2010 Annual Report
Financial Information
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The year 2010 was a very successful transitional year as revenues in all categories rose and total revenue increased by 34.6% compared to the same period last year. Operating expense decreased by 5.6% and the operating deficit was nearly cut in half. The LEDC received no government funding in 2010 as it successfully completed its initial four year start-up funding cycle in 2009 and thereafter became a selfsustaining community development organization.
FINANCIAL HIGHLIGHTS
| 2010 | 2009 | % Change | |
| Contributions | $13,080 | $2,831 | +363.6% |
| Foundation Grants | $15, 680 | $10,420 | +50.5% |
| Earned Revenue | $43,529 | $40,460 | +7.5% |
| Total Revenue | $72,289 | $53,701 | +34.6% |
| Operating Expense | $98,786 | $104,699 | -5.6% |
| Deficit | ($26,507) | ($50,998) |
Contributing to this year’s success was an expansion of and increased participation in LEDC events, such as the Lansdowne Arts Festival and the Lansdowne Farmers’ Market. Attendance at these events increased and the additional vendors participating in the events offered more diverse goods and services, drawing more consumers and visitors to the business district. Lansdowne merchants also reported increased sales activity as a direct result of more visitors and consumers attending these events.
During 2010 the LEDC expanded its programming and at the same time reduced overall operating expenses. Significant savings were realized in advertising costs as the LEDC enjoyed more publicity from local media and generous support from The Philadelphia Inquirer, RCN and WXPN in providing print, television and radio promotion. The number of visitors and residents subscribing to the LEDC’s popular e-newsletters increased, and these tools proved very effective in community marketing and promotion while at the same time reducing advertising spending.
Looking forward to 2011, the LEDC is steadfast in its commitment to again expand programming and events and to eliminating the operating deficit. To enjoy continued success the LEDC needs your help. Your generous financial support is also very much appreciated.