Western Reserve Community Fund Inc
- Assets
- $11.6m
- Revenue
- $3.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Akron, OH
- Founding
- 10/2019
- Data as of
- 12/2023
- EIN
- 83-3858451
Organization Overview
Western Reserve Community Fund Inc is located in Akron, OH. The organization was established in 2019. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Western Reserve Community 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 12/2023, Western Reserve Community Fund Inc generated $3.4m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 25.6% each year . All expenses for the organization totaled $1.4m during the year ending 12/2023. You can explore the organizations financials more deeply in the financial statements section below.
Since 2021, Western Reserve Community Fund Inc has awarded 41 individual grants totaling $1,128,008. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
ORGANIZED TO SUPPORT AND FURTHER COMMUNITY DEVELOPMENT AND JOB CREATION IN THE STATE OF OHIO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WESTERN RESERVE COMMUNITY FUND, INC. (THE ORGANIZATION) IS A NONPROFIT ORGANIZATION INCORPORATED ON MARCH 7, 2019. IT WAS CREATED TO HELP FILL THE GAP IN ACCESS TO CAPITAL AND PROVIDE SUPPORT IN DISINVESTED AREAS WHERE TRADITIONAL LENDERS DEEM TOO RISKY TO FINANCE OR BE THE SOLE LENDER. THE ORGANIZATION'S TARGET MARKET IS LOW-INCOME POPULATIONS AND CENSUS TRACTS WITHIN SUMMIT, MEDINA, PORTAGE, STARK AND WAYNE COUNTIES. THE ORGANIZATION WAS CERTIFIED AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION DURING CALENDAR YEAR 2023.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Erin Wojno President | OfficerTrustee | 1 | $0 |
Melissa Frank Vice President | OfficerTrustee | 1 | $0 |
John Williams Secretary | OfficerTrustee | 1 | $0 |
Renaye Brauning Treasurer | OfficerTrustee | 1 | $0 |
Jessica Sublett Member | Trustee | 1 | $0 |
Robert Dejournett Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,529,276 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,648,966 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,178,242 |
| Total Program Service Revenue | $163,399 |
| 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 | $3,393,953 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $386,280 |
| 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 | $400,000 |
| Fees for services: Legal | $11,344 |
| Fees for services: Accounting | $20,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $78,293 |
| Advertising and promotion | $1,226 |
| Office expenses | $2,050 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $15,444 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $59,171 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $12,068 |
| All other expenses | $18,512 |
| Total functional expenses | $1,381,271 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,251,922 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $67,000 |
| Accounts receivable, net | $49,648 |
| 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 | $9,488 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $5,251,126 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $11,629,184 |
| Accounts payable and accrued expenses | $251,750 |
| Grants payable | $0 |
| Deferred revenue | $100,000 |
| 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 | $3,000,000 |
| Total liabilities | $3,351,750 |
| Net assets without donor restrictions | $4,184,470 |
| Net assets with donor restrictions | $4,092,964 |
| 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 | $11,629,184 |
Grants Awarded
Over the last fiscal year, Western Reserve Community Fund Inc has awarded $421,811 in support to 14 organizations.
| Grant Recipient | Amount |
|---|---|
AKRON MAID'S SERVICE PURPOSE: WORKING CAPITAL | $29,998 |
CAPITAL TALENT PURPOSE: WORKING CAPITAL | $20,000 |
RUBBER CITY COMICS PURPOSE: DEBT REFINANCE- WORKING CAPITAL | $29,813 |
ECHO FINANCIAL HOLDING PURPOSE: WORKING CAPITAL | $30,000 |
YOUR GUARDIAN ANGEL PURPOSE: EQUIPMENT | $30,000 |
WARE CONCRETE PURPOSE: EQUIPMENT | $25,000 |