Growth Resources Of Wellsboro Foundation
- Assets
- $2.9m
- Revenue
- $430.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Wellsboro, PA
- Founding
- 06/1958
- Data as of
- 06/2024
- EIN
- 23-6297271
Organization Overview
Growth Resources Of Wellsboro Foundation is located in Wellsboro, PA. The organization was established in 1958. According to its NTEE Classification (T20) the organization is classified as: Private Grantmaking 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. Growth Resources Of Wellsboro Foundation is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 06/2024, Growth Resources Of Wellsboro Foundation generated $430.4k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.2% each year. All expenses for the organization totaled $127.9k during the year ending 06/2024. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Growth Resources Of Wellsboro Foundation has awarded 28 individual grants totaling $709,813. 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
ECONOMIC DEVELOPMENT
Describe the Organization's Program Activity:
Part 3 - Line 4a
CORPORATION IS AN ECONOMIC DEVELOPMENT BOARD THAT SERVES PRIMARILY WELLSBORO, PA AND SURROUNDING COMMUNITIES WHERE RAILROAD PROPERTY EXISTS. MAJOR ACTIVITY IS THE MONITORING OF CONTRACTED OPERATIONS OF THE LOCAL RAIL LINE SERVICING LOCAL INDUSTRIES THROUGH AN OPERATING LEASE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas L Rudy Jr President | OfficerTrustee | 2 | $0 |
Janie Hilfiger Vice President | OfficerTrustee | 2 | $0 |
Jason Gehman Treasurer | OfficerTrustee | 2 | $0 |
Shawn Bryant Director | Trustee | 1 | $0 |
Matthew S Decamp Director | Trustee | 1 | $0 |
Glenn Poirier Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $14,550 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| 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 | $14,550 |
| Total Program Service Revenue | $334,866 |
| Investment income | $79,992 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $430,404 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $39,550 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,580 |
| Fees for services: Accounting | $6,490 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $30,810 |
| Advertising and promotion | $770 |
| Office expenses | $843 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $12,734 |
| Insurance | $6,765 |
| All other expenses | $0 |
| Total functional expenses | $127,932 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $110 |
| Savings and temporary cash investments | $2,053,044 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $350,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $177,228 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $220,000 |
| Intangible assets | $0 |
| Other assets | $69,000 |
| Total assets | $2,869,382 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $2,869,382 |
| 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 | $2,869,382 |
Grants Awarded
Over the last fiscal year, Growth Resources Of Wellsboro Foundation has awarded $39,550 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
DEVELOP TIOGA PURPOSE: TO PROVIDE SUPPORT FOR LOCAL NON-PROFIT ORGANIZATIONS | $7,500 |
FOUNDATION FOR FREE ENTERPRISE PURPOSE: TO PROVIDE SCHOLARSHIPS FOR LOCAL STUDENTS. | $6,950 |
WELLSBORO AREA CHAMBER OF COMMERCE PURPOSE: TO PROVIDE SUPPORT FOR LOCAL NON-PROFIT ORGANIZATIONS | $15,100 |
WELLSBORO FOUNDATION PURPOSE: TO PROVIDE SUPPORT FOR LOCAL NON-PROFIT ORGANIZATIONS | $10,000 |