Form 990 for tax year 2023

Filed by BETHLEHEM ECONOMIC DEVELOPMENT CORP.

Totals

Total revenue: $702,058
Total expenses: $744,760
Contributions and grants received: $0
Grants paid: $0
Program service revenue: $663,355
Investment income: $38,703
Other revenue: $0
Total assets, end of year: $2,004,845
Total liabilities, end of year: $1,056,391
Net assets or fund balances, end of year: $948,454
Program services expenses (Part IX): $738,021
Management and general expenses: $6,739
Fundraising expenses: $0
Program service expenses (Part III): $738,021

Program services were 99.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

2a · Program service revenue: AMBASSADORS PROGRAM

total $308,640 · excluded $308,640
2b · Program service revenue: SOUTH BETH MAIN ST INITIATIVE

total $188,455 · excluded $188,455
2c · Program service revenue: 521 E. 4TH ST. BETHLEHEM PA

total $88,046 · excluded $88,046
2d · Program service revenue: KEYSTONE INNOVATION ZONE PROG

total $58,414 · excluded $58,414
2e · Program service revenue: OTHER INCOME

total $19,800 · excluded $19,800
3 · Investment income

total $38,703 · excluded $38,703

Functional expenses

Part IX, the statement of functional expenses.

11b · Fees: legal

total $5,575 · management and general $5,575
11g · Fees: other

total $555 · management and general $555
16 · Occupancy

total $24,594 · program services $24,594
22 · Depreciation, depletion and amortization

total $57,264 · program services $57,264
24a · Other expenses: AMBASSADORS PROGRAM

total $331,249 · program services $331,249
24b · Other expenses: S BETH MAIN ST INITIATIVE

total $208,275 · program services $208,275
24c · Other expenses: KEYSTONE INNOVATION ZONE

total $58,413 · program services $58,413
24d · Other expenses: RENT - PI

total $35,598 · program services $35,598
24e · All other expenses

total $23,237 · program services $22,628 · management and general $609

Balance sheet

Part X, book values.

1 · Cash, non-interest-bearing

beginning of year $939,577 · end of year $929,469
4 · Accounts receivable

beginning of year $6,966
7 · Other notes and loans receivable

beginning of year $256,275 · end of year $261,401
10a · Land, buildings and equipment: cost or other basis

$840,039
10b · Land, buildings and equipment: accumulated depreciation

$663,078
10c · Land, buildings and equipment, net

beginning of year $234,225 · end of year $176,961
15 · Other assets

beginning of year $668,954 · end of year $637,014
24 · Unsecured notes and loans payable

beginning of year $794,874 · end of year $794,874
25 · Other liabilities

beginning of year $319,967 · end of year $261,517
27 · Net assets without donor restrictions

beginning of year $991,156 · end of year $948,454

Mission and programs · 2023

Mission

THE CORPORATION IS INCORPORATED UNDER THE NON-PROFIT CORPORATION LAW OF THE COMMONWEALTH OF PENNSYLVANIA FOR THE FOLLOWING PURPOSE OR PURPOSES: - TO PROMOTE THE ECONOMIC DEVELOPMENT OF THE CITY OF BETHLEHEM AND PROMOTE AND ASSIST THE GROWTH AND DEVELOPMENT OF ALL BUSINESS CONCERNS, INCLUDING SMALL BUSINESS CONCERNS, IN THE SAID AREA, WITH AN EMPHASIS ON PROMOTING THE DEVELOPMENT OF MANUFACTURING, INDUSTRIAL, RESEARCH AND DEVELOPMENT ENTERPRISES; - TO COORDINATE A UNIFIED DOWNTOWN ORGANIZATION AND RETAIL STRATEGY; AND - TO ASSIST IN THE DEVELOPMENT OF PROJECTS, UNDERTAKINGS, STUDIES AND OTHER ACTIVITIES IN COOPERATION AND IN COORDINATION WITH FEDERAL , STATE AND LOCAL GOVERNMENTAL AND CIVIC BODIES FOR THE ELIMINATION OF SLUMS, BLIGHT AND BLIGHTING INFLUENCES, AND TO AID, ASSIST AND FOSTER THE PLANNING, REPLANNING, DEVELOPMENT, RENEWAL , REDEVELOPMENT AND IMPROVEMENT OF BUSINESS IN THE CITY OF BETHLEHEM, LEHIGH AND NORTHAMPTON COUNTIES, PENNSYLVANIA, ALL FOR THE PRIMARY PURPOSE OF COMBAT

ACQUIRE, HOLD, IMPROVE, DEVELOP AND DISPOSE OF REAL PROPERTY LOCATED IN THE CITY OF BETHLEHEM AND TO ASSIST IN THE GROWTH AND DEVELOPMENT OF SMALL BUSINESS CONCERNS.

Expenses $738,021 · Revenue $663,355
TO PROVIDE AFFORDABLE RENTAL SPACES TO SMALL BUSINESSES AND TO CONTINUE TO SERVE AND ATTRACT SMALL COMPANIES WITHIN THE TECHNOLOGY INDUSTRY TO THE CITY OF BETHLEHEM.

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

Laura CollinsLAURA COLLINS

SECRETARY

Total calculated

$0

Hours/week

1
Michael ColonMICHAEL COLON

DIRECTOR

Total calculated

$0

Hours/week

1
Don CunninghamDON CUNNINGHAM

VICE PRESIDE

Total calculated

$0

Hours/week

1
Ed DoughertyED DOUGHERTY

DIRECTOR

Total calculated

$0

Hours/week

1
Eric EvansERIC EVANS

TREASURER

Total calculated

$0

Hours/week

1
Alicia Miller KarnerALICIA MILLER KARNER

EXECUTIVE DI

Total calculated

$0

Hours/week

1
Brett LudwigBRETT LUDWIG

DIRECTOR

Total calculated

$0

Hours/week

1
Mayor J William ReynoldsMAYOR J WILLIAM REYNOLDS

PRESIDENT

Total calculated

$0

Hours/week

1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Provenance

Return type: form_990
Tax year: 2023
Filed: 11 November 2024
IRS schema version: 2023v5.0
Source object: 202403199349316680

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