2024-11-15T10:47:17-06:00 2023-12-31 251031723 H2R CPA 875 GREENTREE RD BLDG 7 STE 1000 PITTSBURGH PA 15220 990 2023-01-01 251649514 FAY-PENN ECONOMIC DEVELOPMENT COUNCIL FAY- 7244377913 1040 EBERLY WAY SUITE 200 LEMONT FURNACE PA 15456 GLENN A VALDISERRI CFO 7244377913 2024-11-14 1 1 EDWARD G SCHERER P00953415 4123912920 2024-11-14 2023 2024-10-15 13:58:12Z GLENN A VALDISERRI 1040 EBERLY WAY SUITE 200 LEMONT FURNACE PA 15456 7216446 0 X WWW.FAYPENN.ORG X 1991 PA FAY-PENN ECONOMIC DEVELOPMENT COUNCIL ASSISTS IN GROWING AND DIVERSIFYING THE ECONOMY IN FAYETTE COUNTY, PENNSYLVANIA. FAY-PENN'S ULTIMATE OBJECTIVE IS TO SUSTAIN A SUPPORTIVE ENVIRONMENT FOR BUSINESS START-UP, EXPANSION, AND ATTRACTION. INTENDED TARGETS OF THIS APPROACH INCLUDE:-- RETAINING AND GROWING EXISTING BUSINESSES-- ADDING NEW BUSINESSES-- CREATING AND RETAINING JOBS-- DEVELOPING THE WORKFORCE-- GENERATING PRIVATE AND PUBLIC BUSINESS INVESTMENT-- ENHANCING QUALITY OF LIFE AMENITIES AND SERVICES 20 20 14 20 0 0 911063 190205 3048838 3346705 1115378 590430 194618 108961 5269897 4236301 0 0 0 0 1152449 1302447 0 0 23664 3002798 2858662 4155247 4161109 1114650 75192 57122133 60743118 11292317 14461143 45829816 46281975 X FAY-PENN ECONOMIC DEVELOPMENT COUNCIL ASSISTS IN GROWING AND DIVERSIFYING THE ECONOMY IN FAYETTE COUNTY, PENNSYLVANIA. SEE PAGE 1, PART I, QUESTION 1 AND SCHEDULE O. 0 0 3413298 3346705 THE CORPORATION WAS FORMED IN 1991 TO ASSIST IN THE ECONOMIC REVITALIZATION EFFORTS OF FAYETTE COUNTY, PENNSYLVANIA. THE ORGANIZATION PROVIDES COMPREHENSIVE, SECOND-TO-NONE, BUSINESS DEVELOPMENT SERVICES WHICH INCLUDE LOW-INTEREST FINANCING THROUGH ITS REVOLVING LOAN FUND (RLF), BUSINESS PLANNING, TECHNICAL ASSISTANCE, TRAINING AND COUNSELING TO FACILITATE NEW BUSINESS DEVELOPMENT AND ENTREPRENEURIALISM. FAY-PENN ALSO PROMOTES FAYETTE COUNTY AS A PLACE TO DO BUSINESS BY PROVIDING SITE SELECTION ASSISTANCE THROUGH BUSINESS PARK AND MULTI-TENANT FACILITIES DEVELOPMENT STRATEGY. FAY-PENN OWNS, CONSTRUCTS, AND OPERATES NUMEROUS READILY-AVAILABLE LAND AND BUILDING SITES THROUGHOUT THE COUNTY IN AN EFFORT TO ATTRACT TENANTS AND CREATE MORE JOBS. TO DATE, FAY-PENN HAS COMPLETED OVER 471 PROJECTS, CREATED AND/OR RETAINED OVER 11,732 JOBS, RESULTING IN $1.4 BILLION IN NEW INVESTMENT THROUGHOUT THE COUNTY. FAY-PENN HAS ALSO FINANCED 220 LOANS, RESULTING IN THE CREATION AND/OR RETENTION OF OVER 5,183 JOBS. 3413298 1 1 0 0 0 0 0 0 1 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 1 17 0 1 14 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 20 20 0 0 0 0 1 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 PA X X GLENN A VALDISERRI 7244377913 1040 EBERLY WAY - SUITE 200 LEMONT FURNACE PA 15456 ED BALLING DIRECTOR 0.50 X 0 0 0 WILLIAM B BLANEY ASSISTANT TREASURER 0.50 X X 0 0 0 TODD CASTEEL 2ND VICE CHAIRMAN 0.50 X X 0 0 0 MARK FIKE CHAIRMAN 0.50 X X 0 0 0 JAMES FOUTZ PAST CHAIRMAN 0.50 X X 0 0 0 MICHAEL GEORGE DIRECTOR 0.50 X 0 0 0 C J CALLAHAN DIRECTOR AS OF 1/1/23 0.50 X 0 0 0 DAN GEARING 1ST VICE CHAIRMAN 0.50 X X 0 0 0 MAX HOUSE DIRECTOR 0.50 X 0 0 0 LAWRENCE J KIEFER TREASURER 