Overview
What is Fay-Penn Economic Development Council?
The Fay-Penn Economic Development Council, established in 1991, is a nonprofit organization located in Lemont Furnace, Pennsylvania. With a mission to aid in the economic revitalization of Fayette County, the council offers top-notch business development services, including low-interest financing, business planning, technical assistance, training, and counseling. By promoting Fayette County as an ideal business location and providing site selection assistance, the council has successfully attracted tenants and created numerous jobs, contributing to over $1.4 billion in new investments. To date, the council has completed over 438 projects and financed 211 loans, resulting in the creation or retention of over 16,114 jobs. The ultimate aim of Fay-Penn is to foster a supportive environment for business growth, expansion, and attraction, benefiting the local community and economy.
Official website here: www.faypenn.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
The Fay-Penn Economic Development Council has received a Four-Star rating from Charity Navigator, which highlights its strong commitment to accountability and finance. With an overall score of 96%, the organization demonstrates excellent financial health, underscoring its effective management and transparency in operations.
Strengths of the organization include a fully independent board, which enhances oversight and governance. The council has also scored perfectly in areas such as material asset diversion and documentation policies, indicating a robust structure that prioritizes ethical standards and financial integrity.
While the organization shows remarkable performance in its financial practices, the rating suggests a focus solely on accountability and finance, without additional context on programmatic outcomes or community impact. Overall, the Fay-Penn Economic Development Council appears to be a reliable choice for donors looking for transparency and responsible management.
This AI summary has been generated from information found on Charity Navigator.
Is Fay-Penn Economic Development Council legitimate?
Fay-Penn Economic Development Council is a legitimate nonprofit organization registered as a 501(c)(3) entity. Fay-Penn Economic Development Council 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: $318,356
Professional Fundraising Fees: $0
Other Salaries and Wages: $627,900
For more financial information, click here
Official website here: www.faypenn.org
What is the mission statement of Fay-Penn Economic Development Council?
The Fay-Penn Economic Development Council aims to stimulate economic growth and diversification. Its primary objective is to establish a supportive environment for business start-ups, expansions, and attractions. This encompasses retaining existing businesses, introducing new ones, creating and preserving jobs, enhancing the workforce, generating both private and public investment, and improving quality of life amenities and services. The organization offers comprehensive business development services, including low-interest financing, business planning, technical assistance, training, and counseling. Additionally, Fay-Penn promotes its area as an attractive business destination, providing site selection assistance and managing ready-to-use land and building sites to attract tenants and create more employment opportunities. Since its inception in 1991, the council has completed over 438 projects, leading to the creation or retention of over 11,514 jobs and attracting $1.40 billion in new investments.
Official website here: www.faypenn.org
Who is the CEO of Fay-Penn Economic Development Council?
Laura Kurtz Kuhns is the Director of Fay-Penn Economic Development Council.
Official website here: www.faypenn.org
What is the revenue of Fay-Penn Economic Development Council?
Fay-Penn Economic Development Council's revenue in 2022 was $5,269,897.
Official website here: www.faypenn.org
Who are the executives of Fay-Penn Economic Development Council and what are their salaries?
The average compensation at Fay-Penn Economic Development Council during 2022 was $72,789. There are 13 employees and 19 volunteers at Fay-Penn Economic Development Council.
Here are 24 key members and their salaries:
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- Other: $11,890
Official website here: www.faypenn.org
Where can I find the form 990 for Fay-Penn Economic Development Council?
Fay-Penn Economic Development Council's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.faypenn.org
Learn more at the official website: www.faypenn.org
Mission Statement of Fay-Penn Economic Development Council
Fay-Penn Economic Development Council, established in 1991, is an organization dedicated to revitalizing the economy of Fayette County, Pennsylvania. Its primary mission is to foster a conducive environment for the growth and diversification of businesses in the region. This encompasses retaining and expanding existing businesses, attracting new ones, creating and retaining jobs, developing the workforce, and generating both private and public investments. The council offers a range of business development services, including low-interest financing, business planning, technical assistance, training, and counseling to facilitate new business development and entrepreneurship.
In addition, Fay-Penn promotes Fayette County as an attractive business destination by providing site selection assistance. This includes developing business parks and multi-tenant facilities to attract tenants and create more job opportunities. The council has a substantial track record of success, having completed over 438 projects, resulting in the creation or retention of over 11,514 jobs, and $1.40 billion in new investment in the county. With these initiatives, Fay-Penn Economic Development Council plays a significant role in driving economic growth and improvement in Fayette County.
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Impact
October, 2024
The Fay-Penn Economic Development Council significantly impacts Fayette County, Pennsylvania, by fostering economic growth and diversification. Its strategies focus on retaining and expanding existing businesses while also attracting new enterprises to the region. This comprehensive approach has yielded impressive results, including the creation and retention of over 11,514 jobs and $1.40 billion in new investment since its inception in 1991.
By offering low-interest financing through its Revolving Loan Fund, along with business planning, technical assistance, and training, Fay-Penn empowers entrepreneurs and supports business development at various levels. The Council's commitment to site selection assistance and the development of business parks and multi-tenant facilities further enhances its ability to attract tenants and stimulate economic activity.
Fay-Penn’s efforts have led to the completion of over 438 projects and the financing of 211 loans, reflecting its instrumental role in capitalizing on the county's potential. Additionally, the Council's work not only strengthens the local economy but also enhances quality of life amenities and services, making Fayette County a more appealing place to live and work. Overall, Fay-Penn serves as a catalyst for sustainable economic revitalization in the region.
This information is meant to be a general summary of Fay-Penn Economic Development Council. 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 2022.
- Investment Income: $1,115,378
- Program Service Revenue: $3,048,838
- Gross Receipts: $15,624,430
Assets and Liabilities:
- Total Assets: $57,122,133
- Total Liabilities: $11,292,317
- Net Assets: $45,829,816
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME - MULTI TENANT
Revenue
$2,878,138
INTEREST INCOME - REVOLVING LOAN
Revenue
$153,241
ADMINISTRATIVE FEES
Revenue
$17,459
Organization Details
Founding Year
1991
Phone
(724) 437-7913Principal Officer
Laura Kurtz Kuhns
Main Address
1040 EBERLY WAY SUITE 200, LEMONT FURNACE, PA, 15456
Website
www.faypenn.orgNTEE Category
Code: S30Z - Community improvement
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