Skip to content
Nonprofiteer
← GREATER BERKS DEVELOPMENT FUND

Form 990 for tax year 2024

Filed by GREATER BERKS DEVELOPMENT FUND.

Totals

Total revenue
$4,853,608
Total expenses
$3,789,184
Contributions and grants received
$1,156,228
Grants paid
$0
Program service revenue
$2,817,298
Investment income
$833,064
Other revenue
$47,018
Total assets, end of year
$35,401,732
Total liabilities, end of year
$16,893,006
Net assets or fund balances, end of year
$18,508,726
Program services expenses (Part IX)
$3,289,601
Management and general expenses
$499,583
Fundraising expenses
$0
Program service expenses (Part III)
$3,289,601

Program services were 86.8% 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)

    $1,156,228

  • 2a · Program service revenue: GATEWAY BLDG OPERATIONS

    total $2,572,226 · related or exempt $2,572,226

  • 2b · Program service revenue: COURT STREET OPERATIONS

    total $245,072 · related or exempt $245,072

  • 3 · Investment income

    total $606,799 · excluded $606,799

  • 7a · Gross sales of assets other than inventory

    securities $3,080,671

  • 7b · Less cost or other basis and sales expenses

    securities $2,854,406

  • 7c · Gain or loss

    securities $226,265

  • 7d · Net gain or loss

    total $226,265 · excluded $226,265

  • 11a · Other revenue: ADMINISTRATIVE FEES

    total $39,936 · related or exempt $39,936

  • 11b · Other revenue: OTHER INCOME

    total $7,082 · excluded $7,082

  • 11e · Other revenue, total

    $47,018

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $276,813 · program services $145,207 · management and general $131,606

  • 7 · Other salaries and wages

    total $247,061 · program services $140,804 · management and general $106,257

  • 8 · Pension plan contributions

    total $20,758 · program services $11,680 · management and general $9,078

  • 9 · Other employee benefits

    total $4,168 · program services $1,118 · management and general $3,050

  • 10 · Payroll taxes

    total $45,461 · program services $24,752 · management and general $20,709

  • 11a · Fees: management

    total $80,686 · management and general $80,686

  • 11b · Fees: legal

    total $2,646 · management and general $2,646

  • 11c · Fees: accounting

    total $28,621 · management and general $28,621

  • 11f · Fees: investment management

    total $39,969 · management and general $39,969

  • 13 · Office expenses

    total $8,113 · management and general $8,113

  • 16 · Occupancy

    total $43,237 · management and general $43,237

  • 20 · Interest

    total $127,717 · program services $127,717

  • 24a · Other expenses: GATEWAY BUILDING OPERAT

    total $1,856,267 · program services $1,856,267

  • 24b · Other expenses: DEVELOPMENT

    total $460,776 · program services $451,253 · management and general $9,523

  • 24c · Other expenses: 606 COURT ST BUILDING O

    total $366,201 · program services $366,201

  • 24d · Other expenses: BERN LAND DEVELOPMENT O

    total $164,602 · program services $164,602

  • 24e · All other expenses

    total $16,088 · management and general $16,088

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $523,060 · end of year $538,932

