Form990-PF

Department of the Treasury
Internal Revenue Service

Return of Private Foundation
or Section 4947(a)(1) Trust Treated as Private Foundation
right arrowDo not enter social security numbers on this form as it may be made public.
right arrowGo to www.irs.gov/Form990PF for instructions and the latest information.
OMB No. 1545-0047
2023
Open to Public Inspection
For calendar year 2023, or tax year beginning 01-01-2023 , and ending 12-31-2023
Name of foundation
Greater Erie Economic Development
Corporation
Number and street (or P.O. box number if mail is not delivered to street address)PO Box 1215
  Room/suite
City or town, state or province, country, and ZIP or foreign postal code
Erie, PA16512
A Employer identification number

25-1269138
B Telephone number (see instructions)

(814) 456-2621
C right arrow
G Check all that apply:

D 1. Foreign organizations, check here............. right arrow
2. Foreign organizations meeting the 85%
test, check here and attach computation ... right arrow
E right arrow
H Check type of organization:
F right arrow
I Fair market value of all assets at end
of year (from Part II, col. (c),
line 16)right arrow$0J Accounting method:
 
(Part I, column (d) must be on cash basis.)
Part I Analysis of Revenue and Expenses (The total of amounts in columns (b), (c), and (d) may not necessarily equal the amounts in column (a) (see instructions).) (a) Revenue and
expenses per
books 		(b) Net investment
income 		(c) Adjusted net
income 		(d) Disbursements
for charitable
purposes
(cash basis only)
Revenue 1 Contributions, gifts, grants, etc., received (attach schedule) 360,882
2 Check right arrow.............
3 Interest on savings and temporary cash investments 123,990 123,990 123,990
4 Dividends and interest from securities... 133,166 133,166 133,166
5a Gross rents............      
b Net rental income or (loss)  
6a Net gain or (loss) from sale of assets not on line 10 486,574
b Gross sales price for all assets on line 6a 1,935,679
7 Capital gain net income (from Part IV, line 2)... 486,574
8 Net short-term capital gain......... 486,574
9 Income modifications...........  
10a Gross sales less returns and allowances  
b Less: Cost of goods sold....  
c Gross profit or (loss) (attach schedule).....    
11 Other income (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
324,748    
12 Total. Add lines 1 through 11........ 1,429,360 743,730 743,730
Operating and Administrative Expenses 13 Compensation of officers, directors, trustees, etc. 151,806 6,727   145,079
14 Other employee salaries and wages...... 177,844 19,645   158,199
15 Pension plans, employee benefits.......        
16a Legal fees (attach schedule)......... Click to see attachment
List of Attached Documents:
// Content
130,966 70,477   60,489
b Accounting fees (attach schedule)....... Click to see attachment
List of Attached Documents:
// Content
16,275 1,302   14,973
c Other professional fees (attach schedule).... Click to see attachment
List of Attached Documents:
// Content
48,962 45,045   3,917
17 Interest............... 57 5   52
18 Taxes (attach schedule) (see instructions)... Click to see attachment
List of Attached Documents:
// Content
66,800 5,344   61,456
19 Depreciation (attach schedule) and depletion... Click to see attachment
List of Attached Documents:
// Content
66,721    
20 Occupancy.............. 91,750 7,681   88,334
21 Travel, conferences, and meetings.......        
22 Printing and publications..........        
23 Other expenses (attach schedule)....... Click to see list of attachments
List of Attached Documents:
// Content
165,550 63,244   102,306
24 Total operating and administrative expenses.
Add lines 13 through 23.......... 916,731 219,470   634,805
25 Contributions, gifts, grants paid....... 425,045 425,045
26 Total expenses and disbursements. Add lines 24 and 25 1,341,776 219,470   1,059,850
27 Subtract line 26 from line 12:
a Excess of revenue over expenses and disbursements 87,584
b Net investment income (if negative, enter -0-) 524,260
c Adjusted net income (if negative, enter -0-)... 743,730
For Paperwork Reduction Act Notice, see instructions.
Cat. No. 11289X Form 990-PF (2023)
Form 990-PF (2023)
Page 2
Part II Balance Sheets Attached schedules and amounts in the description column
should be for end-of-year amounts only. (See instructions.) 		Beginning of year End of year
(a) Book Value (b) Book Value (c) Fair Market Value
Assets 1 Cash—non-interest-bearing............. 1    
2 Savings and temporary cash investments......... 3,491,415 2,709,746  
3 Accounts receivable right arrow  
Less: allowance for doubtful accounts right arrow        
4 Pledges receivable right arrow  
Less: allowance for doubtful accounts right arrow        
5 Grants receivable.................      
6 Receivables due from officers, directors, trustees, and other
disqualified persons (attach schedule) (see instructions).....      
7 Other notes and loans receivable (attach schedule) right arrow177,201
Less: allowance for doubtful accounts right arrow   200,000 177,201  
8 Inventories for sale or use..............      
9 Prepaid expenses and deferred charges.......... 22,182 23,328  
10a Investments—U.S. and state government obligations (attach schedule)      
b Investments—corporate stock (attach schedule).......      
c Investments—corporate bonds (attach schedule).......      
11 Investments—land, buildings, and equipment: basis right arrow  
Less: accumulated depreciation (attach schedule) right arrow        
12 Investments—mortgage loans.............      
13 Investments—other (attach schedule).......... 7,069,332 7,748,590  
14 Land, buildings, and equipment: basis right arrow3,197,534
Less: accumulated depreciation (attach schedule) right arrow1,852,822 1,138,629 Click to see attachment
List of Attached Documents:
// Content
1,344,712 		 
15 Other assets (describe right arrow)      
16 Total assets (to be completed by all filers—see the
instructions. Also, see page 1, item I) 11,921,559 12,003,577 0
Liabilities 17 Accounts payable and accrued expenses.......... 120,664 115,098
18 Grants payable.................    
19 Deferred revenue.................    
20 Loans from officers, directors, trustees, and other disqualified persons    
21 Mortgages and other notes payable (attach schedule)......    
22 Other liabilities (describe right arrow)    
23 Total liabilities (add lines 17 through 22)......... 120,664 115,098
Net Assets or Fund Balances Foundations that follow FASB ASC 958, check here right arrow
and complete lines 24, 25, 29 and 30.
24 Net assets without donor restrictions........... 11,795,895 11,888,479
25 Net assets with donor restrictions............ 5,000  
Foundations that do not follow FASB ASC 958, check here right arrow
and complete lines 26 through 30.
26 Capital stock, trust principal, or current funds........    
27 Paid-in or capital surplus, or land, bldg., and equipment fund    
28 Retained earnings, accumulated income, endowment, or other funds    
29 Total net assets or fund balances (see instructions)..... 11,800,895 11,888,479
30 Total liabilities and net assets/fund balances (see instructions). 11,921,559 12,003,577
Part III
Analysis of Changes in Net Assets or Fund Balances
1
Total net assets or fund balances at beginning of year—Part II, column (a), line 29 (must agree with end-of-year figure reported on prior year’s return) ...............
1
11,800,895
2
Enter amount from Part I, line 27a .....................
2
87,584
3
Other increases not included in line 2 (itemize) right arrow
3
 
