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Western Reserve Community Fund Inc

Learn about this cause: Is it Legit? Do I like the mission? What is the CEO's salary?

EIN: 833858451 ✦ Akron, OH ✦ Designated as a 501(c)(3)

Overview

What is Western Reserve Community Fund Inc?

Western Reserve Community Fund Inc is a nonprofit organization established in 2019, located in Akron, Ohio. Its primary mission is to bridge the gap in access to capital and offers support in economically disadvantaged areas. Traditional lenders often deem these areas as too risky to finance, making Western Reserve Community Fund Inc an essential resource. The organization focuses on serving low-income populations and communities in Summit, Medina, Portage, Stark, and Wayne counties. As a Community Development Financial Institution, certified in 2021, its purpose is to foster community development and stimulate job creation in the state of Ohio. The organization is dedicated to supporting this mission in the 5-county region, initially focusing on Medina, Portage, Stark, Summit, and Wayne counties.


Official website here: www.developmentfinanceauthority.org

Is Western Reserve Community Fund Inc legitimate?

Western Reserve Community Fund Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Western Reserve Community Fund Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.

Here are some key statistics you may want to consider:

Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0

For more financial information, click here


Official website here: www.developmentfinanceauthority.org

What is the mission statement of Western Reserve Community Fund Inc?

The Western Reserve Community Fund Inc, established in 2019, is dedicated to promoting community development and job creation. Particularly, it focuses on supporting this cause in the five-county region of Medina, Portage, Stark, Summit, and Wayne in Ohio. The organization serves as a bridge, aiding in filling the gap in access to capital, especially in areas deemed too risky for traditional lenders. Its primary target market consists of low-income populations within the specified counties. In 2021, the organization was recognized as a Community Development Financial Institution, further strengthening its capacity to contribute to community development and job creation.


Official website here: www.developmentfinanceauthority.org

Who is the CEO of Western Reserve Community Fund Inc?

Rachel Bridenstine is the President of Western Reserve Community Fund Inc.


Official website here: www.developmentfinanceauthority.org

What is the revenue of Western Reserve Community Fund Inc?

Western Reserve Community Fund Inc's revenue in 2022 was $3,285,115.


Official website here: www.developmentfinanceauthority.org

Who are the executives of Western Reserve Community Fund Inc and what are their salaries?

Here are 9 key members and their salaries:

    Erin Wojno (President) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Melissa Frank (Vice President) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Nancy Ellis Mcclenaghan (Treasurer) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • John Williams (Secretary) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Renaye Brauning (Member) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Jessica Sublett (Member) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Robert Dejournett (Member) [Trustee/Director]
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Rachel Bridenstine (Executive Director)
  • Compensation: $0
  • Related: $0
  • Other: $0

    • Chad Mayle (Cfo)
  • Compensation: $0
  • Related: $0
  • Other: $0


  • Official website here: www.developmentfinanceauthority.org

    Where can I find the form 990 for Western Reserve Community Fund Inc?

    The Western Reserve Community Fund Inc’s most recent form 990 was submitted in 2022 and can be accessed here


    Official website here: www.developmentfinanceauthority.org

    Learn more at the official website: www.developmentfinanceauthority.org

    Mission Statement of Western Reserve Community Fund Inc

    Western Reserve Community Fund Inc, a nonprofit organization established in 2019, is committed to fostering community development and job creation in the state of Ohio. Initially focusing on the five-county region of Medina, Portage, Stark, Summit, and Wayne, the organization aims to bridge the gap in access to capital and offer support in disinvested areas where traditional lenders consider the risk too high to finance alone. Their primary target market is low-income populations, serving census tracts within the aforementioned counties. In 2021, Western Reserve Community Fund Inc was certified as a Community Development Financial Institution, further bolstering its ability to contribute to community growth and development.

    Impact

    This information is meant to be a general summary of Western Reserve Community Fund Inc. Please take the time to review official sources before making any decisions based upon the content provided here.




    Saturday, July 20, 2024

    Western Reserve Community Fund Inc's impact can be seen through its efforts to support and further community development and job creation in the state of Ohio. The organization was created to address the gap in access to capital in disinvested areas where traditional lenders find too risky to finance. By targeting low-income populations and specific census tracts within Summit, Medina, Portage, Stark, and Wayne counties, Western Reserve Community Fund Inc is working to provide much-needed support and financial resources to underserved communities. Additionally, the organization's certification as a Community Development Financial Institution in 2021 underscores its commitment to making a positive impact on economic growth and opportunity in the region. Through these initiatives, Western Reserve Community Fund Inc is contributing to community improvement and helping to create a more equitable and prosperous future for residents in Ohio.





    Financials

    This financial information is from Propublica.

    Revenue
    Expenses
    Efficiency

    Other financial information:

    This information is from the most recently submitted tax form from this organization, which was in 2022.

  • Investment Income: $0
  • Program Service Revenue: $82,299
  • Gross Receipts: $3,285,115

    • Assets and Liabilities:
  • Total Assets: $8,813,414
  • Total Liabilities: $2,548,662
  • Net Assets: $6,264,752
  • Programs

    Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.

    INTEREST FROM PROGRAM

    Revenue

    $47,262

    LOAN FEE ORIGINATION

    Revenue

    $35,037

    Organization Details

    Founding Year

    2019

    Principal Officer

    Rachel Bridenstine

    Main Address

    47 NORTH MAIN STREET 407, AKRON, OH, 44308

    NTEE Category

    Code: S20 - Community improvement

    If you are a representative of Western Reserve Community Fund Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.