Westerville Industry And Commerce Corpor
- Assets
- $10.2m
- Revenue
- $9.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Westerville, OH
- Founding
- 09/2010
- Data as of
- 12/2023
- 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 12/2023, Westerville Industry And Commerce Corpor generated $9.3m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 36.6% each year . All expenses for the organization totaled $350.8k during the year ending 12/2023. While expenses have increased by 2.6% per year over the past 9 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 87 individual grants totaling $2,320,462. 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
2023
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 GRANTS TO IMPROVE COMMERCIAL AND MIXED-USE BUILDING FACADES IN THE UPTOWN WESTERVILLE AREA.
PROVIDE GRANTS TO COMMERCIAL AND INDUSTRIAL COMPANIES THAT HAVE IMPLEMENTED ENERGY EFFICIENT PROJECTS.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Janet Davis Chairperson | OfficerTrustee | 1 | $0 |
Dennis Blair Trustee | Trustee | 1 | $0 |
Karl Craven Vicechairperson | OfficerTrustee | 1 | $0 |
Michael Swartz Trustee | Trustee | 1 | $0 |
Bruce Bailey Trustee | Trustee | 1 | $0 |
Rick Rano Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $9,269,540 |
| 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 | $9,269,540 |
| Total Program Service Revenue | $10 |
| Investment income | $38,773 |
| 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 | $9,308,323 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $294,122 |
| 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 | $3,120 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,232 |
| Advertising and promotion | $121 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $22,299 |
| 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 | $350,773 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,169,178 |
| 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 | $288,500 |
| 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 | $8,735,358 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,193,036 |
| 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 | $9,916,817 |
| Net assets with donor restrictions | $276,219 |
| 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 | $10,193,036 |
Grants Awarded
Over the last fiscal year, Westerville Industry And Commerce Corpor has awarded $291,740 in support to 8 organizations.
| Grant Recipient | Amount |
|---|---|
BLUESTONE VITALITY PURPOSE: Facade Grant | $5,624 |
BTTS PROPERTIES LLC PURPOSE: Facade Grant | $9,150 |
CSD WESTERVILLE LLC PURPOSE: Facade Grant | $170,000 |
FREE & ACCEPTED MASON OF OHIO PURPOSE: Facade Grant | $5,712 |
OHIO HEALTH CORPORATION PURPOSE: Energy Grant | $8,492 |
WESTERVILLE PUBLIC LIBRARY PURPOSE: Facade Grant | $30,000 |