4
Add lines 1, 2, and 3 ..........................
4
11,888,479
5
Decreases not included in line 2 (itemize) right arrow
5
 
6
Total net assets or fund balances at end of year (line 4 minus line 5)—Part II, column (b), line 29 .
6
11,888,479
Form 990-PF (2023)
Form 990-PF (2023)
Page 3
Part IV
Capital Gains and Losses for Tax on Investment Income
(a) List and describe the kind(s) of property sold (e.g., real estate,
2-story brick warehouse; or common stock, 200 shs. MLC Co.)		 (b)
How acquired
P—Purchase
D—Donation 		(c)
Date acquired
(mo., day, yr.) 		(d)
Date sold
(mo., day, yr.)
1 a   P    
b
c
d
e
(e)
Gross sales price 		(f)
Depreciation allowed
(or allowable) 		(g)
Cost or other basis
plus expense of sale 		(h)
Gain or (loss)
(e) plus (f) minus (g)
a 1,935,679   1,449,105 486,574
b
c
d
e
Complete only for assets showing gain in column (h) and owned by the foundation on 12/31/69 (l)
Gains (Col. (h) gain minus
col. (k), but not less than -0-) or
Losses (from col.(h))
(i)
F.M.V. as of 12/31/69 		(j)
Adjusted basis
as of 12/31/69 		(k)
Excess of col. (i)
over col. (j), if any
a       486,574
b
c
d
e
2 Capital gain net income or (net capital loss) Bracket If gain, also enter in Part I, line 7
If (loss), enter -0- in Part I, line 7		 Bracket 2 486,574
3 Net short-term capital gain or (loss) as defined in sections 1222(5) and (6):
If gain, also enter in Part I, line 8, column (c) (see instructions). If (loss), enter -0-
in Part I, line 8 ................... 		Bracket 3 486,574
Part V
Excise Tax Based on Investment Income (Section 4940(a), 4940(b), 4940(e), or 4948—see instructions)
1a Exempt operating foundations described in section 4940(d)(2), check here right arrow and enter “N/A" on line 1. Bracket for line 1a
Date of ruling or determination letter:   (attach copy of letter if necessary–see instructions) 1 7,287
b All other domestic foundations enter 1.39% (0.0139) of line 27b. Exempt foreign organizations enter 4% (0.04) of Part I, line 12, col. (b)
2 Tax under section 511 (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 2  
3 Add lines 1 and 2........................... 3 7,287
4 Subtitle A (income) tax (domestic section 4947(a)(1) trusts and taxable foundations only. Others enter -0-) 4  
5 Tax based on investment income. Subtract line 4 from line 3. If zero or less, enter -0- ..... 5 7,287
6 Credits/Payments:
a 2023 estimated tax payments and 2022 overpayment credited to 2023 6a 7,287
b Exempt foreign organizations—tax withheld at source...... 6b  
c Tax paid with application for extension of time to file (Form 8868)... 6c 97
d Backup withholding erroneously withheld .......... 6d  
7 Total credits and payments. Add lines 6a through 6d.............. 7 7,384
8 Enter any penalty for underpayment of estimated tax. Check here if Form 2220 is attached. Click to see attachment
List of Attached Documents:
// Content
8 97
9 Tax due. If the total of lines 5 and 8 is more than line 7, enter amount owed.......right arrow 9 0
10 Overpayment. If line 7 is more than the total of lines 5 and 8, enter the amount overpaid...right arrow 10  
11 Enter the amount of line 10 to be: Credited to 2024 estimated taxright arrow0 Refundedright arrow 11  
Form 990-PF (2023)
Form 990-PF (2023)
Page 4
Part VI-A
Statements Regarding Activities
1a
During the tax year, did the foundation attempt to influence any national, state, or local legislation or did
Yes
No
it participate or intervene in any political campaign? ....................
1a
 
No
b
Did it spend more than $100 during the year (either directly or indirectly) for political purposes? See the instructions
for the definition.................................
1b
 
No
If the answer is "Yes" to 1a or 1b, attach a detailed description of the activities and copies of any materials
published or distributed by the foundation in connection with the activities.
c
Did the foundation file Form 1120-POL for this year?.....................
1c
 
No
d
Enter the amount (if any) of tax on political expenditures (section 4955) imposed during the year:
(1) On the foundation. right arrow$   (2) On foundation managers.right arrow$  
e
Enter the reimbursement (if any) paid by the foundation during the year for political expenditure tax imposed
on foundation managers.right arrow$  
2
Has the foundation engaged in any activities that have not previously been reported to the IRS?.......
2
 
