,903▼ $54,828
Other Liabilities$319,173$107,536▼ $211,637
Total Liabilities$14,403,003$5,376,239▼ $9,026,764
Net Assets / Fund Balance
Net Assets With Donor Restrictions-$150,000-
Net Assets Without Donor Restrictions$507,074$-552,341▼ $1,059,415
Total Net Assets Fund Balance$507,074$-402,341▼ $909,415
Total Liabilities and Net Assets / Fund Balance$14,910,077$4,973,898▼ $9,936,179

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$493,466$98,187$591,653
Land$399,132-$399,132
Other Land Buildings$25,869$11,889$37,758
Other Assets Org$48,092--
Compensation and Service Providers
Top Officer Pay61st percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
John M PersingerFormer CEOFT$129,231$86,680$215,911
Paula GregoryControllerFT$121,760$20,693$142,453
Andrew S WhitingCEOFT$103,942$19,592$123,534
Corey CookDirec of OpeFT$82,692$22,792$105,484
Ryan HooverExperience DFT$83,462$11,795$95,257
Mark InschoFood & BeverFT$80,192$11,888$92,080

Board Members and Trustees

NameTitle
Timothy G NecastroPresident
Anita KuchcinskiDirector
Daniel OnoratoDirector
James StevensonDirector
John DillDirector
Karen BilowithDirector
Michael ColpoysDirector
Roger RichardsDirector
Thomas HagenDirector
Brian DurniokSecretary
Katie JonesTreasurer
Walter IwanenkoVice Preside

Highest Paid Contractors

ContractorServicesLocationCompensation
Whole Foods CooperativeManagement Serv1341 WEST 26TH STREET, Erie, PA 16508$225,000
Revenue and Support

Revenue Composition

Contributions and Grants
$486,230
Program Service Revenue
$762,411
Investment Income
$5,137
Other Revenue
$316,771
All Other Contributions
$486,230
Change in Net Assets
$-1,059,415

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,570,549
Total Revenue per Audited Statements
$1,570,549
Total Revenue per Form 990
$1,570,549
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,446,988
Other Expenses$1,157,819
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$197,566$361,243-$558,809
Other Salaries and Wages$508,808--$508,808
Comp Disqual Persons-$269,944-$269,944
Occupancy$150,746$61,694-$212,440
Payroll Taxes$69,564$39,863-$109,427
Insurance$82,423$14,577-$97,000
All Other Expenses$40,211$23,603-$63,814
Fees for Services Legal$29,729$25,018-$54,747
Fees for Services Accounting$4,631$38,463-$43,094
Other Expenses-$41,787-$41,787
Office Expenses$23,071$10,444-$33,515
Depreciation Depletion$20,303$6,026-$26,329
Benefits to Members$25,157--$25,157
Interest$22,049$1,480-$23,529
Fees for Services Other$8,256$9,407-$17,663
Advertising$991$11,654-$12,645
Travel$78$10,395-$10,473
Information Technology$3,647--$3,647
Total Functional Expenses$1,187,230$1,442,734$0$2,629,964

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$2,629,964
Total Expenses per Audited Statements$2,629,964
Total Expenses per Form 990$2,629,964
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$91,369
Other Short Term Liab.$16,167
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
2024-11-11
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Andrew S Whiting
Formed
2017
Legal Domicile
Pa
Voting Board Members
12
Independent Board Members
12
Employees
35

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.”

Form 990, Part XI, Line 9

“Restricted contributions 150,000 block 3 development mm, llc elimination 0 flagship complex mm, llc elimination 0 total 150,000”

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IRS990/Form990PartVIISectionAGrp/TitleTxt2CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIREC OF OPE
IRS990/Form990PartVIISectionAGrp/TitleTxt4EXPERIENCE D
IRS990/Form990PartVIISectionAGrp/TitleTxt5FOOD & BEVER
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt12TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt14PRESIDENT
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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/ManagementAndGeneralAmt299409
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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

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Filings

Displayed year

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

Open filing
Assets
$4,973,898
Liabilities
$5,376,239
Net assets
-$402,341
Revenue
$1,570,549
Expenses
$2,629,964
Net income
-$1,059,415
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