Westerville Industry And Commerce Corpor
- Assets
- $1.3m
- Revenue
- $673.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Westerville, OH
- Founding
- 09/2010
- Data as of
- 12/2021
- EIN
- 31-1083219
Organization Overview
Westerville Industry And Commerce Corpor is located in Westerville, OH. The organization was established in 2010. According to its NTEE Classification (S30) the organization is classified as: Economic Development, 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. Westerville Industry And Commerce Corpor 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, Westerville Industry And Commerce Corpor generated $673.0k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $528.1k during the year ending 12/2021. While expenses have increased by 9.6% per year over the past 7 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 2014, Westerville Industry And Commerce Corpor has awarded 76 individual grants totaling $1,981,558. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO ADVANCE, ENCOURAGE AND PROMOTE INDUSTRIAL, ECONOMIC, COMMERCIAL AND CIVIC DEVELOPMENT OF THE CITY OF WESTERVILLE AND BLENDON, SHARON, ORANGE AND GENOA TOWNSHIPS BY SUCH MEANS AS WILL IMPROVE THE NORMAL GROWTH, EMPLOYMENT OPPORTUNITIES, STABILITY OF EMPLOYMENT IN EXISTING INDUSTRY, ADVANCEMENT OF THE INDUSTRIAL AND COMMERCIAL LIFE OF THE COMMUNITY AND TO STABILIZE THE GENERAL ECONOMY OF THE AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE LOANS TO LOCAL BUSINESSES THAT PROMOTE OUR TAX EXEMPT PURPOSE. IF CERTAIN INCOME TAX REVENUES ARE GENERATED BY THE COMPANY WITHIN A SPECIFIED PERIOD OF TIME, THE LOANS ARE FORGIVEN.
PROVIDE GRANTS TO COMMERCIAL AND INDUSTRIAL COMPANIES THAT HAVE IMPLEMENTED ENERGY EFFICIENT PROJECTS.
PROVIDE GRANTS TO IMPROVE COMMERCIAL AND MIXED-USE BUILDING FACADES IN THE UPTOWN WESTERVILLE AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karl Craven Vicechairperson | OfficerTrustee | 0.5 | $0 |
Janet Davis Chairperson | OfficerTrustee | 0.5 | $0 |
Jason Bechtold Treasurer | Officer | 0.5 | $0 |
Rob Rishel Secretary | Officer | 0.5 | $0 |
Kenneth Wright Trustee | Trustee | 0.5 | $0 |
Michael Swartz Trustee | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $672,622 |
| 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 | $672,622 |
| Total Program Service Revenue | $16 |
| Investment income | $321 |
| 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 | $672,959 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $173,774 |
| Grants and other assistance to domestic individuals. | $350,000 |
| 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 | $3,908 |
| 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 | $214 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $528,096 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,091,575 |
| 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 | $229,523 |
| 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 | $1,321,098 |
| 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 | $1,019,751 |
| Net assets with donor restrictions | $301,347 |
| 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 | $1,321,098 |
Grants Awarded
Over the last fiscal year, Westerville Industry And Commerce Corpor has awarded $159,600 in support to 5 organizations.
| Grant Recipient | Amount |
|---|---|
WESTARPOLARIS IV LLC PURPOSE: Energy Grant | $70,471 |
WESTARPOLARIS III LLC PURPOSE: Energy Energy | $68,230 |
BARREL AND BOAR PURPOSE: Facade Grant | $9,994 |
OHIO FARMERS INSURANCE CO PURPOSE: Energy Grant | $5,835 |
FAB GLASS AND MIRROR LLC PURPOSE: Energy Grant | $5,070 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marshall University Research Corporation Huntington, WV | $66,297,155 | $55,595,334 |
Pidc-Developement Management Corporation Philadelphia, PA | $0 | $30,722,052 |
16 Tech Community Corporation Indianapolis, IN | $90,414,871 | $43,820,376 |
Delaware River Waterfront Corporation Philadelphia, PA | $26,551,411 | $24,883,136 |
T R W I B Inc Pittsburgh, PA | $14,392,055 | $22,959,509 |
Invest Detroit Foundation Detroit, MI | $154,389,743 | $12,808,930 |
Wright Brothers Institute Inc Dayton, OH | $23,307,656 | $22,085,089 |
Pidc Financing Corp Philadelphia, PA | $6,556,052 | $18,403,713 |
Visit Indy Inc Indianapolis, IN | $20,981,890 | $14,589,218 |
Purchase Area Development District Inc Mayfield, KY | $0 | $14,269,202 |
The Convention And Visitors Bureau Of Greater Cleveland Inc Cleveland, OH | $25,296,918 | $17,425,666 |
Ridc Regional Growth Fund Pittsburgh, PA | $36,670,171 | $9,947,122 |