Lawrence County Economic Development Corporation in New Castle, Pennsylvania (PA)

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Lawrence County Economic Development Corporation
Employer Identification Number (EIN)256028031
Name of OrganizationLawrence County Economic Development Corporation
AddressPlaza S 101 E Reynolds St, New Castle, PA 16101
ActivitiesAttracting new industry or retaining industry in an area
SubsectionCharitable Organization
Ruling Date03/2005
DeductibilityContributions are deductible
FoundationOrganization which receives a substantial part of its support from a governmental unit or the general public
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2013
Assets$10,000,000 to $49,999,999
Income$1,000,000 to $4,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$20,227,025
Amount of Income$1,870,332
Form 990 Revenue Amount$1,856,435
National Taxonomy of Exempt Entities (NTEE)Community Improvement, Capacity Building: Economic Development


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Amount of income in 2013: $1,870,332
This organization: 

 $1,870,332
Other organizations performing similar types of work: 

 $623,666

Assets in 2013: $20,227,025
This organization: 

 $20,227,025
Other organizations performing similar types of work: 

 $2,159,711

Expenses in 2012: $428,636
This organization: 

 $428,636
Other organizations performing similar types of work: 

 $483,294

Income to expenses ratio in 2012: 4.4
Lawrence County Economic Development Corporation: 

 4.4
Other organizations performing similar types of work: 

 1.1

Expenses allocated to program services in 2007: 78.4%
Lawrence County Economic Development Corporation: 

 78.4%
Other organizations performing similar types of work: 

 25.8%

Number of employees in 2012: 5
Lawrence County Economic Development Corporation: 

 5
Other organizations performing similar types of work: 

 4

Grants share in income in 2012: 84.3%
Lawrence County Economic Development Corporation: 

 84.3%
Other organizations performing similar types of work: 

 28.9%

Financial snapshot ($)