No
If "Yes," attach a detailed description of the activities.
3
Has the foundation made any changes, not previously reported to the IRS, in its governing instrument, articles
of incorporation, or bylaws, or other similar instruments? If "Yes," attach a conformed copy of the changes....
3
 
No
4a
Did the foundation have unrelated business gross income of $1,000 or more during the year?.........
4a
 
No
b
If "Yes," has it filed a tax return on Form 990-T for this year?...................
4b
 
 
5
Was there a liquidation, termination, dissolution, or substantial contraction during the year?.........
5
 
No
If "Yes," attach the statement required by General Instruction T.
6
Are the requirements of section 508(e) (relating to sections 4941 through 4945) satisfied either:
round bullet By language in the governing instrument, or
round bullet By state legislation that effectively amends the governing instrument so that no mandatory directions
that conflict with the state law remain in the governing instrument? ................
6
Yes
 
7
Did the foundation have at least $5,000 in assets at any time during the year? If "Yes," complete Part II, col. (c),
and Part XIV..................................
7
Yes
 
8a
Enter the states to which the foundation reports or with which it is registered (see instructions)
right arrowPA
b
If the answer is "Yes" to line 7, has the foundation furnished a copy of Form 990-PF to the Attorney
General (or designate) of each state as required by General Instruction G? If "No," attach explanation .
8b
Yes
 
9
Is the foundation claiming status as a private operating foundation within the meaning of section 4942(j)(3)
or 4942(j)(5) for calendar year 2023 or the taxable year beginning in 2023? See the instructions for Part XIII.
If "Yes," complete Part XIII .............................
9
 
No
10
Did any persons become substantial contributors during the tax year? If "Yes," attach a schedule listing their names
and addresses. ...............................
10
 
No
11
At any time during the year, did the foundation, directly or indirectly, own a controlled entity within the
meaning of section 512(b)(13)? If "Yes," attach schedule. See instructions .............
11
 
No
12
Did the foundation make a distribution to a donor advised fund over which the foundation or a disqualified person had
advisory privileges? If "Yes," attach statement. See instructions.................
12
 
No
13
Did the foundation comply with the public inspection requirements for its annual returns and exemption application?
13
Yes
 
Website addressright arrowwww.geedc.org
14
The books are in care ofright arrowChief Executive Officer Telephone no.right arrow (814) 456-2621

Located atright arrow18 West 9th StreetEriePA ZIP+4right arrow16501
15
Section 4947(a)(1) nonexempt charitable trusts filing Form 990-PF in lieu of Form 1041 —check here .........right arrow
and enter the amount of tax-exempt interest received or accrued during the year ........right arrow
15
 
16 At any time during calendar year 2023, did the foundation have an interest in or a signature or other authority over YesNo
a bank, securities, or other financial account in a foreign country? .................
16   No
See the instructions for exceptions and filing requirements for FinCEN Form 114. If "Yes", enter the name of the foreign
country right arrow
Form 990-PF (2023)
Form 990-PF (2023)
Page 5
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required
File Form 4720 if any item is checked in the "Yes" column, unless an exception applies.
Yes
No
1a
During the year did the foundation (either directly or indirectly):
(1) Engage in the sale or exchange, or leasing of property with a disqualified person? ...........
1a(1)
 
No
(2) Borrow money from, lend money to, or otherwise extend credit to (or accept it from)
a disqualified person? ..............................
1a(2)
 
No
(3) Furnish goods, services, or facilities to (or accept them from) a disqualified person? ...........
1a(3)
 
No
(4) Pay compensation to, or pay or reimburse the expenses of, a disqualified person? ............
1a(4)
 
No
(5) Transfer any income or assets to a disqualified person (or make any of either available
for the benefit or use of a disqualified person)? ......................
1a(5)
 
No
(6) Agree to pay money or property to a government official? (Exception. Check "No"
if the foundation agreed to make a grant to or to employ the official for a period
after termination of government service, if terminating within 90 days.) ...............
1a(6)
 
No
b
If any answer is "Yes" to 1a(1)–(6), did any of the acts fail to qualify under the exceptions described in Regulations
section 53.4941(d)-3 or in a current notice regarding disaster assistance? See instructions ..........
1b
 
No
c
Organizations relying on a current notice regarding disaster assistance check here ........right arrow
d
Did the foundation engage in a prior year in any of the acts described in 1a, other than excepted acts,
that were not corrected before the first day of the tax year beginning in 2023? .............
1d
 
No
2
Taxes on failure to distribute income (section 4942) (does not apply for years the foundation was a private
operating foundation defined in section 4942(j)(3) or 4942(j)(5)):
a
At the end of tax year 2023, did the foundation have any undistributed income (Part XII, lines 6d
and 6e) for tax year(s) beginning before 2023?....................
2a
 
No
If "Yes," list the years right arrow20, 20, 20, 20
b
Are there any years listed in 2a for which the foundation is not applying the provisions of section 4942(a)(2)
(relating to incorrect valuation of assets) to the year’s undistributed income? (If applying section 4942(a)(2)
to all years listed, answer "No" and attach statement—see instructions.) ..............
2b
 
 
c
If the provisions of section 4942(a)(2) are being applied to any of the years listed in 2a, list the years here.
right arrow20, 20, 20, 20
3a
Did the foundation hold more than a 2% direct or indirect interest in any business enterprise at
any time during the year? ..............................
3a
 
No
b
If "Yes," did it have excess business holdings in 2023 as a result of (1) any purchase by the foundation
or disqualified persons after May 26, 1969; (2) the lapse of the 5-year period (or longer period approved
by the Commissioner under section 4943(c)(7)) to dispose of holdings acquired by gift or bequest; or (3)
the lapse of the 10-, 15-, or 20-year first phase holding period? (Use Schedule C, Form 4720, to determine
if the foundation had excess business holdings in 2023.) .....................
3b
 
 
4a
Did the foundation invest during the year any amount in a manner that would jeopardize its charitable purposes?
4a
 
