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Funding
Originally, LVEDC was financed through periodic capital campaigns. In 2000, it transitioned to a membership organization, and now receives income from a variety of sources.
LVEDC income sources include:
Public and Private Membership – Dues are the largest and most consistent source of income for the LVEDC
Project Grants – LVEDC receives grants from various regional, state and federal sources. Grant funds are most often earmarked for specific purposes as defined by the grantees during the application process
Convention & Visitors Bureau Contract (HT) – The Lehigh Valley Convention and Visitors Bureau (LVCVB) receives 78.5 percent of the 3.5 percent hotel tax from Lehigh andNorthampton Counties; LVCVB then provides 36.4 percent to LVEDC under contract for assistance in business attraction and retention[1]
Service fees – Associated with administering LVEDC programs and processing grants and applications
Event Sponsorships – LVEDC seeks sponsorships from its membership to fund various events and programs
The primary role of LVEDC continues to be marketing, and as such, about a third of its financial resources are committed to that function. For the year 2006, the budget was apportioned as follows: Regional & National Marketing (32 percent), Regional Development (12 percent), Business Development (15 percent), Project Financing (13 percent), Keystone Innovation Zone (9 percent), Administration (8 percent), DCED Business Retention and Expansion Program (8 percent) and Brownfield Redevelopment (3 percent).
LVEDC prepares an annual Federal Tax Form 990 and audited financials. These reports, along with its annual report, are filed annually, presented to its membership, and posted on its Web site (www.lehighvalley.org).
LVEDC arranges for independent annual audits of its own operations, as well as LCIDA, NCIDC, LCIDC, NCNJC and LEAP. In addition, individual audits are required for the various grant sources.
[1]The Convention and Visitors Bureau entered into this agreement recognizing that business travel represents over 60% of hotel room nights. Growth of regional businesses encourages additional business trips to the Valley, raises the profile of the Valley and provides an expanded audience for tourism, promotion and attraction. Under the contract, LVEDC is to use those monies to further enhance the vitality of the Lehigh Valley through its business attraction and retention efforts.
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