Revenue for 2012

Functional expenses for 2012

Support schedule

Statements Regarding Other IRS Filings and Tax Compliance (for 2012)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2012)
Total revenue$837,098
Contributions, Gifts, Grants and Other Similar Amounts$705,593
Program Service Revenue$62,217
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$74,175
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$4,555
Gross rents (Real / Personal)$4,555 / $0
Less: rental expenses (Real / Personal)$0 / $0
Rental income or (loss) (Real / Personal)$4,555 / $0
Net loss from sales of assets other than inventory$-25,878
Gross amount from sales of assets other than inventory (Securities / Other)$0 / $425,000
Less: cost or other basis and sales expenses (Securities / Other)$0 / $450,878
Gain or (loss) (Securities / Other)$0 / $-25,878
Net income from fundraising events$16,262
Gross income from fundraising events$28,845
Less: direct expenses$12,583
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$174
Statement of Functional Expenses (for 2012)
Total functional expenses$428,636
Compensation of current officers, directors, trustees, and key employees$96,210
Other salaries and wages$75,189
Payroll taxes$15,760
Professional fundraising services$0
Other$241,477
Balance Sheet (for 2012)
Total assets$17,851,898
Total liabilities$5,619,946
Tax-exempt bond liabilities$0
Secured mortgages and notes payable to unrelated third parties$3,713,790
Unsecured notes and loans payable to unrelated third parties$0
Other$1,906,156
Total net assets or fund balances$12,231,952
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2012)
The organization is not a private foundation because it is:An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi)
Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv) and 170(b)(1)(A)(vi) (for 2012)
2008 - 2012 Total
Total Support$5,416,664
Gifts, grants, contributions, and membership fees received$5,049,038
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources$367,626
Gross receipts from related activities, etc.$370,811
Revenue, Expenses, and Changes in Net Assets or Fund Balances
20062007
Total revenue$2,402,406$1,662,603
Contributions, gifts, grants, and similar amounts received$2,227,289$1,516,230
Contributions to donor advised funds$0$0
Direct public support$33,000$0
Indirect public support$56,820$0
Government contributions (grants)$2,137,469$1,516,230
Program service revenue including government fees and contracts$0$0
Membership dues and assessments$33,450$50,950
Interest on savings and temporary cash investments$33,216$82,382
Dividends and interest from securities$0$0
Net rental income or (loss)$2,000$2,110
Gross rents$2,000$2,110
Less: rental expenses$0$0
Other investment income$0$0
Gain or (loss) from sales of assets other than inventory$55,298$0
Gross amount from sales of assets other than inventory$384,250$0
Less: cost or other basis and sales expenses$328,952$0
Net income or (loss) from special events and activities$0$0
Gross revenue$0$0
Less: direct expenses other than fundraising expenses$0$0
Gross profit or (loss) from sales of inventory$0$0
Gross sales of inventory, less returns and allowances$0$0
Less: cost of goods sold$0$0
Other revenue$51,153$10,931
Total expenses$350,035$402,481
Program services$273,388$315,742
Management and general$76,647$86,739
Fundraising$0$0
Payments to affiliates$0$0
Net assets or fund balances at end of year$7,342,726$8,550,542
Excess or (deficit) for the year$2,052,371$1,260,122
Net assets or fund balances at beginning of year$5,186,461$7,342,726
Other changes in net assets or fund balances$103,894$-52,306
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$402,481$315,742$86,739$0
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$137,055$109,644$27,411$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$29,250$23,400$5,850$0
Pension plan contributions not included above$20,800$16,640$4,160$0
Employee benefits not included above$21,904$17,523$4,381$0
Payroll taxes$16,603$13,282$3,321$0
Professional fundraising fees$0$0$0$0
Accounting fees$6,550$0$6,550$0
Legal fees$21,852$0$21,852$0
Supplies$12,962$10,370$2,592$0
Telephone$6,460$5,168$1,292$0
Postage and shipping$0$0$0$0
Occupancy$11,331$9,065$2,266$0
Equipment rental and maintenance$5,967$4,774$1,193$0
Printing and publications$5,025$5,025$0$0
Travel$5,053$4,042$1,011$0
Conferences, conventions, and meetings$0$0$0$0
Interest$5,807$4,646$1,161$0
Depreciation, depletion, etc.$8,254$6,603$1,651$0
Other expenses not covered above$87,608$85,560$2,048$0
Balance Sheets
20062007
Total assets$17,648,922$18,871,355
Cash - non-interest-bearing$278,735$0
Savings and temporary cash investments$493,825$516,538
Accounts receivable less allowance for doubtful accounts$0$0
Pledges receivable less allowance for doubtful accounts$0$0
Grants receivable$7,132,241$5,425,250
Receivables from current and former officers, directors, trustees, and key employees$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$1,639,007$1,269,774
Inventories for sale or use$0$0
Prepaid expenses and deferred charges$4,569$2,800
Investments - publicly-traded securities$0$0
Investments - other securities$0$0
Investments - land, buildings, and equipment less accumulated depreciation$7,876,311$11,438,780
Investments - other$0$0
