Greater Erie Economic Development Corporation in Erie, Pennsylvania (PA)

Greater Erie Economic Development Corporation
Employer Identification Number (EIN)	251269138
Name of Organization	Greater Erie Economic Development Corporation
Address	18 W 9th St, Erie, PA 16501-1343
Activities	Loans or grants for minority businesses
Subsection	Charitable Organization
Ruling Date	03/1976
Deductibility	Contributions are deductible
Foundation	Private non-operating foundation
Organization	Corporation
Exempt Organization Status	Unconditional Exemption
Tax Period	12/2013
Assets	$10,000,000 to $49,999,999
Income	$1,000,000 to $4,999,999
Filing Requirement	990 - Not required to file (all other)
Asset Amount	$16,896,786
Amount of Income	$1,703,559
Form 990 Revenue Amount	$1,039,353

Non-representatives - add comments:

Financial snapshot ($)

Revenue for 2013

Assets at the end of 2013

Expenses for 2013

	Revenue and expenses per books	Net investment income	Adjusted net income	Disbursements for charitable purposes (cash basis only)
Analysis of Revenue and Expenses (for 2013)
Total revenue	$512,284	$93,601	$0
Contributions, gifts, grants, etc., received	$20,000
Interest on savings and temporary cash investments	$0
Dividends and interest from securities	$92,889
Gross rents	$0
Gross sales price for all assets	$1,191,987
Gross profit from sales of goods	$0
Other income	$398,683
Other	$712
Total expenses and disbursements	$1,660,124	$1,035,840	$0	$594,489
Compensation of officers, directors, trustees, etc.	$166,395
Pension plans, employee benefits	$1,007,681
Legal fees	$0
Accounting fees	$17,400
Interest	$0
Depreciation	$29,795
Occupancy	$31,957
Travel, conferences, and meetings	$1,825
Printing and publications	$0
Total operating and administrative expenses	$1,357,002	$1,035,840		$291,367
Contributions, gifts, grants paid	$303,122
Excess of revenue over expenses and disbursements	$-1,147,840
Net investment income		$0
Adjusted net income			$0

	2010		2011		2012		2013
Balance Sheets
	Book Value	Fair Market Value	Book Value	Fair Market Value	Book Value	Fair Market Value	Book Value	Fair Market Value
Total assets	$10,664,120	$11,482,469	$10,996,650	$11,866,431	$17,895,311	$18,786,348	$16,896,786	$17,817,618
Cash - non-interest-bearing	$0		$0		$0		$0
Investments-U.S. and state government obligations	$0		$0		$0		$0
Investments-corporate stock	$0		$0		$0		$0
Investments-corporate bonds	$0		$0		$0		$0
Investments-mortgage loans	$0		$0		$0		$0
Investments-other	$3,407,033		$3,456,061		$3,318,105		$3,580,478
Other assets					$0		$0
Total liabilities	$121,492		$111,203		$229,950		$173,717
Mortgages and other notes payable	$0		$0		$0		$0
Other liabilities					$0		$0
Total liabilities and net assets/fund balances	$10,542,628		$10,885,447		$17,665,361		$16,723,069

	2010	2011	2012	2013
Capital Gains and Losses for Tax on Investment Income
Capital gain net income	$39,143	$21,541	$6,845,824	$712
Net capital loss	$0	$0	$0	$0

	2010	2011	2012	2013
Excise Tax Based on Investment Income
Domestic foundations that meet the section 4940(e) requirements (for Reduced Tax on Net Investment Income)	No	No	No	No
Tax based on investment income	$10,006	$8,574	$139,799	$0
Total credits and payments	$0	$10,008	$8,600	$5,200
Current year estimated tax payments and previous year's overpayment credited to current year	$0	$10,008	$8,600	$5,200
Exempt foreign organizations-tax withheld at source	$0	$0	$0	$0
Tax paid with application for extension of time to file (Form 8868)	$0	$0	$0	$0
Backup withholding erroneously withheld	$0	$0	$0	$0
Any penalty for underpayment of estimated tax	$275	$101	$0	$0
Tax due			$131,199	$0
Overpayment			$0	$5,200
Amount to be credited to next year's estimated tax	$0	$1,333	$0	$0