No
b
Did the foundation make any investment in a prior year (but after December 31, 1969) that could jeopardize its
charitable purpose that had not been removed from jeopardy before the first day of the tax year beginning in 2023? ..
4b
 
No
Form 990-PF (2023)
Form 990-PF (2023)
Page 6
Part VI-B
Statements Regarding Activities for Which Form 4720 May Be Required (continued)
5a
During the year did the foundation pay or incur any amount to:
Yes
No
(1) Carry on propaganda, or otherwise attempt to influence legislation (section 4945(e))? ..........
5a(1)
 
No
(2) Influence the outcome of any specific public election (see section 4955); or to carry
on, directly or indirectly, any voter registration drive? ....................
5a(2)
 
No
(3) Provide a grant to an individual for travel, study, or other similar purposes? .............
5a(3)
 
No
(4) Provide a grant to an organization other than a charitable, etc., organization described
in section 4945(d)(4)(A)? See instructions ........................
5a(4)
 
No
(5) Provide for any purpose other than religious, charitable, scientific, literary, or
educational purposes, or for the prevention of cruelty to children or animals? .............
5a(5)
 
No
b
If any answer is "Yes" to 5a(1)–(5), did any of the transactions fail to qualify under the exceptions described in
Regulations section 53.4945 or in a current notice regarding disaster assistance? See instructions ........
5b
 
 
c
Organizations relying on a current notice regarding disaster assistance check .........right arrow
d
If the answer is "Yes" to question 5a(4), does the foundation claim exemption from the
tax because it maintained expenditure responsibility for the grant? .................
5d
 
 
If "Yes," attach the statement required by Regulations section 53.4945–5(d).
6a
Did the foundation, during the year, receive any funds, directly or indirectly, to pay premiums on
a personal benefit contract? .............................
6a
 
No
b
Did the foundation, during the year, pay premiums, directly or indirectly, on a personal benefit contract? ....
6b
 
No
If "Yes" to 6b, file Form 8870.
7a
At any time during the tax year, was the foundation a party to a prohibited tax shelter transaction?
7a
 
No
b
If "Yes", did the foundation receive any proceeds or have any net income attributable to the transaction? .....
7b
 
 
8
Is the foundation subject to the section 4960 tax on payment(s) of more than $1,000,000 in remuneration or
excess parachute payment during the year? .........................
8
 
No
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors
1 List all officers, directors, trustees, foundation managers and their compensation. See instructions
(a) Name and address (b) Title, and average
hours per week
devoted to position 		(c) Compensation
 (If not paid, enter
-0-) 		(d) Contributions to employee benefit plans and deferred compensation (e) Expense account,
other allowances
Gerald L Blanks President & CEO
8.00 		124,248    
PO Box 1215
Erie,PA16512
Ronald Bryant Chairman
8.00 		18,000    
PO Box 1215
Erie,PA16512
Corey Cook Treasurer
8.00 		875    
PO Box 1215
Erie,PA16512
Ricardo S Giles Vice Chair
8.00 		11,500    
PO Box 1215
Erie,PA16512
Evan Tucker Secretary
8.00 		13,500    
PO Box 1215
Erie,PA16512
Adrienne M Dixon-McCullum Board Member
8.00 		3,000    
PO Box 1215
Erie,PA16512
Vivian McCullum CFO
8.00 		16,500    
PO Box 1215
Erie,PA16512
2 Compensation of five highest-paid employees (other than those included on line 1—see instructions). If none, enter “NONE."
(a) Name and address of each employee paid more than $50,000 (b) Title, and average
hours per week
devoted to position 		(c) Compensation (d) Contributions to
employee benefit
plans and deferred
compensation 		(e) Expense account,
other allowances
NONE
Total number of other employees paid over $50,000...................right arrow  
Form 990-PF (2023)
Form 990-PF (2023)
Page 7
Part VII
Information About Officers, Directors, Trustees, Foundation Managers, Highly Paid Employees,
and Contractors (continued)
3 Five highest-paid independent contractors for professional services (see instructions). If none, enter "NONE".
(a) Name and address of each person paid more than $50,000 (b) Type of service (c) Compensation
NONE
Total number of others receiving over $50,000 for professional services.............right arrow  
Part VIII-A
Summary of Direct Charitable Activities
List the foundation’s four largest direct charitable activities during the tax year. Include relevant statistical information such as the number of organizations and other beneficiaries served, conferences convened, research papers produced, etc. Expenses
1 The Greater Erie Economic Development Corpration supports and advocates for the improvement of communication, education and job opportunities for minorities and indiviuals in the Erie community. GEEDC provided grants for building repairs, upgrades, and new equipment purchases. GEEDC also provided grants for sponsorship of various youth team organizations to help at risk youth.GEEDC also provides financial assistance to students attending various colleges and universities and other training institutions. 425,047
2 Rental expense - provides space for other non-profit organizations to help them carry out their mission at reduced rates. 145,366
3  
4  
Part VIII-B
Summary of Program-Related Investments (see instructions)
Describe the two largest program-related investments made by the foundation during the tax year on lines 1 and 2. Amount
1  
2  
All other program-related investments. See instructions.
3  
Total. Add lines 1 through 3.........................right arrow  
Form 990-PF (2023)
Form 990-PF (2023)
Page 8
Part IX
Minimum Investment Return (All domestic foundations must complete this part. Foreign foundations, see instructions.)
1
Fair market value of assets not used (or held for use) directly in carrying out charitable, etc.,
purposes:
a
Average monthly fair market value of securities...................
1a
0
b
Average of monthly cash balances.......................
1b
0
c
Fair market value of all other assets (see instructions)................
1c
0
d
Total (add lines 1a, b, and c).........................
1d
0
e
Reduction claimed for blockage or other factors reported on lines 1a and
1c (attach detailed explanation) .............
1e
0
2
Acquisition indebtedness applicable to line 1 assets..................
2
 