  • 4 · Accounts receivable

    beginning of year $148,822 · end of year $543,718

  • 7 · Other notes and loans receivable

    beginning of year $6,364,190 · end of year $6,146,247

  • 9 · Prepaid expenses and deferred charges

    beginning of year $73,080 · end of year $70,770

  • 10a · Land, buildings and equipment: cost or other basis

    $34,903,604

  • 10b · Land, buildings and equipment: accumulated depreciation

    $17,741,188

  • 10c · Land, buildings and equipment, net

    beginning of year $17,235,947 · end of year $17,162,416

  • 11 · Investments: publicly traded securities

    beginning of year $10,460,467 · end of year $9,617,011

  • 13 · Investments: program-related

    beginning of year $710,173 · end of year $0

  • 15 · Other assets

    beginning of year $1,234,973 · end of year $1,322,638

  • 17 · Accounts payable and accrued expenses

    beginning of year $450,090 · end of year $205,611

  • 19 · Deferred revenue

    beginning of year $3,362,982 · end of year $3,060,692

  • 23 · Secured mortgages and notes payable

    beginning of year $14,662,892 · end of year $12,907,983

  • 24 · Unsecured notes and loans payable

    beginning of year $768,327 · end of year $718,720

  • 27 · Net assets without donor restrictions

    beginning of year $17,506,421 · end of year $18,508,726

Mission and programs · 2024

Mission

THE GREATER BERKS DEVELOPMENT FUND AIDS AND PROMOTES ECONOMIC AND INDUSTRIAL EXPANSION, AND CONTRIBUTES TO THE ECONOMIC WELL-BEING OF READING AND BERKS COUNTY BY FACILITATING, PROMOTING, AND PARTICIPATING IN, AND FINANCING ECONOMIC DEVELOPMENT AND COMMUNITY REVITALIZATION PROJECTS CONSISTENT WITH THE NEEDS OF THE COMMUNITY, WITH THE INTENTION OF EFFECTUATING POSITIVE CHANGE IN THE ECONOMIC OPPORTUNITIES AVAILABLE TO RESIDENTS AND BUSINESSES BY CREATING JOBS AND INDUCING PRIVATE INVESTMENT.

Activities or mission (Part I)

THE GREATER BERKS DEVELOPMENT FUND AIDS AND PROMOTES ECONOMIC AND INDUSTRIAL EXPANSION, AND CONTRIBUTES TO THE ECONOMIC WELL-BEING OF READING AND BERKS COUNTY BY FACILITATING, PROMOTING, AND PARTICIPATING IN AND FINANCING ECONOMIC DEVELOPMENT AND COMMUNITY REVITALIZATION PROJECTS.

  • THE FUND GRANTS REAL ESTATE AND MACHINERY & EQUIPMENT-RELATED LOANS AND ASSISTS IN OTHER ECONOMIC AND INDUSTRIAL-TYPE LENDING TO AID AND PROMOTE THE ECONOMIC AND INDUSTRIAL EXPANSION IN READING & BERKS COUNTY.

    Expenses $3,289,601 · Revenue $2,857,234

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Daniel R Langdon

    CHAIRMAN OF THE BOARD

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Ernest J Choquette Esq

    VICE CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Debra L Millman

    PRESIDENT

    Total calculated
    $192,956
    From this org
    $0
    From related orgs
    $167,531
    Other
    $25,425
    Hours/week
    35 + 5 related

    Schedule J breakdown matched by us

    Base
    $0 + $167,531 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $10,052 related
    Nontaxable benefits
    $0 + $15,373 related
    Filer's total
    $0 + $192,956 related

  • Michael A Duff

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Michael Vind

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Charles F Barbera MD

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Joseph N Butto

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Glynis Fitzgerald

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • John Hanna

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Ginger Kunkel

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Susan D Looney

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Jamey Maack

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Timothy D Romig

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Jeffery R Rush

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Joseph J Sigle

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Nick Stoltzfus

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Christina L Weeber

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Lucine Sihelnik

    CEO

    Total calculated
    $211,143
    From this org
    $0
    From related orgs
    $184,689
    Other
    $26,454
    Hours/week
    10 + 30 related

    Schedule J breakdown matched by us

    Base
    $0 + $184,689 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $11,081 related
    Nontaxable benefits
    $0 + $15,373 related
    Filer's total
    $0 + $211,143 related

  • Sara Stewart

    ASST TREASURER

    Total calculated
    $182,067
    From this org
    $0
    From related orgs
    $165,305
    Other
    $16,762
    Hours/week
    20 + 20 related

    Schedule J breakdown matched by us

    Base
    $0 + $165,305 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $9,918 related
    Nontaxable benefits
    $0 + $6,844 related
    Filer's total
    $0 + $182,067 related

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

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 3
PLEASE NOTE THAT THE WAGES REPORTED IN SCHEDULE J REFLECT COMPENSATION FROM RELATED ORGANIZATIONS. ONLY A PORTION OF THESE WAGES IS INCLUDED IN THIS RETURN ON PART IX, CORRESPONDING TO THE TIME AND SERVICES DEDICATED TO THE ACTIVITIES OF THIS ORGANIZATION. THE REPORTED AMOUNTS ARE IN ACCORDANCE WITH THE ALLOCATION RULES AS PER THE IRS GUIDELINES FOR RELATED ORGANIZATIONS.

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

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2024
Filed
23 June 2025
IRS schema version
2024v5.2
Source object
202511759349300401

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.