philanthropy.org | 990 Resource | FAQ Verify yourself
Sign in

Wayne Economic Development Corp

Not tax-deductible

Honesdale, PA501(c)(6)Mutual / membership EIN 24-6015814Revenue $3.1M in FY2024

On file with the IRSwayneeconomic.com32 Commercial St Ste A, 18431-1897 · Honesdale, PATax-exempt since Jan 1962

Claim this org

(tell your story, add context, and more)

What claiming does How does your 990 look to donors? Take the 10-Question Audit

Promotion of Economic Development in and throughout the county of Wayne PA

501(c)(6) business league; gifts are not tax-deductible as charitable contributions.
$346K paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Pay: Part VII

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(6)
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
No
Donations are not tax-deductible
Worth a look: the IRS does not list gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years 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 · 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
0%
of spending
Concern: 0% of spending went to programs; under 50%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$346K
to officers and key staff · 25% of spending
Worth a look: pay to officers and key staff is 25% of spending; over 20%.
Pt VII · Sec A
Cash reserves
4 mo
of spending, in cash
Looks good: 3.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $8K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$6.8M
63% of total assets
Fine: liabilities are 63% of assets; 50% to 65%.
Pt X · Ln 26
Independent board members
24
of 24 voting members
Looks good: 24 of 24 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$3.1M
+451% vs prior year
Spent
$1.4M
To programs
0%
Net assets
$3.9M
By yearFY2020–FY2024
Revenue
$3.1M
FY2024▲ +451%
Tap a bar for its year
Revenue by fiscal year
FY2020$702K
FY2021$2.5M
FY2022$769K
FY2023$560K
FY2024$3.1M
Expenses
$1.4M
FY2024▲ +18%
Tap a bar for its year
Expenses by fiscal year
FY2020$955K
FY2021$2.9M
FY2022$1.4M
FY2023$1.1M
FY2024$1.4M
Net assets
$3.9M
FY2024▲ +79%
Tap a bar for its year
Net assets by fiscal year
FY2020$3.8M
FY2021$3.4M
FY2022$2.8M
FY2023$2.2M
FY2024$3.9M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jan 1962.

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

Who runs it and what they're paid

26 people listed on the 990; $346K paid to officers and key staff.

Part VII, Section A · reportable compensation
Troy Bystrom
Director
$236,269Pt VII · Sec A
Mary Beth Wood
Executive Director
$110,038Pt VII · Sec A
$0Pt VII · Sec A
Peter Bochnovich
Vice President
$0Pt VII · Sec A
Bonnie Bond
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Tina Diehl
Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Troy Bystrom$236,269$93,661$48,000$50,400$50,400
Mary Beth Wood$110,038$91,828$85,738$82,440$82,271

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

See Wayne Economic Development Corp executive salaries →

On this list? Claim this org

Something off? Claim to add context

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

Promotes economic development throughout Wayne County, Pennsylvania.

Questions for Wayne Economic Development Corp

Tap to ask. Wayne Economic Development Corp sees how many people are interested.

Your first name shows with your question. Wayne Economic Development Corp answers here, for everyone.

Provided by the organization

Know this org? Add your story

1 program · $1.4M · in their own filed words · FY2024
01

Promotion of economic development in and throughout wayne county, pa

$1.4Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · received and paid
Grants received · FY2024
Ben Franklin Technology Partners of Northeastern Pennsylvania INCFY2024$8K
Total grants receivedfrom 1 funder$8K
Grants paid · 71 grants · $2.3M · 2020–2024
Stoney Field Hldgs LLCFY2024$10,000
652 Auto RepairFY2024$7,092
Munley Made Meals LLCFY2024$5,000
Beyond Measure 20 LLCFY2024$5,000
Redemption LLCFY2024$5,000
My Dog & Me Barkery & BoutFY2024$5,000
Balance Gymnastics & WellnFY2024$5,000
Jag Culinary LLCFY2024$5,000
Individual RecipientFY2024$5,000
Robinson Land ServiceFY2024$5,000
Ticked Off LLCFY2024$5,000
2 U Auto DetailingFY2024$5,000
Individual RecipientFY2024$5,000
Sunless Glow LLCFY2024$5,000
Flourish Esthetics & HairFY2024$5,000
The Lost Trails LLCFY2023$10,000
Individual RecipientFY2023$10,000
Equestrian House LLCFY2023$10,000
See all 71 grants →