3
Subtract line 2 from line 1d.........................
3
0
4
Cash deemed held for charitable activities. Enter 1.5% (0.015) of line 3 (for greater amount, see
instructions) .............................
4
0
5
Net value of noncharitable-use assets. Subtract line 4 from line 3. ............
5
0
6
Minimum investment return. Enter 5% (0.05) of line 5................
6
0
Part X
Distributable Amount (see instructions) (Section 4942(j)(3) and (j)(5) private operating foundations and certain foreign organizations check here right arrow and do not complete this part.)
1
Minimum investment return from Part IX, line 6..................
1
 
2a
Tax on investment income for 2022 from Part V, line 5.......
2a
7,287
b
Income tax for 2022. (This does not include the tax from Part V.) ...
2b
 
c
Add lines 2a and 2b............................
2c
7,287
3
Distributable amount before adjustments. Subtract line 2c from line 1............
3
7,287
4
Recoveries of amounts treated as qualifying distributions................
4
 
5
Add lines 3 and 4............................
5
7,287
6
Deduction from distributable amount (see instructions).................
6
 
7
Distributable amount as adjusted. Subtract line 6 from line 5. Enter here and on Part XII, line 1 ...
7
0
Part XI
Qualifying Distributions (see instructions)
1
Amounts paid (including administrative expenses) to accomplish charitable, etc., purposes:
a
Expenses, contributions, gifts, etc.—total from Part I, column (d), line 26 ..........
1a
1,059,850
b
Program-related investments—total from Part VIII-B..................
1b
 
2
Amounts paid to acquire assets used (or held for use) directly in carrying out charitable, etc.,
purposes...............................
2
 
3
Amounts set aside for specific charitable projects that satisfy the:
a
Suitability test (prior IRS approval required)....................
3a
 
b
Cash distribution test (attach the required schedule) .................
3b
 
4
Qualifying distributions. Add lines 1a through 3b. Enter here and on Part XII, line 4. .......
4
1,059,850
Form 990-PF (2023)
Form 990-PF (2023)
Page 9
Part XII
Undistributed Income (see instructions)
(a)
Corpus 		(b)
Years prior to 2022 		(c)
2022 		(d)
2023
1 Distributable amount for 2023 from Part X, line 7 0
2 Undistributed income, if any, as of the end of 2022:
a Enter amount for 2022 only.......  
b Total for prior years:20 , 20, 20  
3 Excess distributions carryover, if any, to 2022:
a From 2018......  
b From 2019......  
c From 2020...... 208,828
d From 2021...... 563,920
e From 2022...... 1,895,189
f Total of lines 3a through e ........ 2,667,937
4Qualifying distributions for 2023 from Part
XI, line 4: right arrow$ 1,059,850
a Applied to 2022, but not more than line 2a  
b Applied to undistributed income of prior years
(Election required—see instructions)..... 		 
c Treated as distributions out of corpus (Election
required—see instructions)........ 		0
d Applied to 2023 distributable amount.....  
e Remaining amount distributed out of corpus 1,059,850
5 Excess distributions carryover applied to 2023.    
(If an amount appears in column (d), the
same amount must be shown in column (a).)
6Enter the net total of each column as
indicated below:
a Corpus. Add lines 3f, 4c, and 4e. Subtract line 5 3,727,787
b Prior years’ undistributed income. Subtract
line 4b from line 2b .......... 		 
c Enter the amount of prior years’ undistributed
income for which a notice of deficiency has
been issued, or on which the section 4942(a)
tax has been previously assessed...... 		 
d Subtract line 6c from line 6b. Taxable amount
—see instructions ........... 		 
e Undistributed income for 2022. Subtract line
4a from line 2a. Taxable amount—see
instructions ............. 		 
f Undistributed income for 2023. Subtract
lines 4d and 5 from line 1. This amount must
be distributed in 2024 .......... 		0
7 Amounts treated as distributions out of
corpus to satisfy requirements imposed by
section 170(b)(1)(F) or 4942(g)(3) (Election may
be required - see instructions) ....... 		 
8 Excess distributions carryover from 2018 not
applied on line 5 or line 7 (see instructions) ... 		 
9 Excess distributions carryover to 2024.
Subtract lines 7 and 8 from line 6a ...... 		3,727,787
10 Analysis of line 9:
a Excess from 2019....  
b Excess from 2020.... 208,828
c Excess from 2021.... 563,920
d Excess from 2022.... 1,895,189
e Excess from 2023.... 1,059,850
Form 990-PF (2023)
Form 990-PF (2023)
Page 10
Part XIII
Private Operating Foundations (see instructions and Part VI-A, question 9)
1a If the foundation has received a ruling or determination letter that it is a private operating
foundation, and the ruling is effective for 2023, enter the date of the ruling ...... right arrow
 
b Check box to indicate whether the organization is a private operating foundation described in section or
2a Enter the lesser of the adjusted net
income from Part I or the minimum
investment return from Part IX for each
year listed .......... 		Tax year Prior 3 years (e) Total
(a) 2023 (b) 2022 (c) 2021 (d) 2020
         
