Bridgeway Capital Inc
- Assets
- $100.8m
- Revenue
- $11.4m
- Investments
- $13.1m
- Employees
- 39
- Location
- Pittsburgh, PA
- Founding
- 08/1990
- Data as of
- 09/2022
- EIN
- 25-1635121
Organization Overview
Bridgeway Capital Inc is located in Pittsburgh, PA. The organization was established in 1990. According to its NTEE Classification (S40) the organization is classified as: Business & Industry, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 09/2022, Bridgeway Capital Inc employed 39 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bridgeway Capital Inc 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 09/2022, Bridgeway Capital Inc generated $11.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (3.1%) each year. All expenses for the organization totaled $7.5m during the year ending 09/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Bridgeway Capital Inc has awarded 91 individual grants totaling $2,945,902. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
WE COMBAT INJUSTICES AND ADVANCE OPPORTUNITIES BY BUILDING CAPACITY, INVESTING CAPITAL, AND DEVELOPING UNDERSERVED AREAS TO GROW BUSINESSES AND REVITALIZE PLACES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
LENDING BY BRIDGEWAY CAPITAL BENEFITED LOW-INCOME PEOPLE AND ASSISTED IN THE FORMATION AND GROWTH OF SMALL BUSINESSES AND NONPROFIT ORGANIZATIONS IN LOW- TO MODERATE-INCOME COMMUNITIES ACROSS 15 COUNTIES IN WESTERN PENNSYLVANIA AND PARTS OF NORTHERN WEST VIRGINIA AND EASTERN OHIO. 101 BORROWERS RECEIVED LOANS TOTALING $23.5 MILLION, WHICH LEVERAGED $34.5 MILLION IN ADDITIONAL FINANCING. BORROWERS RANGED FROM ENTREPRENEURS STARTING THEIR FIRST BUSINESS TO ESTABLISHED BUSINESSES EXPANDING OPERATIONS AND DEVELOPING THEIR JOB BASE, TO NON-PROFITS PROVIDING CRITICAL SOCIAL SERVICES AND ORGANIZATIONS FOCUSED ON REVITALIZING DISTRESSED COMMUNITIES. THE ECONOMIC IMPACT OF THIS LENDING IS PROJECTED TO HELP CREATE OR RETAIN 683 JOBS.
BRIDGEWAY CAPITAL'S PROGRAMS TEAM LEADS THE ENTREPRENEURSHIP HUB, CREATIVE BUSINESS ACCELERATOR (CBA), MONMADE, BUILDING INCLUSIVE DEVELOPMENT (BID), AND ORIGINS PROGRAMS. IN FY22, THE PROGRAMS TEAM REALIZED A RECORD-BREAKING YEAR OF BUSINESS ASSISTANCE DELIVERY. THIS IMPACT WAS DUE TO THE HARD WORK AND DEDICATION OF A VARIETY OF CONTRIBUTORS, INCLUDING THE PROGRAMS TEAM, EXTERNAL CONSULTANTS, AND REGIONAL PARTNERS. IN FY22, BRIDGEWAY SERVED 692 CLIENTS VS. 281 IN FY21. IT DELIVERED APPROXIMATELY 8940 HOURS OF BUSINESS ASSISTANCE TO THESE CLIENTS IN FY22 VS. 5540 DELIVERED IN FY21. THE BUSINESS ASSISTANCE CAME PRIMARILY IN THE FORM OF ONE-ON-ONE AND COHORT-BASED SERVICES. FOR EXAMPLE, BRIDGEWAY'S CBA PROGRAM AGAIN EXECUTED ITS FIRST LEAP AND NEXT LEAP COHORTS FOR EMERGING AND ESTABLISHED CREATIVE BUSINESSES. FOR ONE-ON-ONE BUSINESS ASSISTANCE, THE ENTREPRENEURSHIP HUB PROGRAM CONTINUED TO DELIVER A HIGH VOLUME OF GUIDANCE THROUGH A NETWORK OF SKILLED CONSULTANTS FUNDED THROUGH A SBA MICROLOAN TA GRANT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Bogdewic President & CEO | OfficerTrustee | 38 | $194,598 |
Scott Langill Assistant Secretary | Officer | 38 | $157,487 |
Marc Kennedy Managing Director Of Lending | 40 | $143,664 | |
Holly Kay Managing Director Of Underwriting | 40 | $112,334 | |
Edward Vargo Commercial Re Lending Director | 40 | $106,171 | |
Jacob Sault Controller | 40 | $105,804 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Allen & Gerritsen Consulting | 9/29/18 | $146,516 |
Deloitte Consulting Llp Consulting | 9/29/18 | $119,390 |
Griffith Mccague & Happel Pc Legal-collection | 9/29/18 | $121,059 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,276,030 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,539,750 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,815,780 |
| Total Program Service Revenue | $4,579,749 |
| Investment income | $307,822 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,743,397 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,446,748 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $499,050 |
| 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. | $930,345 |
| Compensation of current officers, directors, key employees. | $430,351 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,527,164 |