	2010	2011	2012	2013
Statements Regarding Activities
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did it participate or intervene in any political campaign?	No	No	No	No
Has the foundation engaged in any activities that have not previously been reported to the IRS?			No	No
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles of incorporation, or bylaws, or other similar instruments?			No	No
Has the foundation filed a tax return on Form 990-T for this year?			No	No
Was there a liquidation, termination, dissolution, or substantial contraction during the year?	No	No	No	No
Has the foundation furnished a copy of Form 990-PF to the Attorney General (or designate) of each state?			Yes	Yes
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3) or 4942(j)(5) for current calendar year or the taxable year beginning in this year?	No	No	No	No
Did any persons become substantial contributors during the tax year?			No	No
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had advisory privileges?			No	No
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?			Yes	Yes
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041			No	No

	2010	2011	2012	2013
Statements Regarding Activities for Which Form 4720 May Be Required
During the year did the foundation (either directly or indirectly):
Engage in the sale or exchange, or leasing of property with a disqualified person?	No	No	No	No
Borrow money from, lend money to, or otherwise extend credit to (or accept it from) a disqualified person?	No	No	No	No
Furnish goods, services, or facilities to (or accept them from) a disqualified person?	No	No	No	No
Pay compensation to, or pay or reimburse the expenses of, a disqualified person?	No	No	No	No
Transfer any income or assets to a disqualified person (or make any of either available for the benefit or use of a disqualified person)?	No	No	No	No
Agree to pay money or property to a government official?	No	No	No	No
Did any of the acts fail to qualify under the exceptions described in Regulations section 53.4941(d)-3 or in a current notice regarding disaster assistance?			No	No
Did the foundation engage in a prior year in any of the acts, other than excepted acts, that were not corrected before the first day of the tax year beginning in this year?			No	No
At the end of this tax year, did the foundation have any undistributed income for tax year(s) beginning before this year?	No	No	No	No
Are there any years listed above for which the foundation is not applying the provisions of section 4942(a)(2) (relating to incorrect valuation of assets) to the year's undistributed income?			No	No
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at any time during the year?	No	No	No	No
Did the foundation have excess business holdings in this year as a result of (1) any purchase by the foundation or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3) the lapse of the 10-, 15-, or 20-year first phase holding period?	No	No	No	No
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?	No	No	No	No
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in this year?			No	No
During the year did the foundation pay or incur any amount to:
Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))?	No	No	No	No
Influence the outcome of any specific public election (see section 4955); or to carry on, directly or indirectly, any voter registration drive?	No	No	No	No
Provide a grant to an individual for travel, study, or other similar purposes?	No	No	No	Yes
Provide a grant to an organization other than a charitable, etc., organization described in section 509(a)(1), (2), or (3), or section 4940(d)(2)?	No	No	No	Yes
Provide for any purpose other than religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals?	No	No	No	No
Did any of the transactions fail to qualify under the exceptions described in Regulations section 53.4945 or in a current notice regarding disaster assistance?			No	No
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on a personal benefit contract?			No	No
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract?			No	No

	2010	2011	2012	2013
Minimum Investment Return
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc., purposes	$9,551,490	$10,072,665	$10,713,812	$16,881,986
Net value of noncharitable-use assets			$10,553,105	$16,628,756
Minimum investment return	$470,411	$496,079	$527,655	$831,438

	2010	2011	2012	2013
Distributable Amount
Distributable amount	$460,405	$487,505	$387,856	$831,438

	2010	2011	2012	2013
Undistributed Income
Distributable amount for this year	$460,405	$487,505	$387,856	$831,438
Undistributed income for this year. This amount must be distributed in the next year	$5,499	$73,071	$996	$237,945