b 85% (0.85) of line 2a .........          
c Qualifying distributions from Part XI,
line 4 for each year listed ..... 		         
d Amounts included in line 2c not used directly
for active conduct of exempt activities .......... 		         
e Qualifying distributions made directly
for active conduct of exempt activities.
Subtract line 2d from line 2c .... 		         
3 Complete 3a, b, or c for the
alternative test relied upon:
a “Assets" alternative test—enter:
(1) Value of all assets ......          
(2) Value of assets qualifying
under section 4942(j)(3)(B)(i)		          
b “Endowment" alternative test— enter 2/3
of minimum investment return shown in
Part IX, line 6 for each year listed .. 		         
c “Support" alternative test—enter:
(1) Total support other than gross
investment income (interest,
dividends, rents, payments
on securities loans (section
512(a)(5)), or royalties) .... 		         
(2) Support from general public
and 5 or more exempt
organizations as provided in
section 4942(j)(3)(B)(iii).... 		         
(3) Largest amount of support
from an exempt organization		          
(4) Gross investment income          
Part XIV
Supplementary Information (Complete this part only if the foundation had $5,000 or more in
assets at any time during the year—see instructions.)
1Information Regarding Foundation Managers:
aList any managers of the foundation who have contributed more than 2% of the total contributions received by the foundation
before the close of any tax year (but only if they have contributed more than $5,000). (See section 507(d)(2).)
bList any managers of the foundation who own 10% or more of the stock of a corporation (or an equally large portion of the
ownership of a partnership or other entity) of which the foundation has a 10% or greater interest.
2Information Regarding Contribution, Grant, Gift, Loan, Scholarship, etc., Programs:
Check here right arrow
aThe name, address, and telephone number or e-mail address of the person to whom applications should be addressed:
Gerald Blanks
PO Box 1215
Erie,PA16512
(814) 456-2621
gblanks@geedc.org
bThe form in which applications should be submitted and information and materials they should include:
Scholarship applications should include family data, financial data(notarized statement of federal income, tax return, or social security or dpw statement to verify income) and other data such as year in school, major, and specific need (books, tuition, etc.)
cAny submission deadlines:
April 15th for Fall semester, November 25th for Spring
dAny restrictions or limitations on awards, such as by geographical areas, charitable fields, kinds of institutions, or other
factors:
Applications are only selected from residents from Erie County area and only for colleges and universities that confer four year degrees.
Form 990-PF (2023)
Form 990-PF (2023)
Page 11
Part XIV
Supplementary Information (continued)
3 Grants and Contributions Paid During the Year or Approved for Future Payment
Recipient If recipient is an individual,
show any relationship to
any foundation manager
or substantial contributor
 Foundation
status of
recipient 		Purpose of grant or
contribution 		Amount
Name and address (home or business)
aPaid during the year
Greater Erie Community Action Commi


18 West 9th Street
Erie,PA16501 		N/A PC Program Support 2,000
My Brother's Keeper


PO Box 877
Erie,PA16512 		  PC My Brother's Keeper Scholarship Awards Program 5,000
Gabrielle Watson


