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Akron Development Corporation FY2023 filing

Tax-deductible

Akron, OH501(c)(3)Community Development EIN 34-1308327Revenue $284K in FY2023

On file with the IRS166 S High St Rm 202, 44308-1628 · Akron, OHTax-exempt since Sep 2009Supporting organization — 509(a)(3)

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The Akron Development Corporation was organized to support economic Development initiatives in the city of Akron, particularly through a program with the former Akron global business accelerator, and to secure state of ohio financing funding for technology-based businesses.

501(c)(3) charity; gifts are tax-deductible.
100¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2023 · 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
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 $108K a year · 9% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
100%
of spending
Looks good: 100% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
6 mo
of spending, in cash
Plus $329K in investments, Pt X · Ln 11–13
Looks good: 6.1 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
2
named funders · $72K
Fine: 2 funders name it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$2.1M
42% of total assets
Looks good: liabilities are 42% of assets; 50% or less.
Pt X · Ln 26
Independent board members
4
of 5 voting members
Looks good: 4 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$284K
-42% vs prior year
Spent
$552K
To programs
100%
Net assets
$2.8M
By yearFY2020–FY2024
Revenue
$284K
FY2023▼ -42%
Tap a bar for its year
Revenue by fiscal year
FY2020$4.1M
FY2021$934K
FY2022$493K
FY2023$284K
FY2024$490K
Expenses
$552K
FY2023▲ +5%
Tap a bar for its year
Expenses by fiscal year
FY2020$4.2M
FY2021$1.0M
FY2022$524K
FY2023$552K
FY2024$481K
Net assets
$2.8M
FY2023▼ -9%
Tap a bar for its year
Net assets by fiscal year
FY2020$6.5M
FY2021$4.8M
FY2022$3.1M
FY2023$2.8M
FY2024$2.8M

From the FY2023 Form 990 · see the original

990 PDF Claim
You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Sep 2009.

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

Where the money goes

100 cents of each dollar spent went to programs.

Program services 100% · $552K Management & general 0% · $86

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

7 people listed on the 990.

Part VII, Section A · reportable compensation
Jason Dodson
President
$0Pt VII · Sec A
Samuel Deshazior
Vice President
$0Pt VII · Sec A
Joe Dancy
Secretary
$0Pt VII · Sec A
Ken Burns
Treasurer
$0Pt VII · Sec A
Catherine Breck
Former President Thru April 2023
$0Pt VII · Sec A
Annal Vyas
Trustee Thru March 2023
$0Pt VII · Sec A
Adele Roth
Trustee
$0Pt VII · Sec A
See Akron Development Corporation 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 2Yes
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Promotes Akron's economic growth by funding tech businesses and supporting accelerators.

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Provided by the organization

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1 program · $552K · in their own filed words · FY2023
01

The akron development corporation provided grants and support to the city of akron and other 501(c)(3) organizations that support the city of akron's mission.

$552Kprogram 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
Fidelity Investments Charitable Gift FundFY2024$50K
Akron Community FoundationFY2024$22K
Total grants receivedfrom 2 funders$72K
Grants paid · 7 grants · $573K · 2021–2024
City of AkronFY2024$39,008
Keep Akron BeautifulOH · FY2024$6,469
Keep Akron BeautifulOH · FY2023$17,707
Keep Akron BeautifulOH · FY2022$14,176
City of AkronFY2021$410,000
Bounce Innovation HubOH · FY2021$75,000
Keep Akron BeautifulOH · FY2021$10,520