Land, buildings, and equipment less accumulated depreciation$224,234$218,213
Other assets, including program-related investments$0$0
Total liabilities$10,306,196$10,320,813
Accounts payable and accrued expenses$1,948,936$1,365,807
Grants payable$0$0
Deferred revenue$7,082,241$5,432,800
Loans from officers, directors, trustees, and key employees$0$0
Tax-exempt bond liabilities$0$0
Mortgages and other notes payable$1,275,019$3,522,206
Other liabilities$0$0
Total liabilities and net assets/fund balances$17,648,922$18,871,355
Total net assets or fund balances$7,342,726$8,550,542
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20062007
Total revenue$2,402,406$1,662,603
Total revenue, gains, and other support per audited financial statements$2,413,297$1,680,690
Other expenses$10,891$18,087
Net unrealized gains on investments$0$0
Donated services and use of facilities$0$0
Recoveries of prior year grants$0$0
Other$10,891$18,087
Other revenue$0$0
Investment expenses$0$0
Other$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20062007
Total expenses$350,035$402,481
Total expenses and losses per audited financial statements$360,926$420,568
Other revenue$10,891$18,087
Donated services and use of facilities$0$0
Prior year adjustments$0$0
Losses$0$0
Other$10,891$18,087
Other expenses$0$0
Investment expenses$0$0
Other$0$0
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
40$89,981$11,553$0
40$47,074$6,400$0
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings36
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?No
Did the organization make only in-house lobbying expenditures of $2,000 or less?No
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?No
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 20064
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$82,382$63,991
Program service revenue
Program service revenue 1000000$000$0$0
Program service revenue 2000000$000$0$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$50,950
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$82,382$0
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$2,110
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$10,931
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it is
Support Schedule
20052006
Total$0$0
Gifts, grants, and contributions received$0$0
Membership fees received$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0
Net income from unrelated business activities not included above$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0
Other income$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Philadelphia Convention & Visitors Bureau Of The Chamber Of Commerce1700 Market St Ste 3000, Philadelphia, PA 19103-3933PA1944-12$15,652,329
2Ben Franklin Technology Partners Of Northeastern Pennsylvania Inc116 Research Dr, Bethlehem, PA 18015-4731PA1989-10$12,314,747
3Greater Pittsburgh Convention & Visitors Bureau Inc120 5th Ave Ste 2800, Pittsburgh, PA 15222-3002PA1937-05$11,387,248
4Ridc Regional Growth Fund210 6th Ave Ste 3620, Pittsburgh, PA 15222-2602PA1985-08$8,628,993
5Independence Vistor Center Corporation6th And Market Streets, Philadelphia, PA 19106PA1998-05$7,841,338
6Delaware Valley Regional Economic Development Fund1628 Jfk Boulevard Suite 1600, Philadelphia, PA 19103-2135PA1997-06$6,876,789
7Greater Erie Industrial Development Corporation5240 Knowledge Pkwy, Erie, PA 16510-4658PA1958-06$6,391,559
8Alleghenies Planning And Development Commission3 Sheraton Dr, Altoona, PA 16601-9343PA1971-03$5,888,494
9Greater Wilkes-Barre Development Corporation2 PUBLIC SQUARE PO BOX 5340, Wilkesbarre, PA 18701-1906PA2004-10$4,640,399
10Greater Berks Development FundPO BOX, Reading, PA 19601PA1955-03$4,261,617
11Spirit Of 76 IncPO BOX 1876, Junction City, KS 66441-6876KS1976-07$1,102,440
12Wisconsin Business Development Finance Corporation100 River Pl1 Board Walkll, Monona, WI 53716WI1982-07$6,747,667
13Tri-County Council For Southern MarylandPO BOX 745, Hughesville, MD 20637-0745MD1983-05$6,090,097
14City Urban Revitalization Corporation68-700 Avenida Lalo Guerrero, Cathedral City, CA 92234-1208CA2002-06$6,002,442
15Iron County Action Plan CommitteePO BOX 108, Ironton, MO 63650MO2000-02$5,517,378
16West Central Arkansas Planning & Development District IncPO BOX 6409, Hot Springs, AR 71902-6409AR1996-03$4,534,357
17Southwest Arkansas Planning &101 Harvey Couch Blvd, Magnolia, AR 71754AR1978-02$3,421,370
18Washington County Economic Development Partnership, Washington County Economic Development Inc20 E Beau Street, Washington, PA 15301PA2006-12$2,476,170
19The Resource IncPO BOX 36, North Eastham, MA 02651-0036MA1994-05$2,025,775
20Gettysburg Economic Developmentcorporation59 E High St, Gettysburg, PA 17325-2355PA2009-10$50,703
Number of organizations performing similar types of work
Alaska7
Alabama4
Arkansas8
Arizona5
California16
Colorado7
Connecticut3
District of Columbia3
Delaware3
Florida7
Georgia2
Iowa13
Idaho2
Illinois10
Indiana11
Kansas5
Kentucky8
Louisiana11
Massachusetts4
Maryland9
Maine3
Michigan11
Minnesota5
Missouri5
Mississippi5
Montana3
North Carolina13
North Dakota2
Nebraska3
New Hampshire3
New Jersey8
New Mexico2
New York18
Ohio10
Oklahoma2
Oregon1
Pennsylvania39
South Carolina5
South Dakota4
Tennessee3
Texas25
Utah3
Virginia8
Vermont5
Washington6
Wisconsin12
West Virginia6
International1
Total349

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