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Chester County Economic Development Foundation FY2024 filing

Tax-deductible

Exton, PA501(c)(3)Community DevelopmentEIN 23-2978513Revenue $3.8M in FY2024

On file with the IRS737 Constitution Dr, 19341-1100 · Exton, PATax-exempt since Jan 2000Publicly supported charity — 170(b)(1)(A)(vi)

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Engaging in training and educational activities pertaining to Economic Development. Services include efforts to retain and expand businesses, workforce etc. And also to improve Economic conditions in economically depressed areas.

501(c)(3) charity; gifts are tax-deductible.
96¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 5
filings with a surplus
Average deficit $21K a year · under 1% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
96%
of spending
Looks good: 96% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
4 mo
of spending, in cash
Looks good: 3.9 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
6
named funders · $384K
Looks good: 6 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$1.5M
47% of total assets
Looks good: liabilities are 47% of assets; 50% or less.
Pt X · Ln 26
Independent board members
52
of 52 voting members
Looks good: 52 of 52 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$3.8M
+64% vs prior year
Spent
$3.8M
To programs
96%
Net assets
$1.7M
By yearFY2021–FY2025
Revenue
$3.8M
FY2024▲ +64%
Tap a bar for its year
Revenue by fiscal year
FY2021$1.5M
FY2022$2.0M
FY2023$2.3M
FY2024$3.8M
FY2025$3.0M
Expenses
$3.8M
FY2024▲ +62%
Tap a bar for its year
Expenses by fiscal year
FY2021$1.6M
FY2022$2.0M
FY2023$2.4M
FY2024$3.8M
FY2025$2.9M
Net assets
$1.7M
FY2024▼ -2%
Tap a bar for its year
Net assets by fiscal year
FY2021$1.9M
FY2022$1.8M
FY2023$1.8M
FY2024$1.7M
FY2025$1.8M

From the FY2024 Form 990 (year ending June 2024) · figures checked against the IRS filing · see the original

Form 990 (PDF) Claim
You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2025) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jan 2000.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

96 cents of each dollar spent went to programs.

Program services 96% · $3.7M Management & general 4% · $167K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

75 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
$0Pt VII · Sec A
Michael J Hankin
First Vice-Chair
$0Pt VII · Sec A
$0Pt VII · Sec A
Arthur a Bernardon Aia
Honorary Director
$0Pt VII · Sec A
Conrad M Olie
Honorary Director
$0Pt VII · Sec A
Edward J Breiner
Director Emeritus
$0Pt VII · Sec A
Edwin a Brownley JR
Honorary Director
$0Pt VII · Sec A
F William Bogle
Director Emertius
$0Pt VII · Sec A
See Chester County Economic Development Foundation executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Drives local economic growth by providing business training, workforce development, expansion support, and revitalization initiatives for economically depressed communities.

Provided by the organization

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2 programs · $3.7M · in their own filed words · FY2023
01

The foundation partners primarily with the chester county workforce investment board to provide industry focused workforce training, education and assistance to businesses and individuals. Industry focus groups active this year included information technology, healthcare, agriculture, manufacturing, training, and energy.

$3.5Mprogram expense
02

Rental Facility Program

The foundation rents space to an affiliated tax exempt organization which it rents to help accomplish its tax exempt purpose.

$122Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
Philadelphia Works INCFY2024$286K
Justamere FoundationFY2024$50K
American Online Giving Foundation INCFY2024$25K
The Sylvia W and Randle M Kauders Foundation INCFY2024$10K
CcresFY2024$10K
Bentley FoundationFY2024$3K
Total grants receivedfrom 6 funders$384K
See all 6 funders →