| Pension plan accruals and contributions | $275,460 |
| Other employee benefits | $341,097 |
| Payroll taxes | $222,426 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,452 |
| Fees for services: Accounting | $136,795 |
| Fees for services: Lobbying | $4,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $65,544 |
| Fees for services: Other | $1,299,373 |
| Advertising and promotion | $154,386 |
| Office expenses | $49,579 |
| Information technology | $205,657 |
| Royalties | $0 |
| Occupancy | $185,922 |
| Travel | $26,475 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,154 |
| Interest | $1,042,266 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $22,730 |
| Insurance | $69,329 |
| All other expenses | $177,380 |
| Total functional expenses | $7,480,982 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $421,252 |
| Savings and temporary cash investments | $7,711,967 |
| Pledges and grants receivable | $1,498,715 |
| Accounts receivable, net | $1,075,447 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $64,922,982 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $758,029 |
| Net Land, buildings, and equipment | $690,896 |
| Investments—publicly traded securities | $9,830,456 |
| Investments—other securities | $13,110,217 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $780,127 |
| Total assets | $100,800,088 |
| Accounts payable and accrued expenses | $887,693 |
| Grants payable | $0 |
| Deferred revenue | $13,732 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $220,075 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $6,382,155 |
| Unsecured mortgages and notes payable | $40,014,168 |
| Other liabilities | $0 |
| Total liabilities | $47,517,823 |
| Net assets without donor restrictions | $48,638,151 |
| Net assets with donor restrictions | $4,644,114 |
| 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 | $100,800,088 |
Grants Awarded
Over the last fiscal year, Bridgeway Capital Inc has awarded $439,400 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
Pittsburgh, PA PURPOSE: BLACK ENTREPRENEUR TECHNICAL ASSISTANCE | $107,250 |
Pittsburgh, PA PURPOSE: BLACK ENTREPRENEUR TECHNICAL ASSISTANCE | $50,000 |
Pittsburgh, PA PURPOSE: REAL ESTATE PRE-DEVELOPMENT | $50,000 |
STUDIO VOLCY LLC PURPOSE: REAL ESTATE PRE-DEVELOPMENT | $40,000 |
LARIMER CONSENSUS GROUP INC PURPOSE: REAL ESTATE PRE-DEVELOPMENT | $40,000 |
POORLAW PURPOSE: REAL ESTATE PRE-DEVELOPMENT | $40,000 |
Grants Recieved
Over the last fiscal year, we have identified 6 grants that Bridgeway Capital Inc has recieved totaling $1,074,750.
| Awarding Organization | Amount |
|---|---|
Hillman Family Foundations Pittsburgh, PA PURPOSE: AFFORDABLE HOUSING LENDING PROGRAM | $500,000 |
Hillman Family Foundations Pittsburgh, PA PURPOSE: SUPPORT FOR THE CRAFT BUSINESS ACCELERATOR | $250,000 |
Hillman Family Foundations Pittsburgh, PA PURPOSE: CAPITAL IMPROVEMENTS TO THE WILKINSBURG TRAIN STATION | $250,000 |
The Heinz Endowments Pittsburgh, PA PURPOSE: FOR COMMUNITY ENGAGEMENT AND YOUTH EDUCATION ELEMENTS OF BRIDGEWAY CAPITAL'S SUSQUEHANNA STREET ART AND DESIGN CORRIDOR (SSADC) PROJECT | $49,750 |
Brooks Foundation 18406-8 Pittsburgh, PA PURPOSE: GENERAL SUPPORT | $15,000 |
Opportunity Foundation Pittsburgh, PA PURPOSE: CHARITABLE | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
34th Street Partnership Inc New York, NY | $17,652,180 | $14,359,330 |
Grand Central Partnership Inc New York, NY | $10,906,247 | $13,880,529 |
Pennsylvania Compensation Rating Bureau Philadelphia, PA | $10,444,965 | $13,500,527 |
Greenpoint Manufacturing And Design Center Local Development Corp Gmdc Brooklyn, NY | $54,916,417 | $14,539,539 |
Can Do Inc Hazleton, PA | $88,120,031 | $19,938,198 |
York County Economic Alliance York, PA | $4,435,375 | $9,671,986 |
Ascendus Inc New York, NY | $45,777,812 | $14,588,685 |
Bridgeway Capital Inc Pittsburgh, PA | $100,800,088 | $11,446,748 |
Altoona-Blair County Development Corporation Altoona, PA | $122,969,142 | $33,416,279 |
Greater Wilkes-Barre Industrial Fund Inc Wilkesbarre, PA | $1,685,287 | $7,409,722 |
Broad Hollow Bioscience Park Inc Farmingdale, NY | $30,625,721 | $3,689,454 |
Better Business Bureau Of Metropolitan New York Inc New York, NY | $2,973,168 | $5,685,810 |