Overview
What is Erie Downtown Development Corporation?
The Erie Downtown Development Corporation is a nonprofit organization, situated at 10 EAST 5TH STREET, Erie, Pennsylvania 16507. Its primary objective is to enhance the well-being of the residents of Erie, Pennsylvania, by serving as a real estate development and financing entity. This mission aims to strengthen the core assets of Downtown Erie, ultimately contributing to its revitalization, thereby fostering a broader regional improvement. The corporation operates with a team of 33 dedicated individuals.
Official website here: www.erieddc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 52%, One-Star out of Four Star rating.
The Erie Downtown Development Corporation has received a low score of 52%, reflecting concerns in its financial management and program efficiency. The organization demonstrates strengths in governance with a fully independent board and comprehensive policies in place for oversight and conflict of interest. However, the absence of their tax form on their website raises transparency issues, which is essential for donor trust.
Despite having no reported material diversion of assets and effective documentation of board meeting minutes, the organization's high liabilities to assets ratio at 96.59% indicates potential financial instability. Additionally, a low program expense ratio of 38.83% suggests that a significant portion of its budget may not be directed toward its mission-related activities. This raises questions about the effectiveness and impact of the organization's programs within the community.
Overall, while the Erie Downtown Development Corporation has some foundational governance practices in place, significant financial management issues need to be addressed to improve its accountability and program effectiveness. Addressing these concerns could enhance its rating and foster greater confidence among potential donors and stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Erie Downtown Development Corporation legitimate?
Erie Downtown Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Erie Downtown 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: $546,708
Professional Fundraising Fees: $0
Other Salaries and Wages: $430,146
For more financial information, click here
Official website here: www.erieddc.org
What is the mission statement of Erie Downtown Development Corporation?
The Erie Downtown Development Corporation serves as a non-profit organization with a focus on real estate development and financing. Its primary objective is to enhance the core assets of Downtown Erie, thereby driving revitalization across the region. By acting in this capacity, the organization aims to contribute positively to the well-being of the community, ultimately promoting the welfare of the city's residents.
Official website here: www.erieddc.org
Who is the CEO of Erie Downtown Development Corporation?
Andrew S Whiting is the Former Ceo of Erie Downtown Development Corporation. The CEO's salary of Erie Downtown Development Corporation is $0 and their total compensation is $0.
Official website here: www.erieddc.org
What is the revenue of Erie Downtown Development Corporation?
Erie Downtown Development Corporation's revenue in 2022 was $1,120,288.
Official website here: www.erieddc.org
Who are the executives of Erie Downtown Development Corporation and what are their salaries?
The average compensation at Erie Downtown Development Corporation during 2022 was $29,602. There are 33 employees at Erie Downtown Development Corporation.
Here are 19 key members and their salaries (Erie Downtown Development Corporation's CEO's salary is $0 and their total compensation is $0):
- Compensation: $299,305
- Related: $0
- Other: $50,637
- Compensation: $108,204
- Related: $0
- Other: $19,168
- Compensation: $95,829
- Related: $0
- Other: $26,723
- Compensation: $82,245
- Related: $0
- Other: $27,534
- Compensation: $82,245
- Related: $0
- Other: $26,805
- Compensation: $69,611
- Related: $0
- Other: $8,344
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.erieddc.org
Where can I find the form 990 for Erie Downtown Development Corporation?
Erie Downtown Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.erieddc.org
Learn more at the official website: www.erieddc.org
Mission Statement of Erie Downtown Development Corporation
The Erie Downtown Development Corporation serves as a non-profit entity committed to real estate development and financing. Its primary objective is to strengthen the core assets of Downtown Erie and drive revitalization across the region. By doing so, the organization aims to enhance the well-being of the people in the City of Erie, Pennsylvania. In essence, the Erie Downtown Development Corporation plays a pivotal role in revitalizing its community by focusing on the development and financing of key assets within the downtown area.
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Impact
July, 2024
The impact of Erie Downtown Development Corporation (EDDC) can be seen in the significant strides made towards revitalizing downtown Erie and strengthening its core assets. EDDC's efforts have contributed to a more vibrant and economically thriving city center, attracting businesses, residents, and visitors to the area. By focusing on real estate development and financing, EDDC has played a crucial role in driving the revitalization of downtown Erie and spurring growth across the region. Their work has not only enhanced the physical appearance of the city but also promoted the overall welfare and well-being of its residents. EDDC's commitment to community improvement and creating a more prosperous urban environment has had a lasting and positive impact on Erie and its residents.
This information is meant to be a general summary of Erie Downtown 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 2022.
- Investment Income: $279,372
- Program Service Revenue: $475,852
- Gross Receipts: $17,437,816
Assets and Liabilities:
- Total Assets: $14,910,077
- Total Liabilities: $14,403,003
- Net Assets: $507,074
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROPERTY MANAGEMENT INCOME
Revenue
$386,422
DEVELOPMENT SERVICES INCOME
Revenue
$83,044
COMMUNITY ENGAGEMENT INCOME
Revenue
$4,462
RENTAL INCOME
Revenue
$1,924
Organization Details
Founding Year
2017
Phone
(814) 870-2850Principal Officer
Andrew S Whiting
Main Address
10 EAST 5TH STREET, ERIE, PA, 16507
Website
www.erieddc.orgNTEE Category
Code: S30 - Community improvement
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