Green Knight forms 990 show stockpiling of cash and slashed return to community
An examination of the 990 forms that Green Knight Economic Development Corporation is required to file with the IRS as a non-profit 501(c)(3) shows that while it cleared roughly $600,000 to $800,000 ( revenue - expenses ) in each of the years 2013, 2014 and 2015, the amount of grants to the community has only been $20,000 to $25,000. These went to the YMCA (2013) and to Families First and Blue Mountain Community Library (2014 and 2015).Specifically, here are those amounts:
- 2013 Revenue less expenses: $780,867 Community Grants: $24,568 (3.2% of net)
- 2014 Revenue less expenses: $719,915 Community Grants: $20,000 (2.8% of net)
- 2015 Revenue less expenses: $585,138 Community Grants: $20,000 (3.4% of net)
Gross receipts are about $1.8 to $1.9 million in the past few years, and Green Knight reports a bank savings account of roughly $4,000,000.
Can Green Knight be "broke"? Is a 3% community benefit on net income reasonable?
Given that Green Knight's mission as reported on its form 990 is to provide economic relief for poor and distressed local citizens, it begs the question of what they are doing sitting on $4 million, and should they be returning more than 3% of their net income to the needy citizens of the community? Up until five or six years ago, grants from Green Knight were more like $120,000 per year - six times what they are now - and distributed to several more than two entities.
Where is the evidence to support rumors and alleged reports that Green Knight is in dire financial straits? Is was not seen in the 990.
What is Green Knight currently doing? They are involved in preparing the Beers site in Plainfield/Wind Gap to be developed, but they are only preparing the site - at a cost of perhaps $400,000. With $4 million in the bank, how in heaven's name can they be "broke"? Something is badly amiss here.
Here is an odd thought. Is it possible that someone is spreading a rumor that Green Knight is broke to justify why they have to sell their waste heat? Stranger things have happened. Perhaps at the dog and pony shows that have been arranged for early January at Weona Park and the Plainfield Twp Fire Company, officials of Green Knight can explain their financial position during Q&A.
Here is an odd thought. Is it possible that someone is spreading a rumor that Green Knight is broke to justify why they have to sell their waste heat? Stranger things have happened. Perhaps at the dog and pony shows that have been arranged for early January at Weona Park and the Plainfield Twp Fire Company, officials of Green Knight can explain their financial position during Q&A.
Will the residents in the Pen Argyl Area School District see a significant economic benefit from Synagro?
Green Knight is promoting the Synagro project because it realizes a 17-year goal to recover energy from its waste heat, and it is a fair question what the particulars are - what monthly income does GKEDC expect for delivery of its waste energy? It has been represented that Synagro is supplying the heat exchange equipment on the energy center - who will pay for the maintenance of said equipment? What will be the gross economic benefit to the needy and distressed citizens of Plainfield Township, Wind Gap, and Pen Argyl. We know there will be jobs in the range of $35K to $100K, which means one person making $100K, and everyone else making $35K to $50K. 16 jobs (advertised). If you're needy and/or distressed, Synagro has a few jobs to enable you to pull up your bootstraps, pull on your protective gear, and escape your unfortunate circumstances - moving poop around in a closed building you will experience the freedom of the soul that accompanies the opportunity to achieve higher and higher goals. Synagro's storage silos are 52.5' tall. It will be good for the entire community - especially the thousands living within a few miles of the plant and adjacent to farms in the Lehigh Valley. We made that!
Will there be an increase in community grants due to the added income from Synagro? It's impossible to understand why grants suddenly decreased 85%+ around 2011 and have remained depressed. Reports that GKEDC itself may be "needy and distressed" seem suspicious both by the evidence as well as the timing.. Unless Uncle Billy dropped a couple million down a hole.. It is possible that the added income of Synagro will not influence the bottom line to the community at all? That would suck.
2013 Green Knight Form 990
2014 Green Knight Form 990
Green Knight Economic Development Corporation IRS Form 990 for FY2015, showing $20K in community grants on... on Scribd
2013 Green Knight Form 990
2014 Green Knight Form 990
Green Knight Economic Development Corporation IRS Form 990 for FY2015, showing $20K in community grants on... on Scribd
Green Knight Economic Development Corporation FY 2015 IRS form 990