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$3.1M
Ln 12
Investment incomeLn 3$2.4M
Gifts and grantsLn 1h$424K
Other incomeLn 4–11$144K
Money outPt IX
$1.4M
Ln 25
Owns and owesPt X
$3.9M
net assets · Ln 32
Cash and savingsLn 1–2$425K
Total assetsLn 16$10.7M
LiabilitiesLn 26$6.8M
PeoplePt VI, VII
26
listed · VII A
PaidVII A2
Voting boardVI 1a24
IndependentVI 1b24
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$424K
Government grantsLn 1e$345K
Fees for servicesLn 2g$78K
Investment incomeLn 3$2.4M
Other incomeLn 4–11$144K
Gains on assetsLn 7$2.4M
Total revenueLn 12$3.1M
Assets in detailPt X, end of year
CashLn 1$420K
SavingsLn 2$5K
Cash and savings togetherLn 1–2$425K
Land, buildings, equipmentLn 10c$10.0M
Other assetsLn 15$199K
Total assetsLn 16$10.7M
LiabilitiesLn 26$6.8M
Net assetsLn 32$3.9M
OperationsPt I, VI
EmployeesI 53
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
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$180K$425K
Land, buildings, equipmentLn 10c$11.6M$10.0M
Total assetsLn 16$12.1M$10.7M
LiabilitiesLn 26$9.9M$6.8M
Net assetsLn 32$2.2M$3.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$82K
Pay of current officers, directors and key staffLn 5$350K
Other salaries and wagesLn 7$99K
Pension plan contributionsLn 8$2K
Other employee benefitsLn 9$11K
Payroll taxesLn 10$17K
Accounting feesLn 11c$14K
Other fees for servicesLn 11g$27K
Advertising and promotionLn 12$76K
Office expensesLn 13$18K
OccupancyLn 16$64K
TravelLn 17$1K
Conferences, conventions and meetingsLn 19$2K
InterestLn 20$203K
Depreciation, depletion and amortizationLn 22$279K
InsuranceLn 23$33K
Other expenses (24a–d)Ln 24$77K
All other expensesLn 24e$3K
Total functional expensesLn 25$1.4M$0$0$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $3.1M$1.4M$1.7M$3.9M 990 PDF
FY2023 $560K$1.1M−$587K$2.2M 990 PDF
FY2022 $769K$1.4M−$605K$2.8M 990 PDF
FY2021 $2.5M$2.9M−$392K$3.4M 990 PDF
FY2020 $702K$955K−$252K$3.8M 990 PDF

More to add? Claim this org

Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support J · Pay O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $3,088,861 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $468,636$423,534
I-9 Program service revenuePrior year $65,028$78,245
I-10 Investment incomePrior year $26$2,443,404
I-11 Other revenuePrior year $26,670$143,678
I-12 Total revenuePrior year $560,360$3,088,861
I-13 Grants and similar amounts paidPrior year $72,500$82,092
I-14 Benefits paid to members$0
I-15 Salaries and benefitsPrior year $302,363$478,317
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $772,132$798,164
I-18 Total expensesPrior year $1,146,995$1,358,573
I-19 Revenue less expensesPrior year −$586,635$1,730,288
Part VI · Governance 24 of 24 board members independent, 4 to look at
VI-1a Voting members of the governing body24
VI-1b Independent voting members24
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
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
Part VIII · Statement of revenue $3,088,861 across 10 lines filed
VIII-1b Membership dues$35,550
VIII-1e Government grants$345,200
VIII-1f All other contributions, gifts and grants$42,784
VIII-1h Total contributions, gifts and grants$423,534
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $78,245$78,245
VIII-3 Investment incomeExcluded from tax $5,277$5,277
VIII-7 Net gain or loss on sales of assets$2,438,127
VIII-8 Net income from fundraising events$23,824
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $119,854$119,854
VIII-12 Total revenueRelated to mission $198,099 · Unrelated business $0 · Excluded from tax $5,277$3,088,861
Part IX · Statement of functional expenses $1,358,573 across 18 lines filed
IX-1 Grants to domestic organizations$82,092
IX-5 Pay of current officers, directors and key staff$349,933
IX-7 Other salaries and wages$98,914
IX-8 Pension plan contributions$1,528
IX-9 Other employee benefits$10,990
IX-10 Payroll taxes$16,952
IX-11c Accounting fees$13,739
IX-11g Other fees for services$27,244
IX-12 Advertising and promotion$76,154
IX-13 Office expenses$18,362
IX-16 Occupancy$64,145
IX-17 Travel$1,189
IX-19 Conferences, conventions and meetings$2,414
IX-20 Interest$203,467
IX-22 Depreciation, depletion and amortization$279,100
IX-23 Insurance$32,552
IX-24 Other expenses (24a–d)$76,785
IX-24e All other expenses$3,013
IX-25 Total functional expensesPrograms $0 · Management $0 · Fundraising $0$1,358,573
Part X · Balance sheet $10,686,517 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $175,123$419,762
X-2 Savings and temporary cash investmentsStart of year $5,092$5,092
X-4 Accounts receivableStart of year $92,262$20,488
X-10c Land, buildings and equipment, netStart of year $11,600,359$10,041,767
X-15 Other assetsStart of year $201,887$199,408
X-16 Total assetsStart of year $12,074,723$10,686,517
X-17 Accounts payable and accrued expensesStart of year $654,614$326,237
X-25 Other liabilitiesStart of year $110,824$100,764
X-26 Total liabilitiesStart of year $9,880,033$6,761,539
X-27 Net assets without donor restrictionsStart of year $2,171,058$3,908,401
X-28 Net assets with donor restrictionsStart of year $23,632$16,577
X-32 Total net assets or fund balancesStart of year $2,194,690$3,924,978
X-33 Total liabilities and net assetsStart of year $12,074,723$10,686,517
Part XI · Reconciliation of net assets $3,924,978 net assets at year end
XI-1 Total revenue$3,088,861
XI-2 Total expenses$1,358,573
XI-3 Revenue less expenses$1,730,288
XI-4 Net assets at start of year$2,194,690
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$3,924,978

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

Similar organizations you could support · Compare with another nonprofit

Names, privacy, and removal requests More

The names, titles, and compensation shown on this page are reproduced from IRS Form 990 filings, which are public records.

Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown.

We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.

Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.

If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.

Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.

If you believe the IRS filing itself is inaccurate, corrections must be made by the filing organization or the IRS directly.

Your org? Add context

Made it to the end? Claim this org

All figures are derived from public IRS Form 990 filings and are presented without evaluation of any organization. philanthropy.org does not rate, score, or rank organizations, including the pay comparisons above.