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$3.8M
Ln 12
Gifts and grantsLn 1h$3.6M
Fees for servicesLn 2g$205K
Other incomeLn 4–11$18K
Money outPt IX
$3.8M
Ln 25
Programscol B$3.7M
Managementcol C$167K
Owns and owesPt X
$1.7M
net assets · Ln 32
Cash and savingsLn 1–2$1.2M
Total assetsLn 16$3.3M
LiabilitiesLn 26$1.5M
PeoplePt VI, VII
75
listed · VII A
PaidVII A0
Voting boardVI 1a52
IndependentVI 1b52
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$3.6M
Government grantsLn 1e$3.5M
Fees for servicesLn 2g$205K
Investment incomeLn 3$2K
Other incomeLn 4–11$18K
Total revenueLn 12$3.8M
Assets in detailPt X, end of year
CashLn 1$217K
SavingsLn 2$1.0M
Cash and savings togetherLn 1–2$1.2M
Land, buildings, equipmentLn 10c$1.5M
Total assetsLn 16$3.3M
LiabilitiesLn 26$1.5M
Net assetsLn 32$1.7M
OperationsPt I, VI
EmployeesI 50
VolunteersI 61,045
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$1.1M$1.2M
Land, buildings, equipmentLn 10c$1.6M$1.5M
Total assetsLn 16$3.0M$3.3M
LiabilitiesLn 26$1.2M$1.5M
Net assetsLn 32$1.8M$1.7M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$4K$4K
Management feesLn 11a$108K$108K
Accounting feesLn 11c$19K$19K
Advertising and promotionLn 12$14K$14K
Office expensesLn 13$828$828
Depreciation, depletion and amortizationLn 22$88K$88K
InsuranceLn 23$12K$12K
Other expenses (24a–d)Ln 24$3.6M$3.6M$12K
Total functional expensesLn 25$3.8M$3.7M$167K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $3.0M$2.9M$73K$1.8M 990 PDF
FY2024 Viewing $3.8M$3.8M−$35K$1.7M 990 PDF
FY2023 $2.3M$2.4M−$46K$1.8M 990 PDF
FY2022 $2.0M$2.0M−$60K$1.8M 990 PDF
FY2021 $1.5M$1.6M−$38K$1.9M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $3,789,118 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $2,124,356$3,563,691
I-9 Program service revenuePrior year $205,060$205,060
I-10 Investment incomePrior year $1,078$2,185
I-11 Other revenuePrior year −$13,221$18,182
I-12 Total revenuePrior year $2,317,273$3,789,118
I-13 Grants and similar amounts paidPrior year $2,000$4,000
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $2,361,105$3,820,554
I-18 Total expensesPrior year $2,363,105$3,824,554
I-19 Revenue less expensesPrior year −$45,832−$35,436
Part VI · Governance 52 of 52 board members independent, 2 to look at
VI-1a Voting members of the governing body52
VI-1b Independent voting members52
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
Part VIII · Statement of revenue $3,789,118 across 8 lines filed
VIII-1e Government grants$3,531,941
VIII-1f All other contributions, gifts and grants$31,750
VIII-1h Total contributions, gifts and grants$3,563,691
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $205,060$205,060
VIII-3 Investment incomeExcluded from tax $2,185$2,185
VIII-6 Net rental income or lossExcluded from tax −$15,151−$15,151
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $33,333$33,333
VIII-12 Total revenueRelated to mission $205,060 · Unrelated business $0 · Excluded from tax $20,367$3,789,118
Part IX · Statement of functional expenses $3,824,554 across 8 lines filed
IX-1 Grants to domestic organizationsPrograms $4,000$4,000
IX-11a Management feesManagement $108,000$108,000
IX-11c Accounting feesManagement $19,453$19,453
IX-12 Advertising and promotionManagement $14,300$14,300
IX-13 Office expensesManagement $828$828
IX-22 Depreciation, depletion and amortizationPrograms $88,392$88,392
IX-23 InsuranceManagement $11,960$11,960
IX-24 Other expenses (24a–d)Programs $3,565,621 · Management $12,000$3,577,621
IX-25 Total functional expensesPrograms $3,658,013 · Management $166,541 · Fundraising $0$3,824,554
Part X · Balance sheet $3,274,820 assets, 13 lines filed
X-1 Cash, non-interest-bearing$216,729
X-2 Savings and temporary cash investmentsStart of year $1,105,692$1,029,917
X-4 Accounts receivableStart of year $321,191$492,354
X-9 Prepaid expenses and deferred chargesStart of year $15,331$14,839
X-10c Land, buildings and equipment, netStart of year $1,550,114$1,520,981
X-16 Total assetsStart of year $2,992,328$3,274,820
X-17 Accounts payable and accrued expensesStart of year $395,114$527,233
X-19 Deferred revenueStart of year $812,692$998,501
X-26 Total liabilitiesStart of year $1,207,806$1,525,734
X-27 Net assets without donor restrictionsStart of year $1,754,920$1,704,560
X-28 Net assets with donor restrictionsStart of year $29,602$44,526
X-32 Total net assets or fund balancesStart of year $1,784,522$1,749,086
X-33 Total liabilities and net assetsStart of year $2,992,328$3,274,820
Part XI · Reconciliation of net assets $1,749,086 net assets at year end
XI-1 Total revenue$3,789,118
XI-2 Total expenses$3,824,554
XI-3 Revenue less expenses−$35,436
XI-4 Net assets at start of year$1,784,522
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$1,749,086

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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