Development Fund Of The Western Reserve Inc
- Assets
- $5.9m
- Revenue
- $981.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Akron, OH
- Founding
- 10/2011
- Data as of
- 12/2021
- EIN
- 45-2495397
Organization Overview
Development Fund Of The Western Reserve Inc is located in Akron, OH. The organization was established in 2011. 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. Development Fund Of The Western Reserve 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 12/2021, Development Fund Of The Western Reserve Inc generated $981.2k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 9.3% each year. All expenses for the organization totaled $731.3k during the year ending 12/2021. While expenses have increased by 11.2% 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
TO SERVE AND PROVIDE INVESTMENT CAPITAL FOR LOW-INCOME COMMUNITIES AND LOW-INCOME PERSONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE COMPANY IS SERVING AS MANAGING MEMBER FOR WESTERN RESERVE DF AFFILIATE IV, V, VI,VII,VIII, IX, X, XI, XII, XIII, XV, XIV, XVI, XVIII AND ACRF LENDER, LLC, ALL OF WHOM PROVIDE, DIRECTLY OR INDIRECTLY, INVESTMENT CAPITAL TO QUALIFIED LOW INCOME COMMUNITY BUSINESSES PURSUANT TO THE NEW MARKETS TAX CREDIT PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rachel Bridenstine Executive Director | Officer | 0 | $0 |
Chris Burnham Executive Director | Officer | 0 | $0 |
Joe Rossi President | Trustee | 0 | $0 |
Patricia Mckay Member | Trustee | 0 | $0 |
Harry Eadon Treasurer | Trustee | 0 | $0 |
Erin Wojno Secretary | Trustee | 0 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $981,165 |
| Investment income | $0 |
| 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 | $981,165 |
| 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 | $7,854 |
| Fees for services: Accounting | $129,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,250 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,308 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $99,900 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,379 |
| Insurance | $8,655 |
| All other expenses | $9,274 |
| Total functional expenses | $731,252 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,053,008 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $29,544 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $5,623 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $36,119 |
| Intangible assets | $29,661 |
| Other assets | $4,770,772 |
| Total assets | $5,924,727 |
| Accounts payable and accrued expenses | $11,022 |
| 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 | $1,491,504 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,295,000 |
| Total liabilities | $2,797,526 |
| Net assets without donor restrictions | $3,051,407 |
| Net assets with donor restrictions | $75,794 |
| 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 | $5,924,727 |
Grants Recieved
Over the last fiscal year, we have identified 4 grants that Development Fund Of The Western Reserve Inc has recieved totaling $135,000.
| Awarding Organization | Amount |
|---|---|
Ohio & Erie Canal Association Akron, OH PURPOSE: Trail Heritage | $75,000 |
Reinvestment Fund Inc Philadelphia, PA PURPOSE: TO SUPPORT ADVANCE PRACTICES THAT POSITION AND ALIGN COMMUNITY INVESTMENT SYSTEMS TO INCREASE CAPITAL FLOWS TO INVESTMENTS WITH HIGH EQUITY IMPACT INVESTMENTS AND TO TAKE STEPS TO DEVELOP A PIPELINE OF CATALYTIC, FINANCEABLE BUILT ENVIRONMENT PROJECTS FOCUSED ON INCREASING EQUITY | $40,000 |
Akron Community Foundation Akron, OH PURPOSE: FOR GENERAL OPERATING SUPPORT | $10,000 |
Akron Community Foundation Akron, OH PURPOSE: FOR GENERAL OPERATING SUPPORT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Marshall University Research Corporation Huntington, WV | $66,297,155 | $55,595,334 |
Pidc-Developement Management Corporation Philadelphia, PA | $0 | $30,722,052 |
16 Tech Community Corporation Indianapolis, IN | $90,414,871 | $43,820,376 |
Delaware River Waterfront Corporation Philadelphia, PA | $26,551,411 | $24,883,136 |
T R W I B Inc Pittsburgh, PA | $14,392,055 | $22,959,509 |
Invest Detroit Foundation Detroit, MI | $154,389,743 | $12,808,930 |
Wright Brothers Institute Inc Dayton, OH | $23,307,656 | $22,085,089 |
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 |