Form 990 for tax year 2023
Filed by STARK ECONOMIC DEVELOPMENT BOARD INC.
Totals
- Total revenue
- $3,350,050
- Total expenses
- $2,260,828
- Contributions and grants received
- $3,175,474
- Grants paid
- $60,000
- Program service revenue
- $69,600
- Investment income
- $92,622
- Other revenue
- $12,354
- Total assets, end of year
- $4,718,596
- Total liabilities, end of year
- $679,796
- Net assets or fund balances, end of year
- $4,038,800
- Program services expenses (Part IX)
- $1,958,077
- Management and general expenses
- $250,530
- Fundraising expenses
- $52,221
- Program service expenses (Part III)
- $1,958,077
Program services were 86.6% 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.
-
1e · Government grants (contributions)
$272,500
-
1f · All other contributions, gifts and grants
$2,902,974
-
2a · Program service revenue: PROJECT INCOME
total $69,600 · related or exempt $69,600
-
3 · Investment income
total $92,622 · excluded $92,622
-
6a · Gross rents
real property $7,189
-
6b · Less rental expenses
real property $0
-
6c · Rental income or loss
real property $7,189
-
6d · Net rental income or loss
total $7,189 · excluded $7,189
-
11a · Other revenue: MISCELLANEOUS INCOME
total $5,165 · excluded $5,165
-
11e · Other revenue, total
$5,165
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $60,000 · program services $60,000
-
5 · Compensation of officers, directors and key employees
total $237,372 · program services $199,369 · management and general $26,134 · fundraising $11,869
-
7 · Other salaries and wages
total $582,140 · program services $497,033 · management and general $56,000 · fundraising $29,107
-
8 · Pension plan contributions
total $51,519 · program services $40,487 · management and general $8,456 · fundraising $2,576
-
9 · Other employee benefits
total $113,492 · program services $89,189 · management and general $18,629 · fundraising $5,674
-
10 · Payroll taxes
total $59,900 · program services $51,781 · management and general $5,124 · fundraising $2,995
-
11b · Fees: legal
total $3,455 · management and general $3,455
-
11c · Fees: accounting
total $14,500 · program services $11,500 · management and general $3,000
-
11g · Fees: other
total $110,114 · program services $66,721 · management and general $43,393
-
12 · Advertising and promotion
total $79,410 · program services $52,811 · management and general $26,599
-
13 · Office expenses
total $24,310 · program services $18,653 · management and general $5,657
-
16 · Occupancy
total $38,487 · program services $32,073 · management and general $6,414
-
17 · Travel
total $29,732 · program services $17,155 · management and general $12,577
-
19 · Conferences, conventions and meetings
total $6,661 · program services $6,249 · management and general $412
-
20 · Interest
total $652 · management and general $652
-
22 · Depreciation, depletion and amortization
total $19,101 · management and general $19,101
-
23 · Insurance
total $13,455 · program services $10,764 · management and general $2,691
-
24a · Other expenses: PROJECT EXPENSES
total $794,031 · program services $789,371 · management and general $4,660
-
24b · Other expenses: REPAIRS & MAINTENANCE
total $14,317 · program services $11,631 · management and general $2,686
-
24c · Other expenses: SUBSCRIPTIONS & DUES
total $5,033 · program services $2,738 · management and general $2,295
-
24d · Other expenses: UNCOLLECTIBLE PLEDGES
total $300 · management and general $300
-
24e · All other expenses
total $2,847 · program services $552 · management and general $2,295
Balance sheet
Part X, book values.
-
2 · Savings and temporary cash investments
beginning of year $2,115,992 · end of year $1,981,949
-
3 · Pledges and grants receivable
beginning of year $205,074 · end of year $551,203
-
4 · Accounts receivable
beginning of year $392,145 · end of year $1,252,296
-
9 · Prepaid expenses and deferred charges
beginning of year $14,740 · end of year $20,314
-
10a · Land, buildings and equipment: cost or other basis
$6,609,734
-
10b · Land, buildings and equipment: accumulated depreciation
$6,311,556
-
10c · Land, buildings and equipment, net
beginning of year $285,059 · end of year $298,178
-
11 · Investments: publicly traded securities
beginning of year $16,302 · end of year $17,957
-
15 · Other assets
beginning of year $652,938 · end of year $596,699
-
17 · Accounts payable and accrued expenses
beginning of year $41,036 · end of year $53,705
-
23 · Secured mortgages and notes payable
beginning of year $18,075 · end of year $14,177
-
25 · Other liabilities
beginning of year $671,905 · end of year $611,914
-
27 · Net assets without donor restrictions
beginning of year $1,951,397 · end of year $1,555,658
-
28 · Net assets with donor restrictions
beginning of year $999,837 · end of year $2,483,142
Mission and programs · 2023
Mission
WE STRENGTHEN STARK COUNTY BY DRIVING BUSINESS GROWTH AND LEADING ITS ECONOMIC TRANSFORMATION.