0.50 X X 0 0 0 STEPHEN M NEUBAUER ASST SECRETARY 0.50 X X 0 0 0 GREGORY A PARSONS SECRETARY 0.50 X X 0 0 0 RUSTY SMALLEY JR DIRECTOR 0.50 X 0 0 0 DEBORAH FOX DIRECTOR 0.50 X X 0 0 0 JUDY LYNN-CRAIG DIRECTOR 0.50 X 0 0 0 JAMES STARK DIRECTOR 0.50 X 0 0 0 TED STILGENBAUR DIRECTOR 0.50 X 0 0 0 JAMES NICOLA DIRECTOR 0.50 X 0 0 0 DEVAN WHITE DIRECTOR 0.50 X 0 0 0 TIMOTHY FLECKER INTERIM DIRECTOR AS OF 1/1/23 0.50 X 0 0 0 MELONY REED CFO THRU 10/16/24 0.50 X 53971 0 0 BRENT FILAK DIRECTOR THRU 05/31/23 40.00 X 44113 0 2190 LAURA KURTZ KUHNS EXECUTIVE DIRECTOR THRU 10/16/24 40.00 X 135000 0 1066 JAMES GRAY DIRECTOR 40.00 X 96872 0 3622 GLENN A VALDISERRI CFO AS OF 10/18/24 0.50 X 0 0 0 329956 0 6878 1 0 0 0 FAIRCHANCE CONSTRUCTION PO BOX 535 77 S MORGANTOWN ST FAIRCHANCE PA 15436 CONSTRUCTION 9163810 KR CONSTRUCTION LLC 127 ELM STREET CONNELLSVILLE PA 15425 CONSTRUCTION 413561 HRANEC CORPORATION 763 ROUTE 21 UNIONTOWN PA 15401 CONSTRUCTION 274213 ZRM CONTRACTING LLC 2252 UNIVERSITY DRIVE LEMONT FURNANCE PA 15456 CONSTRUCTION 214305 SLEIGHTER ENGINEERING 1060 EBERLY WAY LEMONTH FURNACE PA 15456 CONSTRUCTION 207776 6 41925 148280 190205 RENTAL INCOME - MULTI TENANT 531120 2983144 2983144 INTEREST INCOME - REVOLVING LOAN 900001 343761 343761 ADMINISTRATIVE FEES 900099 19800 19800 3346705 188460 188460 67177 67177 1623715 1758400 1502587 1477558 121128 280842 401970 401970 OTHER INCOME 900099 41784 41784 41784 4236301 3346705 0 699391 X 336834 300502 36332 670969 521931 149038 70470 43343 27127 148040 88782 59258 76134 61685 14449 104058 93475 10583 28380 28380 158239 75544 82695 126744 53326 73418 51539 -116 51655 22509 64 22445 210434 210039 395 1187057 1176094 10963 86670 49722 36948 MAINTENANCE & REPAIRS 806561 751344 55217 REAL ESTATE TAXES 116930 105743 11187 UTILITIES 61074 37776 23298 DUES & SUBSCRIPTIONS 23777 23777 -125310 -155956 6982 23664 4161109 3413298 724147 23664 1619256 1778630 11682320 8952826 810535 25917 429634 747952 1073357 930620 445230 480879 57125343 14711960 36739002 42413383 4305835 5399477 16964 13434 57122133 60743118 2862080 1049386 116124 177638 213419 200508 8083730 13020177 16964 13434 11292317 14461143 X 45829816 46281975 45829816 46281975 57122133 60743118 75192 376967 0 X X 0 1 X 1 0 X 112698 262480 528358 911063 190205 2004804 2875050 3606212 2627290 3048838 3346705 15504095 2987748 3868692 3155648 3959901 3536910 17508899 0 0 0 17508899 322602 237121 199477 220279 255637 1235116 322602 237121 199477 220279 255637 1235116 155909 4100 17449 63965 41784 283207 3466259 4109913 3372574 4244145 3834331 19027222 0.92020 0.91760 0.06490 0.06800 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 X 12132331 12132331 44750548 14511139 30239409 242464 200821 41643 42413383 LEASE LIABILITY 13434 13434 X 4613268 376967 376967 4236301 0 4236301 4161109 0 4161109 0 4161109 PART IV, LINE 2B: THE ORGANIZATION HOLDS SECURITY DEPOSITS FROM TENANTS. PART X, LINE 2: THE ORGANIZATION MAY RECOGNIZE THE TAX BENEFIT FROM A TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES BASED ON THE TECHNICAL MERITS OF THE POSITION. EXAMPLES OF TAX