Overview
What is Allentown Economic Development Corporation?
Allentown Economic Development Corporation is a nonprofit organization situated in Allentown, Pennsylvania. Their primary focus is on property management, specifically maintaining older industrial buildings and attracting manufacturers to operate from urban locations. This approach not only utilizes industrial space sustainably but also fosters growth opportunities for the city and creates job prospects for its residents. Beyond this, the corporation manages other properties developed on vacant and blighted areas, and contributes to the maintenance of older properties housing non-profits that benefit the city's residents. The organization's mission is to actively seek, encourage, and develop business opportunities for the benefit of Allentown, its citizens, and the Lehigh Valley. With a team of eight dedicated individuals, Allentown Economic Development Corporation is proactively working towards the betterment of its community.
Official website here: www.allentownedc.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 97% (Four-Star out of Four Stars)
The Allentown Economic Development Corporation has achieved a commendable Four-Star rating from Charity Navigator, reflecting its strong commitment to accountability and finance. The organization scored exceptionally well across various metrics, particularly in its governance, with a fully independent board and no material diversion of assets, indicating transparency and responsible management.
The charity's financial health is further underscored by its high program expense ratio of 75.30%, suggesting that a significant portion of its resources is directed towards its mission-related activities. Its liabilities to assets ratio of 45.73% indicates a stable financial position, which is crucial for sustaining its programs in the long term.
While the organization demonstrates robust governance and financial practices, the review does not indicate any potential limitations or areas for improvement. Overall, the Allentown Economic Development Corporation exemplifies strong operational integrity and commitment to its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Allentown Economic Development Corporation legitimate?
Allentown Economic Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Allentown Economic Development Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $195,890
Professional Fundraising Fees: $0
Other Salaries and Wages: $513,427
For more financial information, click here
Official website here: www.allentownedc.com
What is the mission statement of Allentown Economic Development Corporation?
The Allentown Economic Development Corporation's mission is to actively seek out, encourage, and develop business opportunities for the betterment of the community. This organization proactively manages and develops strategic business opportunities, with the aim of benefiting the city and its residents. One of their key initiatives involves property management, specifically maintaining older industrial buildings and attracting manufacturers to operate from urban locations. This approach not only utilizes industrial space sustainably but also creates growth opportunities and jobs within the city. Furthermore, the corporation maintains other properties developed on vacant and blighted areas, and assists with the maintenance of older properties housing non-profit organizations that benefit the city's residents.
Official website here: www.allentownedc.com
What is the revenue of Allentown Economic Development Corporation?
Allentown Economic Development Corporation's revenue in 2024 was $1,706,842.
Official website here: www.allentownedc.com
Who are the executives of Allentown Economic Development Corporation and what are their salaries?
The average compensation at Allentown Economic Development Corporation during 2024 was $59,110. There are 12 employees and 13 volunteers at Allentown Economic Development Corporation.
Here are 14 key members and their salaries:
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- Compensation: $165,050
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- Other: $24,587
Official website here: www.allentownedc.com
Where can I find the form 990 for Allentown Economic Development Corporation?
Allentown Economic Development Corporation's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.allentownedc.com
Learn more at the official website: www.allentownedc.com
Mission Statement of Allentown Economic Development Corporation
The Allentown Economic Development Corporation, in its mission, actively seeks out, encourages, and manages strategic business opportunities for the benefit of Allentown and its citizens, as well as the broader Lehigh Valley. This nonprofit organization's primary goal is to proactively identify potential business ventures and foster their growth, which in turn creates sustainable job opportunities for the city's residents.
One of Allentown Economic Development Corporation's key activities involves the maintenance of older industrial buildings and attracting manufacturers to operate within an urban setting. By doing so, the corporation effectively utilizes industrial space, stimulating growth within the city and providing employment opportunities for its residents. Furthermore, the organization manages other properties that have been developed on vacant and blighted areas, and assists in the maintenance of older properties that house various non-profit organizations, thereby benefiting the residents of Allentown.
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Impact
October, 2024
The Allentown Economic Development Corporation plays a crucial role in fostering business growth and revitalizing the local economy in Allentown and the broader Lehigh Valley region. By actively identifying and promoting strategic business opportunities, the organization enhances the economic landscape, ultimately benefiting the community.
One of its key initiatives involves property management, particularly the maintenance of older industrial buildings. This focus not only stabilizes these structures but also attracts manufacturers, encouraging them to operate from urban locations. This approach ensures sustainable utilization of industrial spaces, leading to significant growth opportunities for the city, while concurrently generating job openings for local residents.
In addition to managing older properties, the organization is committed to transforming vacant and blighted areas through development efforts. This not only improves the physical landscape of Allentown but also supports community needs by maintaining facilities for non-profits, ultimately enhancing the quality of life for its citizens.
Through its multifaceted approach, the Allentown Economic Development Corporation is instrumental in driving economic growth, encouraging community improvement, and creating a more vibrant Allentown for its residents.
This information is meant to be a general summary of Allentown Economic Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2024.
- Investment Income: $180,640
- Program Service Revenue: $1,781,834
- Gross Receipts: $4,227,698
Assets and Liabilities:
- Total Assets: $29,276,532
- Total Liabilities: $5,519,440
- Net Assets: $23,757,092
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROPERTY MANAGEMENT
Revenue
$1,226,517
BUSINESS INCUBATION
Revenue
$500,562
LENDING
Revenue
$44,340
REAL ESTATE DEVELOPMENT
Revenue
$10,415
Organization Details
Founding Year
1979
Principal Officer
R Scott Unger
Website
www.allentownedc.comNTEE Category
Code: S43Z - Community improvement
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