Westfield Insurance Foundation
- Assets
- $42.9m
- Revenue
- $4.4m
- Investments
- $42.0m
- Employees
- 0
- Location
- Westfield Center, OH
- Founding
- 12/2005
- Data as of
- 12/2021
- EIN
- 20-3816760
Organization Overview
Westfield Insurance Foundation is located in Westfield Center, OH. The organization was established in 2005. According to its NTEE Classification (T21) the organization is classified as: Corporate Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Westfield Insurance Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Westfield Insurance Foundation generated $4.4m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 50.1% each year . All expenses for the organization totaled $3.8m during the year ending 12/2021. While expenses have increased by 2.8% per year over the past 3 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Westfield Insurance Foundation has awarded 1,115 individual grants totaling $10,115,005. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Kohmann Director | 0.5 | $0 | |
Edward Largent Director | 0.5 | $0 | |
Jani Groza Director | 15 | $0 | |
Frank Carrino Director | 1 | $0 | |
Stuart Rosenberg Director | 0.25 | $0 | |
James Merz Director (thru 5/22) | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $635,305 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $3,727,289 |
| Capital Gain Net Income | $4,426,929 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $4,362,594 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $345,257 |
| Pension plans, employee benefits | $66,694 |
| Interest | $0 |
| Taxes | $73,499 |
| Depreciation | $1,920 |
| Occupancy | $36,960 |
| Travel, conferences, and meetings | $20,949 |
| Printing and publications | $0 |
| Other expenses | $39,365 |
| Total operating and administrative expenses | $626,520 |
| Contributions, gifts, grants paid | $3,198,493 |
| Total expenses and disbursements | $3,825,013 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $57,476 |
| Savings and temporary cash investments | $865,082 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $7,578,870 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $6,488 |
| Total assets | $42,931,784 |
| Accounts payable and accrued expenses | $23,196 |
| Grants payable | $501,171 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $45,594 |
| Total liabilities | $569,961 |
Grants Awarded
Over the last fiscal year, Westfield Insurance Foundation has awarded $3,165,277 in support to 317 organizations.
| Grant Recipient | Amount |
|---|---|
AKRON-CANTON REGIONAL FOODBANK PURPOSE: GENERAL DONATION, FUNDRAISER, FAMILY STABILITY, EMPLOYEE MATCH | $47,620 |
ADAPTIVE SPORTS PROGRAM OF OHIO PURPOSE: DIVERSITY, EQUITY AND INCLUSION | $4,000 |
ANOKA COMMUNITY MISSION PURPOSE: FAMILY STABILITY | $5,000 |
ATLANTA COMMUNITY FOOD BANK PURPOSE: FAMILY STABILITY, EMPLOYEE MATCH | $805 |
AKRON URBAN LEAGUE PURPOSE: EMPLOYEE MATCH, FAMILY STABILITY, GENERAL DONATION | $30,847 |
AMERICAN HEART ASSOCIATION (NATIONAL) PURPOSE: EMPLOYEE MATCH | $11,820 |