The Ward Economic Development Corporation
- Assets
- $7.5m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Los Angeles, CA
- Founding
- 07/1992
- Data as of
- 12/2023
- EIN
- 95-4206960
Organization Overview
The Ward Economic Development Corporation is located in Los Angeles, CA. The organization was established in 1992. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ward Economic Development 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, Ward Economic Development Corporation generated $2.1m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 19.0% each year . All expenses for the organization totaled $2.1m during the year ending 12/2023. While expenses have increased by 15.3% per year over the past 9 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.
Since 2022, Ward Economic Development Corporation has awarded 73 individual grants totaling $4,016,250. 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
WARD ECONOMIC DEVELOPMENT CORPORATION (WEDC) WAS INCORPORATED ON NOVEMBER 12, 1987 PURSUANT TO THE GENERAL NONPROFIT CORPORATION LAW OF THE STATE OF CALIFORNIA. WEDC WAS CREATED TO ACHIEVE THE FOLLOWING: (1) TO IDENTIFY AND PURSUE ECONOMIC DEVELOPMENT OPPORTUNITIES WITHIN THE CITY OF LOS ANGELES (2) PROVIDE 91 UNITS OF LOW-INCOME HOUSING THROUGH THE OPERATIONS OF TUELYN TERRACE AND (3) THE OPERATION AND AVAILABILITY OF ADDITIONAL LOW-INCOME AFFORDABLE HOUSING UNITS AT VARIOUS SCATTERED SITES IN LOS ANGELES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO IDENTIFY AND PURSUE ECONOMIC DEVELOPMENT OPPORTUNITIES WITHIN THE CITY OF LOS ANGELES, PROVIDE 91 UNITS OF LOW-INCOME HOUSING THROUGH THE OPERATIONS OF TUELYN TERRACE AND THE OPERATION AND AVAILABILITY OF ADDITIONAL LOW-INCOME AFFORDABLE HOUSING UNITS AT VARIOUS SCATTERED SITES IN LOS ANGELES.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert Campbell Chairperson | OfficerTrustee | 2 | $0 |
Jacquelyn Dupont-Walker Secretary | OfficerTrustee | 5 | $65,000 |
Roland A Wiley Treasurer | OfficerTrustee | 5 | $0 |
Jarrell Davis Member | Trustee | 2 | $0 |
Amy Richardson Member | Trustee | 2 | $0 |
Robert Russ Member | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,338,500 |
| 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 | $1,338,500 |
| Total Program Service Revenue | $174,370 |
| Investment income | $1,200 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $581,221 |
| 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 | $2,103,934 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,338,500 |
| 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. | $65,000 |
| Compensation of current officers, directors, key employees. | $11,953 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $78,620 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $7,909 |
| Payroll taxes | $18,209 |
| Fees for services: Management | $30,000 |
| 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 | $27,862 |
| 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 | $47,808 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $58,534 |
| Insurance | $129,399 |
| All other expenses | $8,002 |
| Total functional expenses | $2,126,887 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $181,786 |
| Savings and temporary cash investments | $89,717 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,000 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,183,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $3,527,217 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,474,908 |
| Total assets | $7,458,628 |
| Accounts payable and accrued expenses | $91,429 |
| 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 | $3,283,888 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $961,182 |
| Total liabilities | $4,336,499 |
| Net assets without donor restrictions | $3,122,129 |
| 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 | $7,458,628 |
Grants Awarded
Over the last fiscal year, The Ward Economic Development Corporation has awarded $1,338,500 in support to 30 organizations.
| Grant Recipient | Amount |
|---|---|
2ND CALL PURPOSE: GENERAL SUPPORT | $75,000 |
BACK TO BASICS COMMUNITY EMPOWERMENT PURPOSE: GENERAL SUPPORT | $15,000 |
BLACK HOLLYWOOD EDUCATION AND RESOURCE CENTER PURPOSE: GENERAL SUPPORT | $75,000 |
BLACK IMAGE CENTER PURPOSE: GENERAL SUPPORT | $35,000 |
BLACK STAR LACROSSE PURPOSE: GENERAL SUPPORT | $20,000 |
BLACK WOMEN FOR WELLNESS PURPOSE: GENERAL SUPPORT | $75,000 |