Westerly Revolving Fund Inc
- Assets
- $32.4k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Westerly, RI
- Founding
- 07/2014
- Data as of
- 12/2022
- EIN
- 35-2465487
Organization Overview
Westerly Revolving Fund Inc is located in Westerly, RI. The organization was established in 2014. According to its NTEE Classification (A80) the organization is classified as: Historical Organizations, 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. Westerly Revolving Fund Inc 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, Westerly Revolving Fund Inc generated $100.0 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 (52.0%) each year. All expenses for the organization totaled $926.0 during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PRESERVE HISTORICAL HERITAGE OF WESTERLY AND STIMULATE COMMUNITY REVITALIZATION.
Describe the Organization's Program Activity:
Part 3
REVOLVING FUND LOAN PROGRAM - THE ORGANIZATION BECAME ESTABLISHED TO PROVIDE TECHNICAL SERVICES TO PROPERTY OWNERS IN WESTERLY'S HISTORIC NEIGHBORHOODS. STAFF WILL PREPARE FOR COST ESTIMATES FOR PROPERTIES AND EXTERIOR SPECIFICATIONS FOR RESIDENTIAL OR COMMERCIAL PROPERTIES, AND MONITOR RESTORATIONS.
COMMUNITY REVITALIZATION PROGRAM - IN APRIL 2019, THE ORGANIZATION PURCHASED A MIXED-USE HISTORIC PROPERTY IN NEED OF RENOVATION AT 134 MAIN ST, WESTERLY, RI. THE ORGANIZATION BEGAN THE RENOVATIONS IMMEDIATELY. ALL RELATED EXPENDITURES HAVE BEEN CAPITALIZED TO THIS PROJECT. THE COMPLETED PROJECT WAS SOLD ON JULY 1, 2021.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Louis W Gingerella Jr President | 5 | $0 | |
Michael J Beddard Director | 1 | $0 | |
Marcia Felber Director | 1 | $0 | |
Faith Bessette Zito Director | 1 | $0 | |
Antonio Gooding Director | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $100 |
| Total Program Service Revenue | $0 |
| Membership dues | $0 |
| Investment income | $0 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $0 |
| Total Revenue | $100 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $0 |
| Professional fees and other payments to independent contractors | $350 |
| Occupancy, rent, utilities, and maintenance | $0 |
| Printing, publications, postage, and shipping | $182 |
| Other expenses | $394 |
| Total expenses | $926 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $32,363 |
| Other assets | $0 |
| Total assets | $32,363 |
| Total liabilities | $0 |
| Net assets or fund balances | $32,363 |