West Central Development Corporation
- Assets
- $4.6m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 7
- Location
- Perrysburg, OH
- Founding
- 07/2007
- Data as of
- 12/2022
- EIN
- 20-5542830
Organization Overview
West Central Development Corporation, operating under the name Anchor Financial Services, is located in Perrysburg, OH. The organization was established in 2007. According to its NTEE Classification (S12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 12/2022, Anchor Financial Services employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Anchor Financial Services 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 12/2022, Anchor Financial Services generated $2.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 17.4% each year . All expenses for the organization totaled $681.3k during the year ending 12/2022. While expenses have increased by 3.9% per year over the past 8 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE THE LIVES OF DISADVANTAGED PEOPLE AND STRENGTHEN DISTRESSED COMMUNITIES THROUGH INNOVATIVE FINANCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
504 LOAN PROGRAM - ADMINISTER AN OUTSTANDING PORTFOLIO CONSISTING OF 88 LOANS WITH OUTSTANDING PRINCIPAL BALANCES OF $44,015,877. DURING 2022, 7 LOANS TOTALING $6,356,000 WERE APPROVED AND 11 LOANS TOTALING $9,865,000 WERE FUNDED. THIS PROGRAM PROVIDES LOANS TO SMALL BUSINESSES FOR FIXED ASSET PROJECTS AND 2,541 JOBS HAVE BEEN CREATED. THE 504 LOAN PROGRAM ADHERES TO THE POLICIES AND PROCEDURES SET FORTH BY THE U.S. SMALL BUSINESS ADMINISTRATION.
ADMINISTER AN OUTSTANDING LOAN PORTFOLIO CONSISTING OF 4 LOANS WITH OUTSTANDING PRINCIPAL BALANCES OF $1,575,000. DURING 2022, 4 LOANS WERE APPROVED AND FUNDED. OTHER LOAN PROGRAMS PROVIDE LOANS TO LMI COMMUNITIES AS DEFINED BY THE CDFI FUND AND ARE SUPPORTED BY GRANT REVENUE TO CREATE INNOVATIVE LOAN PROGRAMS TO SUPPORT SMALL BUSINESSES AND ECONOMIC GROWTH. THESE PROGRAMS HAVE CREATED 52 JOBS AND RETAINED 106 JOBS.
COMMUNITY ADVANTAGE LOAN PROGRAM - ADMINISTER AN OUTSTANDING LOAN PORTFOLIO CONSISTING OF 87 LOANS WITH OUTSTANDING PRINCIPAL BALANCES OF $4,584,453. DURING 2022, 2 LOANS TOTALING $85,000 WERE APPROVED AND 1 LOAN TOTALING $30,000 WAS FUNDED. THIS PROGRAM PROVIDES LOANS TO SMALL BUSINESSES FOR WORKING CAPITAL, INVENTORY, LEASEHOLD IMPROVEMENTS, AND OTHER GENERAL BUSINESS EXPENSES. 82.8% OF THE LOANS WERE PROVIDED TO SMALL BUSINESSES WITHIN UNDERSERVED MARKETS AND 520.5 JOBS HAVE BEEN CREATED. 1,716.25 HOURS OF TECHNICAL SUPPORT HAVE BEEN PROVIDED. THE COMMUNITY ADVANTAGE LOAN PROGRAM ADHERES TO THE POLICIES AND PROCEDURES SET FORTH BY THE U.S. SMALL BUSINESS ADMINISTRATION.
REGIONAL 166 LOAN PROGRAM - ADMINISTER AN OUTSTANDING LOAN PORTFOLIO CONSISTING OF 5 LOANS WITH OUTSTANDING PRINCIPAL BALANCES OF $669,102. DURING 2022, 1 LOAN WAS APPROVED. THIS PROGRAM PROVIDES LOANS TO OHIO MANUFACTURERS FOR FIXED ASSET PURCHASES OR IMPROVEMENTS AND 322 JOBS HAVE BEEN CREATED. THE REGIONAL 166 LOAN PROGRAM ADHERES TO THE POLICIES AND PROCEDURES SET FORTH BY THE OHIO DEPARTMENT OF ADMINISTRATIVE SERVICES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Huff President | OfficerTrustee | 40 | $106,907 |
Julie Jurosic Executive Vice President, | OfficerTrustee | 5 | $43,055 |
William Leahy Board Member | Trustee | 1 | $0 |
Eugene Brunswick Board Member | Trustee | 1 | $0 |
Timothy Lones Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,975,268 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,975,268 |
| Total Program Service Revenue | $414,986 |
| Investment income | $9,052 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$921 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,398,385 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $212,200 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $164,739 |
| Compensation of current officers, directors, key employees. | $32,948 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $58,972 |
| Pension plan accruals and contributions | $74 |
| Other employee benefits | $175 |
| Payroll taxes | $15,706 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $18,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,092 |
| Advertising and promotion | $1,039 |
| Office expenses | $35,058 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $73,475 |
| Travel | $19,922 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $31,005 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $20,306 |
| Insurance | $722 |
| All other expenses | $740 |
| Total functional expenses | $681,326 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $784,144 |
| Savings and temporary cash investments | $861,432 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,826 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,757,658 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $50 |
| Net Land, buildings, and equipment | $9,508 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $123,464 |
| Other assets | $10,368 |
| Total assets | $4,565,450 |
| Accounts payable and accrued expenses | $103,184 |
| Grants payable | $0 |
| Deferred revenue | $50,997 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,123,675 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,277,856 |
| Net assets without donor restrictions | $3,287,594 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $4,565,450 |