Wooster Growth Corporation
- Assets
- $5.9m
- Revenue
- $4.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Wooster, OH
- Founding
- 01/1995
- Data as of
- 12/2021
- EIN
- 34-1530269
Organization Overview
Wooster Growth Corporation is located in Wooster, OH. The organization was established in 1995. 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. Wooster Growth 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 12/2021, Wooster Growth Corporation generated $4.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 69.2% each year . All expenses for the organization totaled $1.4m during the year ending 12/2021. While expenses have increased by 40.7% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
ADVANCE ECONOMIC AND CIVIC DEVELOPMENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
FACILITATE LOANS BY THE OHIO DEPARTMENT OF DEVELOPMENT FOR CORPORATIONS TO ASSIST WITH CONSTRUCTION, MODIFICATION AND EQUIPPING OF COMMERICAL FACILITIES TO CREATE JOBS IN THE CITY OF WOOSTER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Margo Broehl President | OfficerTrustee | 5 | $0 |
Andrei A Dordea Treasurer | OfficerTrustee | 10 | $0 |
Tom Pukys Vice President | OfficerTrustee | 5 | $0 |
Lynne Depaulo Ex Officio - Recorder | Officer | 5 | $0 |
John Scavelli Ex Officio - Legal Counsel | Officer | 5 | $0 |
Bob Breneman Trustee | Trustee | 1 | $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 | $2,415,593 |
| Noncash contributions included in lines 1a–1f | $2,415,593 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,415,593 |
| Total Program Service Revenue | $1,772,703 |
| Investment income | $7,956 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $4,413 |
| 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 | $4,200,665 |
| 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 | $0 |
| 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 | $34,245 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,359,598 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,858,722 |
| 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 | $1,512,310 |
| Inventories for sale or use | $2,570,556 |
| 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 | $5,941,588 |
| Accounts payable and accrued expenses | $32,800 |
| 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 | $1,324,468 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $276,810 |
| Total liabilities | $1,634,078 |
| Net assets without donor restrictions | $1,736,954 |
| Net assets with donor restrictions | $2,570,556 |
| 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 | $5,941,588 |
Grants Awarded
Over the last fiscal year, Wooster Growth Corporation has awarded $207,579 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CITY OF WOOSTER PURPOSE: TO DONATE FUNDS TO CITY OF WOOSTER FOR DAISY PROJECT FEES | $157,579 |
NORTHEAST OHIO REGIONAL CENTER PURPOSE: TO DONATE FUNDS TO NORTHEAST OHIO REGIONAL CENTER FOR ECONOMIC DEVELOPMENT | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Columbus Downtown Development Corporation Columbus, OH | $118,710,723 | $12,117,471 |
Delaware County Economic Development Oversight Board Media, PA | $2,255,958 | $10,697,300 |
Metropolitan Detroit Convention & Vistors Bureau Detroit, MI | $36,765,048 | $14,015,809 |
Alleghenies Planning And Development Commission Altoona, PA | $25,721,818 | $9,986,298 |
Greater Philadelphia Tourism Marketing Corporation Philadelphia, PA | $11,403,385 | $8,019,397 |
Detroit Economic Growth Corp Detroit, MI | $7,209,211 | $10,420,774 |
Lawrence Economic Development Corporation South Point, OH | $62,339,240 | $9,945,474 |