Westfield Economic Development Foundation Inc
- Assets
- $51.8k
- Revenue
- $12.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Westfield, IN
- Founding
- 02/2009
- Data as of
- 12/2021
- EIN
- 26-2259201
Organization Overview
Westfield Economic Development Foundation Inc is located in Westfield, IN. The organization was established in 2009. According to its NTEE Classification (S11) the organization is classified as: Single Organization Support, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Westfield Economic Development Foundation 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 12/2021, Westfield Economic Development Foundation Inc generated $12.0k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (40.9%) each year. All expenses for the organization totaled $6.4k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (53.1%) per year over the past 4 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
PUBLIC BENEFIT CORPORATION
Describe the Organization's Program Activity:
Part 3 - Line 4a
BUILT CIVIC THEATER/PLAYHOUSE WITH CONSTRUCTION COMPLETED ON 7/21/20 AND FINAL DRAW BEING PAID IN 2021. THE WESTFIELD PLAYHOUSE STARTING IN AUGUST OF 2020 IS OBLIGATED TO AND IS PAYING WEDF 1000 A MONTH. THIS MONEY WILL BE USED FOR PUBLIC BENEFIT IN THE CITY OF WESTFIELD.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Danielle Carey Tolan Secretary | Officer | 5 | $0 |
Kai Chuck Treasurer | Officer | 5 | $0 |
Randy Zentz President | Officer | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| 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 | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $9 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $12,000 |
| 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 | $12,009 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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 | $0 |
| Fees for services: Accounting | $400 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $22 |
| 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 | $0 |
| Insurance | $733 |
| All other expenses | $5,273 |
| Total functional expenses | $6,428 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $51,814 |
| Savings and temporary cash investments | $0 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $51,814 |
| 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 | $51,814 |
| 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 | $51,814 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Westfield Economic Development Foundation Inc has recieved totaling $200,000.
| Awarding Organization | Amount |
|---|---|
Hamilton County Community Foundation Inc Fishers, IN PURPOSE: Westfield Playhouse | $195,000 |
The Duke Energy Foundation Charlotte, NC PURPOSE: COVID-19 RESPONSE | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Community Investment Fund Irrv Tr Chicago, IL | $49,874,763 | $9,294,920 |
Ladies Union Benevolent Association St Joseph, MO | $16,215,368 | $4,268,127 |
National Association Of Electrical Distributors Education Foundation St Louis, MO | $19,969,630 | $3,274,087 |
Greater Green Bay Chamber Of Commerce Foundation Inc Green Bay, WI | $2,890,843 | $1,952,883 |
Felix E Martin Jr Foundation Inc Louisville, KY | $76,641,628 | $5,817,946 |
St Joseph Services Inc Chicago, IL | $1,123,789 | $1,648,775 |
Fiscal Sponsorship Allies Inc Indianapolis, IN | $762,742 | $2,068,293 |
Association Of Equipment Management Professionals Inc Middleton, WI | $87,248 | $1,345,748 |
Rural Improvement Society Sycamore, IL | $12,621,266 | $2,148,752 |
Community Foundation Of The Ozarks Stock Tr Springfield, MO | $1,328,697 | $902,604 |
One In Tech An Isaca Foundation Schaumburg, IL | $975,487 | $172,329 |
Site Foundation Chicago, IL | $1,431,670 | $948,383 |