	2013	2012	2011	2010	Total
Private Operating Foundations (for 2010 - 2013)
The lesser of the adjusted net income or the minimum investment return	$0	$0	$0	$0	$0
Qualifying distributions made directly for active conduct of exempt activities	$0	$0	$0	$0	$0
Value of all assets	$0	$0	$0	$0	$0
Value of assets qualifying under section 4942(j)(3)(B)(i)	$0	$0	$0	$0	$0
2/3 of minimum investment return	$0	$0	$0	$0	$0
Total support other than gross investment income (interest, dividends, rents, payments on securities loans (section 512(a)(5)), or royalties)	$0	$0	$0	$0	$0
Support from general public and 5 or more exempt organizations as provided in section 4942(j)(3)(B)(iii)	$0	$0	$0	$0	$0
Gross investment income	$0	$0	$0	$0	$0

Supplementary Information (for 2013)
Grants approved for future payment	$0

	Amount	Related or exempt function income
Analysis of Income-Producing Activities (for 2013)
Program service revenue
	$0	$398,643
Fees and contracts from government agencies	$0	$0
Membership dues and assessments	$0	$0
Interest on savings and temporary cash investments	$0	$0
Dividends and interest from securities	$92,889	$0

Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations (for 2013)
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) of the Code (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Transfers from the reporting foundation to a noncharitable exempt organization of:
Cash	No
Other assets	No
Other transactions:
Sales of assets to a noncharitable exempt organization	No
Purchases of assets from a noncharitable exempt organization	No
Rental of facilities, equipment, or other assets	No
Reimbursement arrangements	No
Loans or loan guarantees	No
Performance of services or membership or fundraising solicitations	No
Sharing of facilities, equipment, mailing lists, other assets, or paid employees	No

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Id	Name	Address	State	Established	Total Income
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3	Greater Chester Valley Soccer Association	PO BOX 382, Malvern, PA 19355-0382	PA	1988-12	$559,177
4	Greater Connellsville Area Community Center Inc	210 E Fairview Ave, Connellsville, PA 15425-3702	PA	1982-04	$54,956
5	Greater Danville Area Indust Devel Corp	105 East Market Street, Danville, PA 17821-1941	PA	1969-04	$0
6	Greater Delaware Valley Society Of Transplant Surgeons	401 N 3rd St, Philadelphia, PA 19123-4106	PA	1975-01	$66,467,925
7	Greater Dover Historical Society	2 South Main Street, Dover, PA 17315	PA	2004-06	$0
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9	Greater Erie Board Of Realtors Inc	2166 W 8th St, Erie, PA 16505-4748	PA	1994-12	$365,745
10	Greater Erie Community Action Committee	18 W 9th St, Erie, PA 16501-1343	PA	1965-09	$26,838,338
11	Greater Erie Economic Development Corporation	18 W 9th St, Erie, PA 16501-1343	PA	1976-03	$1,703,559
12	Greater Erie Youth Symphony The Behrend College	Wqln Studios 8425 Peach Street, Erie, PA 16509	PA	1991-08	$18,085
13	Greater Ferndale Sportsmens Club	112 Ferndale Dr, Boswell, PA 15531-1841	PA	2009-11	$232,007
14	Greater Ford City Development Corporation	PO BOX 71, Ford City, PA 16226-0071	PA	2000-08	$1,183,746
15	Greater Germantown Housing Development Corp Gghdc	601 Walnut St Ste 280 S, Philadelphia, PA 19106-3323	PA	1977-11	$10,501
16	Greater Glenside Chamber Of	PO BOX 182, Glenside, PA 19038-0182	PA	2001-05	$6,390
17	Greater Glenside Patriotic Association Inc	PO BOX 72, Glenside, PA 19038-0072	PA	1989-06	$140,578
18	Greater Governor Mifflin League	PO BOX 41, Reading, PA 19607-0041	PA	1994-09	$82,041
19	Greater Hanover Alliance Inc	14 Barnhart Dr, Hanover, PA 17331-9586	PA	2004-04	$10,000
20	Greater Hanover Housing Corporation For The Aged And The Handicapped	800 Randolph Street, Hanover, PA 17331-1730	PA	1968-07	$815,239

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