West Bank Cdc Inc
- Assets
- $1.7m
- Revenue
- $341.7k
- Investments
- $0.0
- Employees
- 2
- Location
- Minneapolis, MN
- Founding
- 11/1975
- Data as of
- 06/2023
- EIN
- 51-0168908
Organization Overview
West Bank Cdc Inc is located in Minneapolis, MN. The organization was established in 1975. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2023, West Bank Cdc Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. West Bank Cdc 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 06/2023, West Bank Cdc Inc generated $341.7k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.6%) each year. All expenses for the organization totaled $353.0k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (2.1%) per year over the past 8 years. 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
THROUGH THE OWNERSHIP OF VARIOUS ASSETS, THE ORGANIZATION IMPROVES THE QUALITY OF LIFE OF RESIDENTS BY MAINTAINING AND PRESERVING AFFORDABLE HOUSING STOCK AND COMMERCIAL BUILDINGS, GIVING RESIDENTS A VOICE IN THE DECISION MAKING PROCESS RELATED TO THOSE ASSETS, AND PROVIDING INSTITUTIONAL EXPERTISE ON A WIDE-VARIETY OF DEVELOPMENT TOPICS AFFECTING THE CEDAR-RIVERSIDE AREA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE WEST BANK CDC, INC IS A COMMUNITY-DIRECTED ORGANIZATION RESPONSIBLE FOR COMMUNITY BUILDING AND ASSET MANAGEMENT DECISIONS ON BEHALF OF THE RESIDENTS OF THE CEDAR RIVERSIDE NEIGHBORHOOD. THE WBCDC HAS RESPONSIBILITY FOR A VARIETY OF AFFORDABLE HOUSING PROJECTS, COMMERCIAL BUILDINGS, AND RESIDENT/PROPERTY OWNER PUDS WITHIN THE CEDAR-RIVERSIDE NEIGHBORHOOD OF MINNEAPOLIS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ken Preslan President | OfficerTrustee | 1 | $0 |
David Swanson Vice President | OfficerTrustee | 1 | $0 |
Laura Silver Treasurer | OfficerTrustee | 1 | $0 |
Niioblite Harper Assistant Vice President | OfficerTrustee | 1 | $0 |
Edward Sheehy Director | Trustee | 1 | $0 |
Muna Dalmar Director | 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 | $1,680 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,680 |
| Total Program Service Revenue | $339,647 |
| Investment income | $368 |
| 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 | $341,695 |
| 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. | $56,755 |
| Compensation of current officers, directors, key employees. | $14,189 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $100,049 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $4,973 |
| Payroll taxes | $12,664 |
| Fees for services: Management | $41,020 |
| 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 | $11,298 |
| Information technology | $9,141 |
| Royalties | $0 |
| Occupancy | $16,164 |
| 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 | $1,912 |
| All other expenses | $765 |
| Total functional expenses | $352,968 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $131,120 |
| Savings and temporary cash investments | $388,715 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $139,953 |
| 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 | $3,231 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,013,118 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,676,137 |
| Accounts payable and accrued expenses | $18,392 |
| 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 | $9,690 |
| Total liabilities | $28,082 |
| Net assets without donor restrictions | $1,648,055 |
| 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 | $1,676,137 |