POSITIONS INCLUDE THE TAX EXEMPT STATUS OF THE ORGANIZATION AND VARIOUS POSITIONS RELATED TO THE POTENTIAL SOURCES OF UNRELATED BUSINESS TAXABLE INCOME (UBTI). THE ORGANIZATION HAS ANALYZED ITS TAX POSITIONS TAKEN FOR FILINGS WITH THE INTERNAL REVENUE SERVICE AND THE STATE OF PENNSYLVANIA. THE ORGANIZATION BELIEVES THAT ITS INCOME TAX FILINGS WILL BE SUSTAINED UPON EXAMINATION AND DOES NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE EFFECT ON FAY-PENN'S FINANCIAL CONDITION, RESULTS OF OPERATIONS, OR CASH FLOWS. X X 0 0 0 0 0 0 0 0 0 SYNERGY HOSPITALITY BUSINESS OWNED BY DIRECTOR X 475000 368509 0 1 1 GEORGE R SMALLEY COMPANY INC BUSINESS OWNED BY DIRECTOR X 30837 8914 0 1 1 SPECIALTY CONDUIT BUSINESS OWNED BY DIRECTOR X 400000 370529 0 1 1 747952 FAIRCHANCE CONSTRUCTION BOARD MEMBER 9163810 GENERAL CONSTRUCTION 0 FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION HAS DUES PAYING MEMBERS. ALL ELECTED DIRECTORS ARE DUES PAYING MEMBERS, AND HAVE VOTING RIGHTS. THERE ARE ALSO COMMUNITY REPRESENTATIVES (WHO ARE INVITED GUESTS OF THE BOARD) WHO CAN BE DUES PAYING MEMBERS (BUT HAVE NO VOTING RIGHTS). FORM 990, PART VI, SECTION A, LINE 7A THE MEMBERS NOMINATE AND ELECT THE BOARD OF DIRECTORS (THE GOVERNING BODY). THE BOARD HAS THE POWER TO AMEND THE BYLAWS/ARTICLES OF INCORPORATION. ALL OTHER GOVERNING POWER IS DELEGATED TO THE BOARD OF DIRECTORS WITHOUT BEING SUBJECT TO APPROVAL BY ANY OTHER PERSON OR ENTITY. FORM 990, PART VI, SECTION B, LINE 11B FAY-PENN'S BOARD OF DIRECTORS REVIEWS AND APPROVES THE FORM 990 AND SUPPORTING SCHEDULES PRIOR TO FILING. FORM 990, PART VI, SECTION B, LINE 12C FAY-PENN UPDATES THE WRITTEN CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS IN JANUARY OF EACH CALENDAR YEAR. EACH BOARD MEMBER IS REQUIRED TO EXECUTE AN UPDATED DOCUMENT ANNUALLY. FORM 990, PART VI, SECTION B, LINE 15 COMPENSATION INCREASES FOR ALL STAFF, INCLUDING THE EXECUTIVE DIRECTOR, ARE PRESENTED TO THE FINANCE COMMITTEE AS PART OF THE ANNUAL BUDGET PROCESS FOR REVIEW. THE FINANCE COMMITTEE THEN RECOMMENDS THE BUDGET TO THE BOARD OF DIRECTORS FOR FINAL APPROVAL. INCREASE MAY BE COST OF LIVING ONLY, OR BASED ON FORMAL STUDIES. FORM 990, PART VI, SECTION C, LINE 19 FAY-PENN MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART IX, LINE 24E ANNUAL DINNER AND REPORT: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 23,664. TOTAL EXPENSES 23,664. OTHER EXPENSES: PROGRAM SERVICE EXPENSES 1,004. MANAGEMENT AND GENERAL EXPENSES 3,353. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 4,357. EDUCATIONAL INITIATIVES: PROGRAM SERVICE EXPENSES 525. MANAGEMENT AND GENERAL EXPENSES 2,488. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,013. COMMUNICATIONS EXPENSE: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 1,141. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,141. BAD DEBTS (RECOVERY): PROGRAM SERVICE EXPENSES -157,485. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES -157,485. PART XII, QUESTION 2C: THE ORGANIZATION HAS A FINANCE COMMITTEE THAT ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDENT ACCOUNTANT.