Wooster Growth Corporation
- Assets
- $4.4m
- Revenue
- $743.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Wooster, OH
- Founding
- 01/1995
- Data as of
- 12/2023
- 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 12/2023, Wooster Growth Corporation generated $743.6k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 10.0% each year. All expenses for the organization totaled $53.7k during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
THE CORPORATION WAS FORMED FOR THE SOLE PURPOSE OF ADVANCING, ENCOURAGING, AND PROMOTING THE INDUSTRIAL, ECONOMIC, COMMERCIAL, DISTRIBUTION, RESEARCH AND CIVIC DEVELOPMENT OF WOOSTER, OHIO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE WOOSTER GROWTH CORPORATION BOARD OF TRUSTEES AGREED TO EXECUTED A LEASE TO PURCHASE AGREEMENT WITH THE OWNER OF A FORMER GAS STATION AND TIRE CENTER LOCATED IN THE EASTERN PART OF THE DOWNTOWN. THE CORPORATION SECURED A BROWNFIELD REMEDIATION GRANT TO CLEAN-UP THE SITE. CLEAN-UP CONTINUED DURING 2023. THE SITE WILL EVENTUALLY BE CONVERTED TO MIXED USE RETAIL/RESIDENTIAL OR GREENSPACE ACCORDING TO THE CITY'S COMPREHENSIVE PLAN.
A DEVELOPMENT ASSET IN THE CORPORATION'S INVENTORY KNOWN AS THE WOOSTER INNOVATION PARK RECEIVED SITEOHIO AUTHENTICATION IN 2022, WHICH ALLOWS THE STATE OF OHIO TO MARKET THE SITE BROADLY, INCLUDING INTERNATIONALLY. THE CORPORATION AND THE STATE CONTINUE TO MARKET THIS SITE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Margo Broehl President | OfficerTrustee | 1 | $0 |
Jon Ansel Vice-President | OfficerTrustee | 1 | $0 |
Andrei Dordea Treasurer | OfficerTrustee | 2 | $0 |
Vince Marion Trustee | Trustee | 1 | $0 |
Bob Breneman Trustee | Trustee | 1 | $0 |
Joel Montgomery Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $187,413 |
| 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 | $187,413 |
| Total Program Service Revenue | $522,142 |
| Investment income | $29,606 |
| 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 | $743,574 |
| 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 | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $53,702 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,413,514 |
| 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 | $393,377 |
| Inventories for sale or use | $2,578,424 |
| 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 | $4,385,315 |
| Accounts payable and accrued expenses | $8,496 |
| 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 | $44,300 |
| Total liabilities | $52,796 |
| Net assets without donor restrictions | $4,332,519 |
| 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 | $4,385,315 |
Grants Awarded
Over the last fiscal year, Wooster Growth Corporation has awarded $207,579 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
NORTHEAST OHIO REGIONAL CENTER PURPOSE: TO DONATE FUNDS TO NORTHEAST OHIO REGIONAL CENTER FOR ECONOMIC DEVELOPMENT | $50,000 |
CITY OF WOOSTER PURPOSE: TO DONATE FUNDS TO CITY OF WOOSTER FOR DAISY PROJECT FEES | $157,579 |