645 West 7th Street
Erie,PA16502 		  I Higher Education Assistance 9,609
Avery Stevens


2507 East 32nd Street
Erie,PA16510 		  I Higher Education Assistance 7,388
Booker T Washington Center


1720 Holland Street
Erie,PA16503 		  PC Financial Assistance for Neighborhood Survey 3,000
Children's Advocacy Center


1334 West 38th Street
Erie,PA16508 		  PC Program Support 1,000
Ellen Curry Foundation


606 Holland Street
Eire,PA16501 		  PC Program Support 1,900
Courtney Cook


2126 Poplar Street
Erie,PA16502 		  I Higher Education Assistance 12,460
Peter Lamis


316 West 40th Street
Erie,PA16508 		  I Scholarship 4,730
Alex Lamis


316 West 40th Street
Erie,PA16508 		  I Scholarship 12,158
Donnell Henderson


924 East 21st Street
Erie,PA16503 		  I Scholarship 2,386
Iyme Porter


421 East 22nd Street
Erie,PA16503 		  I Scholarship 9,071
Ethan King-Vincent


848 East 25th Street
Erie,PA16503 		  I Scholarship 11,461
Khadijah Knickson


3917 Hoyt Street
Erie,PA16510 		  I Scholarship 7,500
Abigail Rutkowski


5309 Clinton Street
Erie,PA16509 		  I Scholarship 17,943
Ron Bryant II


4205 Trask Ave
Erie,PA16508 		  I Scholarship 6,750
Tia Epps


2517 German Street
Erie,PA16507 		  I Scholarship 3,515
Joshua Lewis


675 Middle Road
Northeast,PA16428 		  I Scholarship 6,850
DyJheir Norman


2427 Cranberry Street
Erie,PA16502 		  I Scholarship 1,750
Henry Olango


2825 State Street
Erie,PA16508 		  I Scholarship 2,500
Levonne Rowan


814 West 7th Street
Erie,PA16502 		  I Scholarship 207
Maria Antunez


4711 Meadowview Drive 104
Erie,PA16509 		  I Scholarship 500
East Side Lions


1108 Parade Street
Erie,PA16503 		  I Scholarship 13,500
Spoons Summer League


PO Box 1171
Erie,PA16512 		  PC Scholarship 2,000
Ken Nickson


3917 Hoyt Street
Erie,PA16509 		  I Scholarship 5,000
Trinity Walker


601 Boston Store Place
Erie,PA16501 		  I Scholarship 2,523
Alex Guzman


4205 Trask Ave
Erie,PA16508 		  I Scholarship 2,276
Nikole McLallen


4208 Irene Drive
Erie,PA16510 		  I Scholarship 3,500
Trey Goodwine


5039 Catawba Drive
Erie,PA16506 		  I Scholarship 1,750
Melissa Williams


3001 Perry Street
Erie,PA16504 		  I Scholarship 3,896
Darion Johnson


237 East 28th Street
Erie,PA16504 		  I Scholarship 2,053
Keira Church


4044 Marion Street
Erie,PA16510 		  I Scholarship 3,500
Fox Lee Ngo


1834 West 32nd Street
Erie,PA16508 		  I Scholarship 1,750
Alexis Wofford


3434 Anne Marie Drive
Erie,PA16506 		  I Scholarship 3,500
Jeremiah Jones


1022 East 25th St
Erie,PA16503 		  I Scholarship 1,750
Ervin Williams


3001 Perry St
Erie,PA16504 		  I Scholarship 2,856
Mela Brown


3509 Julie Drive
Erie,PA16506 		  I Scholarship 3,500
MLK Center


312 Chestnut St
Erie,PA16507 		  PC ?Financial Support for its programs 500
Blessed Sacrament Athletics


2510 Greengarden Blvd
Erie,PA16502 		  PC Financial support of its programs 1,586
Victory Christian Center


707 Sassafras St
Erie,PA16501 		  PC Financial support of its programs 750
Erie Community Foundation


459 W 6th St
Erie,PA16507 		  PC Financial support of its programs 5,000
FNB Commercial Credit Card


PO Box 2818
Omaha,NE68103 		  NC Scholarship 3,404
Rotary Club of Erie


PO Box 1424
Erie,PA16512 		  PC Scholarship 1,000
St James Church


2635 Buffalo Rd
Erie,PA16510 		  PC Financial support of its programs 12,000
Dribble Kings


15 W 3rd St
Jamestown,NY14701 		  PC Scholarship 1,750
New Life Spirit Revival


315 E 9th St
Erie,PA16503 		  PC Financial support of its programs 12,000
Metro Youth Football League


1009 University Square
Erie,PA16541 		  PC Financial Support of its programs 10,000
Lakeview Pro Am


8351 Pa-89
North East,PA16428 		  PC Scholarship 1,200
Gannon University


1009 University Square
Erie,PA16541 		  PC Scholarship 2,500
Destiny of our Daughters


1311 Lynn Street
Erie,PA16503 		  PC Scholarship 1,000
Ivies on the Lake Foundation


Po Box 10510
Erie,PA16514 		  PC Financial support of its programs 2,000
Greater Calvary FGBC


2624 German St
Erie,PA16504 		  PC Scholarship 200
RB Wiley Community Charter


1446 E Lake Rd
Erie,PA16511 		  PC Financial support of its programs 10,000
Lifethrumusic


109 University Square
Erie,PA16541 		  PC Financial support of its programs 40,000
Metro 21


109 University Square
Erie,PA16541 		  NC Grant 21,500
Bluerock Construction LLC


1854 East 26th St
Erie,PA16510 		  NC Grant to further business 80,000
Christian Boarding LLC


11103 US-19
Waterford,PA16441 		  PC Financial support of its programs 15,000
Mercyhurst Prep


538 E Grandview Blvd
Erie,PA16504 		  PC Scholarship 1,540
Erie Knights


2510 Greengarden Blvd
Erie,PA16502 		  PC Scholarship 8,565
Erie High Girls Basketball


3325 Cherry St
Erie,PA16508 		  PC Financial support of its programs 1,000
Barber National Institute


2084 W 16th St
Erie,PA16505 		  PC Scholarship 1,518
Test Football Academy


1931 Washington Valley Rd
Martinsville,NJ08836 		  PC Financial Support of its programs 8,000
Total .................................right arrow 3a 425,045
bApproved for future payment
Total ................................. right arrow 3b  
Form 990-PF (2023)
Form 990-PF (2023)
Page 12
Part XV-A
Analysis of Income-Producing Activities
Enter gross amounts unless otherwise indicated. Unrelated business income Excluded by section 512, 513, or 514 (e)
Related or exempt
function income
(See instructions.)
1Program service revenue: (a)
Business code 		(b)
Amount 		(c)
Exclusion code 		(d)
Amount
aInterest-Loans Receivable         14,500
bRental Income         310,248
c
d
e
f
gFees and contracts from government agencies          
2 Membership dues and assessments ....          
3 Interest on savings and temporary cash
investments ........... 		    3 123,990  
4 Dividends and interest from securities ....     3 133,166  
5 Net rental income or (loss) from real estate:
aDebt-financed property......          
bNot debt-financed property.....          
6 Net rental income or (loss) from personal property          
7 Other investment income .....          
8 Gain or (loss) from sales of assets other than
inventory ............ 		    3 486,574  
9 Net income or (loss) from special events:          
10 Gross profit or (loss) from sales of inventory          
11 Other revenue: a
b
c
d
e
12 Subtotal. Add columns (b), (d), and (e) ..   743,730 324,748
13Total. Add line 12, columns (b), (d), and (e)..................
13
1,068,478
(See worksheet in line 13 instructions to verify calculations.)
Part XV-B
Relationship of Activities to the Accomplishment of Exempt Purposes
Line No.
DownArrow 		Explain below how each activity for which income is reported in column (e) of Part XV-A contributed importantly to
the accomplishment of the foundation’s exempt purposes (other than by providing funds for such purposes). (See
instructions.)
Form 990-PF (2023)
Form 990-PF (2023)
Page 13
Part XVI
Information Regarding Transfers To and Transactions and Relationships With Noncharitable Exempt Organizations
1
Did the organization directly or indirectly engage in any of the following with any other organization described in section 501(c) (other than section 501(c)(3) organizations) or in section 527, relating to political organizations?
Yes
No
a
Transfers from the reporting foundation to a noncharitable exempt organization of:
(1) Cash...................................
1a(1)
 
No
(2) Other assets.................................
1a(2)
 
No
b
Other transactions:
(1) Sales of assets to a noncharitable exempt organization....................
1b(1)
 
No
(2) Purchases of assets from a noncharitable exempt organization..................
1b(2)
 
No
(3) Rental of facilities, equipment, or other assets.......................
1b(3)
 
No
(4) Reimbursement arrangements...........................
1b(4)
 
No
(5) Loans or loan guarantees.............................
1b(5)
 
No
(6) Performance of services or membership or fundraising solicitations................
1b(6)
 
No
c
Sharing of facilities, equipment, mailing lists, other assets, or paid employees..............
1c
 
No
d
If the answer to any of the above is "Yes," complete the following schedule. Column (b) should always show the fair market value
of the goods, other assets, or services given by the reporting foundation. If the foundation received less than fair market value
in any transaction or sharing arrangement, show in column (d) the value of the goods, other assets, or services received.
(a) Line No. (b) Amount involved (c) Name of noncharitable exempt organization (d) Description of transfers, transactions, and sharing arrangements
2a
Is the foundation directly or indirectly affiliated with, or related to, one or more tax-exempt organizations
described in section 501(c) (other than section 501(c)(3)) or in section 527? ...........
b
If "Yes," complete the following schedule.

