Woodward Development Corporation
- Assets
- $17.9m
- Revenue
- $312.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Mount Vernon, OH
- Founding
- 04/1998
- Data as of
- 12/2022
- EIN
- 31-1573317
Organization Overview
Woodward Development Corporation is located in Mount Vernon, OH. The organization was established in 1998. According to its NTEE Classification (A82) the organization is classified as: Historical Societies & Historic Preservation, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Woodward Development Corporation 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 12/2022, Woodward Development Corporation generated $312.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (26.8%) each year. All expenses for the organization totaled $300.3k during the year ending 12/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT THE PERFORMING ARTS AND THE HERITAGE OF KNOX COUNTY BEGINNING WITH THE RENOVATION, RESTORATION AND OPERATION OF THE WOODWARD OPERA HOUSE AND TO ENGAGE IN ANY LAWFUL ART OR ACTIVITY PERMITTED UNDER THE OHIO REVISED CODE SECTION 1702.1 TO 1202.87 INCLUSIVE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CREATED A COMMUNITY AND INSTITUTIONAL PARTNERSHIP THAT FORMED THE BASIS OF FUNDING A DOWNTOWN HISTORIC PRESERVATION AND ECONOMIC DEVELOPMENT PROGRAM FOR THE RESTORATION OF THE 2ND OLDEST THEATER IN THE UNITED STATES - THE WOODWARD OPERA HOUSE CIR 1851.
INITIATED A MULTI-MILLION DOLLAR RESTORATION PROJECTED FOR THE 2ND OLDEST THEATER IN THE UNITED STATES - THE WOODWARD OPERA HOUSE CIR 1851, THAT WILL HOUSE A HEALTHY LOCAL FOODS INITIATIVE STORE AND CAFE IN A FOOD DEFICIENT NEIGHBORHOOD AS WELL AS ARTS AND CONFERENCE SPACE TO SUPPORT THE WOODWARD ARTS AND COMMUNITY DEVELOPMENT INITIATIVE.
INITIATED A MULTI-MILLION DOLLAR RESTORATION PROJECT FOR THE 1885 C.G. COOPER BUILDING THAT WILL HOUSE A HEALTHY LOCAL FOODS INITIATIVE COMMUNITY KITCHEN PROCESSING FACILITY IN A FOOD DEFICIENT NEIGHBORHOOD AS WELL AS ARTS AND CONFERENCE SPACE TO SUPPORT THE WOODWARD ARTS AND COMMUNITY DEVELOPMENT INITIATIVE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Grindle Chair | OfficerTrustee | 15 | $0 |
Maureen Buchwald Vice-Chair | OfficerTrustee | 0 | $0 |
Charles Kindel Secretary | OfficerTrustee | 0 | $0 |
Susan Ramser Trustee | Trustee | 0 | $0 |
Ann Laudeman Trustee | Trustee | 0 | $0 |
Barry Lester Trustee | Trustee | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Modern Builders Inc Construction | 12/30/15 | $556,305 |
Hardlines Design Inc Construction | 12/30/15 | $322,556 |
Longwell Legal Llc Legal | 12/30/15 | $156,816 |
Downtown Options Corp Management | 12/30/15 | $137,271 |
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 | $273,570 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $273,570 |
| Total Program Service Revenue | $38,667 |
| Investment income | $5 |
| 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 | $312,242 |
| 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 | $746 |
| Fees for services: Accounting | $3,000 |
| 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 | $0 |
| 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 | $291,169 |
| Insurance | $0 |
| All other expenses | $5,374 |
| Total functional expenses | $300,289 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,253 |
| 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 | $1,178,728 |
| Notes and loans receivable | $412,901 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $1,338,351 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $14,925,566 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $17,860,799 |
| Accounts payable and accrued expenses | $1,333 |
| 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 | $11,898 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $13,231 |
| Net assets without donor restrictions | $17,847,568 |
| 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 | $17,860,799 |
Grants Awarded
Over the last fiscal year, Woodward Development Corporation has awarded $85,676 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
WOODWARD LOCAL FOOD INITIATIVES INC PURPOSE: TO PROVIDE FUNDS TO COVER WLFI GENERAL OPERATING EXPENSES. | $26,176 |
WOODWARD LOCAL FOOD INITIATIVES INC PURPOSE: TO PROVIDE FUNDS TO COVER THE COST OF WLFI 501(C) ORGANIZATION FILING FEE. | $1,000 |
WOODWARD LANDLORD LLC PURPOSE: TO PROVIDE FUNDS TO PAY FINAL CONSTRUCTION PROJECT CLOSE OUT COSTS. | $58,500 |