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APPLICANT

Wayne Economic Development Corporation

Total Qualifying Score: 9
County (ARC Region): Yes
State (ARC Region): Yes
Q3. IRS Status: Nonprofit – 2
Q4. Parent Entity: No – 1
Q5. 2 or More Full-Time Employees : Yes (as of 12/31/2019)
Q7. Budget Level: $250,001 to $1.5 million – 5 (Last Fiscal Year Actual Income)
Q8. Restricted Reserves: No – 1
Q9. CARES Act Funding: Yes – 0
Q13. Participation by Executive: Yes


CONTACT & LOCATION INFORMATION

Wayne Economic Development Corporation
Honesdale, Wayne County, Pennsylvania 18431
570-253-2537
Email
www

County (ARC Region) Wayne
State (ARC Region) Pennsylvania


ORGANIZATIONAL & FINANCIAL INFORMATION

Q1. Mission:

WEDCO will assist both public and private sectors in growing economic prosperity and improving the quality of life of the people of Wayne County.

Q2. How organization aligns with ARC’s Plan & Goals:

As the lead economic development organization in a rural county, WEDCO has a broad focus.  We are involved in projects aligned with all five ARC goals.  For example, with ARC assistance, WEDCO facilitated the development of a business incubator, which serves as an entrepreneurial hub and offers access to technology not available elsewhere to the public.  Standing up a successful incubator in a rural county took involvement from all levels of government and community support.   Since 2016, over 295 training programs have been offered with 2,216 participants, and over 20 jobs created.

Years ago, WEDCO recognized that workforce development is the “people side of economic development” and shepherded the formation of the Wayne Pike Workforce Alliance, a state-designated Community Education Council.  All of our development projects incorporate the Workforce Alliance.

One of WEDCO’s primary focuses is infrastructure development.  Again, with ARC assistance, we developed the 252-acre Sterling Business & Technology Park with the goal of diversifying our economy through the attraction of higher-wage industries.  We are also currently assisting with the construction of natural gas distribution lines in one of our small communities and broadband expansion within the County.

In the last decade WEDCO started to work on a problem that plagues many rural counties:  lack of capacity within our organizations.  To that end, we helped foster Wayne Tomorrow!, an entrepreneurial ecosystem model based on the premise that all organizations have a role in economic and community development. With strong leadership from our County Commissioners, over 50 individuals and organizations have created a shared development vision and meet monthly to advance strategic initiatives.  An example is the Recovery-to-Work Ecosystem at SCI Waymart, which was just awarded a $1.5 million ARC POWER grant for the treatment & rehabilitation facility.

Our collaborative approach is why our three main development organizations – the Wayne Pike Workforce Alliance, The Chamber of the Northern Poconos, and WEDCO – are applying as a cohort for this training opportunity.  We would also like to include two smaller organizations – The Greater Honesdale Partnership and Wayne County Community Foundation if possible.  It is paradoxical that organizations so crucial to advancement of our county find themselves at risk due to COVID-19.  Technical support to assist with our sustainability is critical not only to our organizations, but to Wayne County as well.

Q3. IRS Filing Status: 501(c)(6)   

Q4. Unit or Chapter of Larger Organization: No

Q5. Employees:

Full-Time/Part-Time Employees: 2/0 (as of 9/1/2020)

Full-Time/Part-Time Employees: 3/0 (as of 12/31/2019)

Current Year Income/Expenses: $1,859,760/$2,115,760

Q6. Fiscal Year: Calendar

Q7. Budget Level

Last Fiscal Year Income/Expenses (Actual): $889,245 / $1,148,406

Current Year Income/Expenses (Projected): $1,859,760 / $2,115,760

Balance Sheet

Q8. Restricted Reserves (Amount): No ($)

Q9. CARES Act Funding (Amount): Yes ($50,000)
Received From: Wayne County Commissioners   Date Received: Pending
For What Purpose(s): WEDCO received funding through the County CARES Block Grant to help sustain operations and cover costs associated with safety compliance.

Q10. Negative Impacts from COVID-19:

Our operation revenue is down due to decreased membership support, inability to hold our annual fundraiser, and decreases in state budget allocations to economic development organizations and programs. Because of budget uncertainties, we have held off filling a vacant position, which has detracted from our ability to operate efficiently.  Looking towards 2021, initial projections are a 12% decrease in revenue to support operations.  Additionally, the general state of the economy impacts our business development projects (Sterling Business & Technology Park and the Stourbridge Project) and their overall sustainability.

Q11. Top Three Concerns:
Need to diversify our funding sources – we are too dependent on one source (our County.)
Need to strengthen back office support (not enough help).
We need to strengthen our cash reserves (if we plan to survive a multi-year pandemic.)

How Participation in Program Will Address Concerns:

Participation would bring these problems from the back of our minds to the forefront.  We are so busy servicing our businesses and communities, that our organizational needs often come second (or third…).  Confronting our issues with professional guidance will go a long way towards improving our operations and sustainability.


COHORT INSTRUCTION

Q12. Applying as a Proposed Cohort? Yes

List of Organizations in Proposed Cohort:
Workforce Wayne, Inc. dba Wayne Pike Workforce Alliance
The Chamber of the Northern Poconos

Q13. Executive Director or CEO Will Participate in the Program? Yes

Q14. Top Two Choices for Cohort Instruction:

Course #1 Choice: 1-Long-term Financial Management

Course #2 Choice: 2-Mission & Operations

Q15. Desired Course Schedule for Cohort Instruction:

#1 Desired Course Schedule: 1-Winter 2021: 10-Week Course (Jan. 25. 2021 – Apr. 4, 2021)

#2 Desired Course Schedule: 2-Winter 2021 A: 5-Week Course (Jan. 25, 2021 – Feb. 28, 2021)


APPLICATION SUBMITED BY:

Name: Mary Beth Wood, Executive Director

Application Approved by Organization Director or CEO? Yes, Approved by Executive Director/CEO

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