Activities or mission (Part I)
TO STRENGTHEN STARK COUNTY BY DRIVING BUSINESS GROWTH AND LEADING ECONOMIC TRANSFORMATION.
-
THE STARK ECONOMIC DEVELOPMENT BOARD, INC. IS AN ORGANIZATION WHOSE PURPOSE IS TO ATTRACT, EXPAND AND RETAIN BUSINESS INVESTMENTS IN STARK COUNTY, OHIO. SEDB IS A CONDUIT TO FUNDING SOURCES FOR BUSINESSES THROUGH THE STARK COUNTY PORT AUTHORITY AND AS THE LOCAL TEAM NEO/JOBS OHIO PARTNER.
Expenses $1,958,077 · Grants $60,000 · Revenue $69,600
As filed on the 2023 return.
Listed in Part VII
-
WILLIAM SHIVERS
TREASURER
- Total calculated
- $0
- Hours/week
- 2
-
BRIAN BELDEN
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 2
-
JOSEPH SCHAUER
VICE CHAIRMAN
- Total calculated
- $0
- Hours/week
- 2
-
JAMIE SLUTZ
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
BRUCE M SOARES
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
CHRIS GOFF
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
CHRIS KABOTH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
CHRISTOPHER HUNT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
DAVE KIRVEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
DICK MAGGIORE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
ANDY ZIEGLER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
BILL COOK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
GREG KING
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
JACKIE STEWART
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
JANET WEIR CREIGHTON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
MATT SAVAGE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
JOE DALEIDEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
JOE MATUSZEWSKI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
JOHN LANGELL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
JOHN RICHARD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
JORDAN GREENWALD
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
DOUG SIBILA
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
GERARD MASTROIANNI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
KATHY SHULTZ
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
DOUG SCHWARZ
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
BARBARA H BENNETT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
CHARLES HAMMONTREE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
BRAD BELDEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
MATT STERLING
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
SCOTT T WARBURTON
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
CHAD ISLER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
SHELLY BROWN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
MICK HECKMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
PARA JONES
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
RENATO CAMACHO
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
RICK L HULL
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
ROBERT GESSNER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
ROBERT MULLEN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
MARK J SAMOLCZYK
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
ANDREW GROVE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
SANDY UPPERMAN
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
THOMAS E CECCONI
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
MATT GREGORY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
TIM COLLINS
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
TIM TIMKEN JR
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
TIMOTHY CRONE
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
TIMOTHY MALONEY
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
TIMOTHY SEIFERT
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
TODD PUGH
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
WILLIAM SHERER II
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
MARK SCHEFFLER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
RYAN STENGER
DIRECTOR
- Total calculated
- $0
- Hours/week
- 2
-
RAY HEXAMER
PRESIDENT & CEO
- Total calculated
- $240,331
- From this org
- $197,581
- From related orgs
- $0
- Other
- $42,750
- Hours/week
- 35
Schedule J breakdown matched by us
- Base
- $164,611
- Bonus
- $30,000
- Other
- $2,970
- Deferred
- $12,750
- Nontaxable benefits
- $30,000
- Filer's total
- $240,331
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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.
Schedule J
Answered yes
- 3 · Approval by the board or compensation committee
- 4b · Supplemental nonqualified retirement plan
- 7 · Other non-fixed payments
Answered no
- 4a · Severance or change-of-control payment
- 4c · Equity-based compensation arrangement
- 5a · Pay contingent on this organization's revenues
- 5b · Pay contingent on a related organization's revenues
- 6a · Pay contingent on this organization's net earnings
- 6b · Pay contingent on a related organization's net earnings
- 8 · Paid under the initial-contract exception
The filer's explanations (Part III)
- PART I, LINE 4B
- SEDB SPONSORS A SECTION 457(B) NONQUALIFIED DEFERRED COMPENSATION PLAN FOR THE PRESIDENT AND CEO OF SEDB. NO CONTRIBUTIONS WERE ADDED TO THE PLAN DURING FY 23-24.
- PART I, LINE 7:
- SEDB OFFERS A BONUS TO THE PRESIDENT & CEO OF SEDB. PAYMENT IS BASED ON 4 KEY DRIVERS OF THE MISSION AND WORK OF SEDB. SEDB EXECUTIVE BOARD DETERMINES WHAT PERCENT OF THE GOALS/OBJECTIVES WERE ACHIEVED BY THE PRESIDENT/CEO.
Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.
Grants on this return
-
$60,000
ATTRACT AND EXPAND NORTHEAST OHIO
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 12 November 2024
- IRS schema version
- 2023v5.1
- Source object
- 202413179349302601
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