ERIE DOWNTOWN DEVELOPMENT CORPORAT… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2017

Legal Domicile

Principal Officer

ANDREW S WHITING

Phone

8148702850

Tax Period

2023-01-01 to 2023-12-31

ERIE DOWNTOWN DEVELOPMENT CORPORATION, founded in 2017, is a community nonprofit in the Community Improvement sector that reported $1.6M in total revenue in fiscal year 2023. Revenue surged 40% from the prior year, signaling strong growth momentum. Expenses of $2.6M exceeded revenue, resulting in a 67% operating deficit.

Mission

THE PURPOSE OF THE ORGANIZATION IS TO SERVE AS A REAL ESTATE DEVELOPMENT AND FINANCING NON-PROFIT CORPORATION TO STRENGTHEN THE CORE ASSETS OF THE DOWNTOWN ERIE AND DRIVE REVITALIZATION ACROSS THE REGION.

Program Service Accomplishments

Program 1

Expenses: $1,187,230

TO PROMOTE THE WELFARE OF THE PEOPLE OF THE CITY OF ERIE, PENNSYLVANIA (THE "CITY").

Program 2

TO COMBAT COMMUNITY DETERIORATION, PROVIDE RELIEF TO THE POOR AND DISTRESSED, STABILIZE, AND GENERALLY TO OTHERWISE PROMOTE REDEVELOPMENT IN THE CITY'S DOWNTOWN.

Program 3

TO LESSEN THE BURDENS OF GOVERNMENT OF THE CITY BY OVERSEEING PROJECTS AND PROGRAMS DESIGNED TO STRENGTHEN AND LEVERAGE THE CITY'S DOWNTOWN CORE ASSETS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $486,230

Program Service Revenue $762,411

Investment Income $5,137

Other Revenue $316,771

TOTAL REVENUE $1,570,549

Expense Breakdown

Grants Paid $0

Salaries & Benefits $1,446,988

Fundraising Expenses $0

Program Expenses $1,187,230

Other Expenses $1,157,819

TOTAL EXPENSES $2,629,964

Year-over-Year Comparison

	2023	2022	Change
Revenue	$1,570,549	$1,120,288	+0.4%
Expenses	$2,629,964	$2,062,444	+0.3%
Net Income	$-1,059,415	$-942,156	+0.1%

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

⚠ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$558,808

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
JOHN M PERSINGER	FORMER CEO	40.00		$189,231	$26,680	$215,911
PAULA GREGORY	CONTROLLER	40.00	Officer	$121,760	$20,693	$142,453
ANDREW S WHITING	CEO	40.00	Officer	$103,942	$19,592	$123,534
COREY COOK	DIREC OF OPE	40.00	Officer	$82,692	$22,792	$105,484
RYAN HOOVER	EXPERIENCE D	40.00	Officer	$83,462	$11,795	$95,257
MARK INSCHO	FOOD & BEVER	40.00	Officer	$80,192	$11,888	$92,080
KAREN BILOWITH	DIRECTOR	N/A	Director	$0	$0	$0
MICHAEL COLPOYS	DIRECTOR	N/A	Director	$0	$0	$0
JOHN DILL	DIRECTOR	N/A	Director	$0	$0	$0
BRIAN DURNIOK	SECRETARY	N/A	Officer Director	$0	$0	$0
THOMAS HAGEN	DIRECTOR	N/A	Director	$0	$0	$0
WALTER IWANENKO	VICE PRESIDE	N/A	Officer Director	$0	$0	$0
KATIE JONES	TREASURER	N/A	Officer Director	$0	$0	$0
ANITA KUCHCINSKI	DIRECTOR	N/A	Director	$0	$0	$0
TIMOTHY G NECASTRO	PRESIDENT	N/A	Officer Director	$0	$0	$0
DANIEL ONORATO	DIRECTOR	N/A	Director	$0	$0	$0
ROGER RICHARDS	DIRECTOR	N/A	Director	$0	$0	$0
JAMES STEVENSON	DIRECTOR	N/A	Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$1,570,549	$2,629,964	$4,973,898	$-1,059,415
2022	$1,120,288	$2,062,444	$14,910,077	$-942,156
2021	$1,459,098	$1,440,032	$20,964,670	$19,066
2020	$1,745,323	$1,528,733	$22,667,146	$216,590
2019	$633,402	$1,441,868	$16,886,411	$-808,466
2018	$1,057,073	$761,973	$6,127,841	$295,100

ERIE DOWNTOWN DEVELOPMENT CORPORATION