(a) Name of organization (b) Type of organization (c) Description of relationship
Sign Here
Under penalties of perjury, I declare that I have examined this return, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete. Declaration of preparer (other than taxpayer) is based on all information of which preparer has any knowledge.
right arrow right arrow
May the IRS discuss this return
with the preparer shown below?
See instructions.
Signature of officer or trustee Date Title
Paid Preparer Use Only Print/Type preparer's name Preparer's Signature Date Check if self-
employed right arrow		 PTIN
Firm's name SmallBullet
 Firm's EIN SmallBullet
Firm's address SmallBullet


 Phone no.
Form 990-PF (2023)
Additional Data


Software ID: 23017517
Software Version: 2023v5.1


Form 990PF - Special Condition Description:
Special Condition Description

TY 2023 AccountingFeesSchedule
Name:
Greater Erie Economic Development
 
Corporation
EIN:
25-1269138
Software ID:
23017517
Software Version:
2023v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Accounting Fees 16,275 1,302 0 14,973

Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

TY 2023 DepreciationSchedule
Name:
Greater Erie Economic Development
 
Corporation
EIN:
25-1269138
Software ID:
23017517
Software Version:
2023v5.1
Description of Property Date Acquired Cost or Other Basis Prior Years' Depreciation Computation Method Rate /
Life (# of years)		 Current Year's Depreciation Expense Net Investment Income Adjusted Net Income Cost of Goods Sold Not Included
HVAC Installation 1995-03-03 8,660 6,172 SL 39.0000 222      
Roof - Admin 2005-11-30 118,000 51,688 SL 39.0000 3,026      
Rooftop HVAC Unit 2012-07-30 8,221 5,709 SL 15.0000 548      
Lighting Renovations 2014-05-21 67,227 28,851 SL 20.0000 3,361      
Painting/restoration 2021-09-23 30,136 1,884 SL 20.0000 1,507      
Canopies 2021-10-27 104,770 6,112 SL 20.0000 5,239      
Carpeting 2022-11-28 16,295 136 SL 10.0000 1,630      
Bldg Improvements - SSA 1995-10-01 403,399 281,479 SL 39.0000 10,344      
SSI Area Renovations 2006-07-26 19,770 8,322 SL 39.0000 507      
Roof top 2019-12-01 656,750 51,923 SL 39.0000 16,840      
Security Cameras 2018-11-20 1,710 1,397 SL 5.0000 313      
Office Equipment 2018-10-18 1,000 833 SL 5.0000 167      
Magnifier/screen 2020-12-01 2,984 1,244 SL 5.0000 597      
HP Pavilion 23.8'' Touch Screen 2020-05-28 1,150 594 SL 5.0000 230      
HP Laser Jet Pro Printer 2020-05-28 449 232 SL 5.0000 90      
Laptop - Inspiron 7415 14'' FHD 2 2022-02-10 1,039 317 SL 3.0000 346      
GECAC Building Renovations 1996-02-15 160,953 110,932 SL 39.0000 4,127      
AC Compressor 2018-08-14 28,000 8,245 SL 15.0000 1,867      
Roof Repairs 2022-10-05 49,000 613 SL 20.0000 2,450      
Clock repair 2023-05-05 6,465   SL 15.0000 287      
Clock repair 2023-12-15 6,465   SL 15.0000 36      
GECAC Building Improvements 2023-04-06 257,650   SL 15.0000 12,883      
Scobel 2023-11-30 6,268   SL 5.0000 104      

TY 2023 LandEtcSchedule2
Name:
Greater Erie Economic Development
 
Corporation
EIN:
25-1269138
Software ID:
23017517
Software Version:
2023v5.1
Category / Item Cost / Other Basis Accumulated Depreciation Book Value End of Year Fair Market Value
Furniture and Fixtures 12,913 12,913    
Machinery and Equipment 34,043 25,908 8,135  
Buildings 1,768,260 1,118,956 649,304  
Improvements 1,372,028 695,045 676,983  
Land 25,800   25,800  
Miscellaneous 15,510   15,510  


TY 2023 LegalFeesSchedule
Name:
Greater Erie Economic Development
 
Corporation
EIN:
25-1269138
Software ID:
23017517
Software Version:
2023v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Knox, McLaughlin, Gornall, & Sennet 130,966 70,477 0 60,489


TY 2023 OtherExpensesSchedule
Name:
Greater Erie Economic Development
 
Corporation
EIN:
25-1269138
Software ID:
23017517
Software Version:
2023v5.1
Description Revenue and Expenses per Books Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Adveritising 331 26   305
Bank fees 278 22   256
Consultants & Contractors 87,830 57,026   30,804
Dues 3,171 254   2,917
Meetings and conferences 42,298 3,384   38,914
Miscellaneous 14,270 1,142   13,128
Office Supplies 8,125 650   7,475
Postage 323 26   297
Retirement Expense 6,540 523   6,017
Telephone 2,384 191   2,193


TY 2023 OtherIncomeSchedule2
Name:
Greater Erie Economic Development
 
Corporation
EIN:
25-1269138
Software ID:
23017517
Software Version:
2023v5.1
Description Revenue And Expenses Per Books Net Investment Income Adjusted Net Income
Interest-Loans Receivable 14,500    
Rental Income 310,248    


TY 2023 OtherProfessionalFeesSchedule
Name:
Greater Erie Economic Development
 
Corporation
EIN:
25-1269138
Software ID:
23017517
Software Version:
2023v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Investment Management Fees 48,962 45,045 0 3,917


TY 2023 TaxesSchedule
Name:
Greater Erie Economic Development
 
Corporation
EIN:
25-1269138
Software ID:
23017517
Software Version:
2023v5.1
Category Amount Net Investment Income Adjusted Net Income Disbursements for Charitable Purposes
Payroll 19,484 1,559   17,925
Real Estate 47,316 3,785   43,531