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$284K
Ln 12
Fees for servicesLn 2g$227K
Gifts and grantsLn 1h$149K
Investment incomeLn 3$258
Money outPt IX
$552K
Ln 25
Programscol B$552K
Managementcol C$86
Owns and owesPt X
$2.8M
net assets · Ln 32
Cash and savingsLn 1–2$281K
Total assetsLn 16$4.8M
LiabilitiesLn 26$2.1M
PeoplePt VI, VII
7
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$149K
Government grantsLn 1e$52K
Fees for servicesLn 2g$227K
Investment incomeLn 3$258
Gains on assetsLn 7−$67K
Total revenueLn 12$284K
Assets in detailPt X, end of year
CashLn 1$268K
SavingsLn 2$13K
Cash and savings togetherLn 1–2$281K
InvestmentsLn 11–13$329K
Land, buildings, equipmentLn 10c$4.2M
Total assetsLn 16$4.8M
LiabilitiesLn 26$2.1M
Net assetsLn 32$2.8M
OperationsPt I, VI
EmployeesI 50
VolunteersI 64
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$357K$281K
InvestmentsLn 11–13$421K$329K
Land, buildings, equipmentLn 10c$4.6M$4.2M
Total assetsLn 16$5.4M$4.8M
LiabilitiesLn 26$2.3M$2.1M
Net assetsLn 32$3.1M$2.8M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$38K$38K
Other fees for servicesLn 11g$50K$50K
InterestLn 20$68K$68K
Depreciation, depletion and amortizationLn 22$363K$363K
InsuranceLn 23$863$777$86
Other expenses (24a–d)Ln 24$33K$33K
Total functional expensesLn 25$552K$552K$86$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $490K$481K$8K$2.8M 990 PDF
FY2023 Viewing $284K$552K−$268K$2.8M 990 PDF
FY2022 $493K$524K−$32K$3.1M 990 PDF
FY2021 $934K$1.0M−$74K$4.8M 990 PDF
FY2020 $4.1M$4.2M−$175K$6.5M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $284,160 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $272,898$149,083
I-9 Program service revenuePrior year $249,395$227,302
I-10 Investment incomePrior year $27−$66,776
I-11 Other revenuePrior year −$29,748−$25,449
I-12 Total revenuePrior year $492,572$284,160
I-13 Grants and similar amounts paidPrior year $36,060$37,629
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 $488,360$514,864
I-18 Total expensesPrior year $524,420$552,493
I-19 Revenue less expensesPrior year −$31,848−$268,333
Part VI · Governance 4 of 5 board members independent, 3 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members4
VI-2 Family or business relationship among officers or directorsYes
VI-13 Written whistleblower policyNo
VI-15a Process for setting top official's payNo
VI-12a Written conflict of interest policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $284,160 across 9 lines filed
VIII-1d Related organizations$36,083
VIII-1e Government grants$52,000
VIII-1f All other contributions, gifts and grants$61,000
VIII-1h Total contributions, gifts and grants$149,083
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $227,302$227,302
VIII-3 Investment incomeExcluded from tax $258$258
VIII-7 Net gain or loss on sales of assetsExcluded from tax −$67,034−$67,034
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax −$25,449−$25,449
VIII-12 Total revenueRelated to mission $227,302 · Unrelated business $0 · Excluded from tax −$92,225$284,160
Part IX · Statement of functional expenses $552,493 across 6 lines filed
IX-1 Grants to domestic organizationsPrograms $37,629$37,629
IX-11g Other fees for servicesPrograms $50,000$50,000
IX-20 InterestPrograms $67,925$67,925
IX-22 Depreciation, depletion and amortizationPrograms $362,901$362,901
IX-23 InsurancePrograms $777 · Management $86$863
IX-24 Other expenses (24a–d)Programs $33,175$33,175
IX-25 Total functional expensesPrograms $552,407 · Management $86 · Fundraising $0$552,493
Part X · Balance sheet $4,840,222 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $327,749$267,975
X-2 Savings and temporary cash investmentsStart of year $28,984$13,475
X-10c Land, buildings and equipment, netStart of year $4,592,581$4,229,680
X-12 Other securitiesStart of year $421,347$329,092
X-16 Total assetsStart of year $5,370,661$4,840,222
X-24 Unsecured notes and loans payableStart of year $2,298,000$2,056,000
X-26 Total liabilitiesStart of year $2,298,000$2,056,000
X-32 Total net assets or fund balancesStart of year $3,072,661$2,784,222
X-33 Total liabilities and net assetsStart of year $5,370,661$4,840,222
Part XI · Reconciliation of net assets $2,784,222 net assets at year end
XI-1 Total revenue$284,160
XI-2 Total expenses$552,493
XI-3 Revenue less expenses−$268,333
XI-4 Net assets at start of year$3,072,661
XI-8 Prior period adjustments−$20,106
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$2,784,222

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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