Wayne Economic Development Corp FY2020 filing

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EIN 24-6015814 Business league / trade association Honesdale, PA
Form 990 (PDF)

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Revenue & expenses by yearFY2020–FY2024
Revenue
$702K
FY2020
Expenses
$955K
FY2020

Form 990 for the fiscal year ending December 2020 (IRS tax year 2020).


Promotes economic development throughout Wayne County, Pennsylvania. For fiscal year 2020 it reported $702K in revenue, $955K in expenses, and $3.8M in net assets.Pt I

Type
Business league / trade association · Nonprofit
Location
Honesdale, PA
Website
wayneeconomic.com
Filings
5 on file (2020–2020)
Revenue
$702KFY2020
Expenses
$955K
Net assets
$3.8M
People
24
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Figures match the IRS filing checked 8/30/26 · see original: IRS
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Size
$1–10M
What they do
Promotes economic development throughout Wayne County, Pennsylvania.
Leadership
Mary Beth Wood · Executive Di · $82K
Money in and out
$702K revenue, $955K expenses
Bottom line
-36% operating surplus
Membership & operating revenue · FY2020
Total revenue
$702K
Pt VIII · Ln 12
Total expenses
$955K
Pt IX · Ln 25
Net assets
$3.8M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$252K
Operating surplus
-36%
revenue over expenses
Earned revenue
3%
of revenue from program services & dues
Payroll share
25%
of spending is salaries & benefits

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Summary of the Filing

Part I · fiscal year 2020 · Form 990
Total assets
$10.9M
FY2020
Total liabilities
$7.2M
FY2020
Revenue less expensesPt I · Ln 19−$252K
Total assetsPt X · Ln 16$10.9M
Program-expense ratioPt IX · col B0%
Voting members of governing bodyPt I · Ln 323
Independent voting membersPt I · Ln 423

Identity & Classification

Form 990 Header · IRS Business Master File
Legal name (IRS)Hdr · item CWayne Economic Development Corp
EINHdr · item D24-6015814
Principal addressHdr · item CHonesdale, PA
WebsiteHdr · item Jwayneeconomic.com
Year of formationHdr · item Lpending
State of legal domicileHdr · item MPA
Exempt statusHdr · item I501(c)(6) · active
NTEE classificationIRS BMFNonprofit
Ruling yearIRS BMFJan 1962

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a23
Independent voting membersPt VI · Ln 1b23
Conflict-of-interest policyPt VI · Ln 12aNo
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Executive Di
$82,271Pt VII · Sec A
Director
$50,400Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
Director
$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.

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Mission & Programs · Part III

Where the work happens

1 program service, described in the organization's own filed words · FY2020.
01

Promotion of economic development in and throughout the county of wayne, commonwealth of pa which has resulted in additional, quality, and economically beneficial, jobs for all concerned residents.

Pt IX · col B

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Statement of Revenue

Part VIII
Contributions & grants$648K · 92%
Other revenue$33K · 5%
Program service revenue$21K · 3%
Contributions & grants92%$648K
Other revenue5%$33K
Program service revenue3%$21K
Investment income$438
— government grantsLn 1e$573K
Total revenueLn 12$702K

Balance Sheet

Part X · end of year
CashLn 1$364K
Total assetsLn 16$10.9M
Total liabilitiesLn 26$7.2M
Total net assetsLn 32$3.8M
Months of cash on handcomputed4.6

Financial Metrics

Form 990 · FY2020 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $364K · Operating expenses/yr $955K
4.6 months
Where the money goes
Program services
Program services $0 · Total expenses $955K
not reported
Management & General
Management & general $0 · Total expenses $955K
not reported
Fundraising
Fundraising $0 · Total expenses $955K
not reported
Cost to raise $1
Fundraising expense $0 · Solicited contributions $75K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $648K · Total revenue $702K
92%
Government reliance
Government grants $573K · Total revenue $702K
82%
Earned-income share
Program service revenue $21K · Total revenue $702K
3%
Investment reliance
Investment income $438 · Total revenue $702K
+0.06%
Program self-sufficiency
Program service revenue $21K · Total expenses $955K
2%
Growth & trend
Revenue growth (YoY)
This year $702K · Prior year —
No prior year on file
Net-asset trend (YoY)
End of year $3.8M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $702K · Expenses $955K
-36%
Liabilities-to-Assets
Total liabilities — · Total assets $10.9M
—
Net-asset ratio
Net assets $3.8M · Total assets $10.9M
35%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $10.9M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Mary Beth Wood · Reported title EXECUTIVE DI · Highest reported compensation $82K · Total expenses $955K
9%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $238K · Total expenses $955K
25%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Overhead ratio 0%——
Fundraising cost ratio 0%——
Accounting fee ratio 1%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2024
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
Mount Pleasant HerbaryFY2024$5,000
Robinson Land ServiceFY2024$5,000
Ticked Off LLCFY2024$5,000
2 U Auto DetailingFY2024$5,000
All County Tax ResolutionFY2024$5,000
Sunless Glow LLCFY2024$5,000
Flourish Esthetics & HairFY2024$5,000
The Lost Trails LLCFY2023$10,000
Lake Ariel AgwayFY2023$10,000
Equestrian House LLCFY2023$10,000
See all 71 grants →

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$3.1M revenue · ⤓ 990 PDF
FY2023$560K revenue · ⤓ 990 PDF
FY2022$769K revenue · ⤓ 990 PDF
FY2021$2.5M revenue · ⤓ 990 PDF
FY2020$702K revenue · viewing · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2020IRS
Classification, formation year, addressIRS Business Master File
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