Overview
What is Washington Heights And Inwood Development Corporation?
Washington Heights And Inwood Development Corporation is a nonprofit organization situated in New York, specifically at 611 WEST 177TH STREET, New York, NY 10033. Their primary mission is to support and foster an environment for economic development in the Washington Heights and Inwood section of Northern Manhattan. They achieve this by providing entrepreneurial, cultural, recreational, and employment opportunities for the community. The organization offers business assistance through their B0$$ program, which caters to micro-enterprises with less than 10 employees and an annual gross income of less than $500,000. As a Certified Community Development Financial Institution (CDFI), they have made over 370 loans totaling over $5.6 million since 1995. The loans range from $100 to $50,000 and have primarily been given to small storefront businesses, street vendors, and in-home businesses. A third of the loans have been for startup businesses, with 96% going to minority and women-owned businesses. These loans have created over 420 full-time jobs and 130 new businesses in the community. They also offer entrepreneurial assistance to over 200 clients annually, providing one-on-one business counseling and technical assistance.
Is Washington Heights And Inwood Development Corporation legitimate?
Washington Heights And Inwood Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Washington Heights And Inwood Development Corporation 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $114,231
Professional Fundraising Fees: $0
Other Salaries and Wages: $97,945
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What is the mission statement of Washington Heights And Inwood Development Corporation?
The Washington Heights And Inwood Development Corporation works to establish a conducive environment for economic development and provides various entrepreneurial, cultural, recreational, and employment opportunities for individuals residing or working in the Washington Heights and Inwood section of Northern Manhattan. As a certified Community Development Financial Institution, the corporation offers loan programs, providing capital, technical assistance, and referral services to micro-enterprises, primarily small businesses, street vendors, and in-home businesses. The organization has assisted in creating over 420 full-time jobs and 130 new businesses within the community, with a majority of the loans going to minority and women-owned businesses. Through its entrepreneurial assistance program, the corporation assists over 200 clients annually with one-on-one business counseling and technical assistance.
Who is the CEO of Washington Heights And Inwood Development Corporation?
Jahaira Guerrero is the Chairperson of Washington Heights And Inwood Development Corporation.
What is the revenue of Washington Heights And Inwood Development Corporation?
Washington Heights And Inwood Development Corporation's revenue in 2022 was $369,359.
Who are the executives of Washington Heights And Inwood Development Corporation and what are their salaries?
The average compensation at Washington Heights And Inwood Development Corporation during 2022 was $70,725. There are 3 employees at Washington Heights And Inwood Development Corporation.
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- Compensation: $114,231
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Where can I find the form 990 for Washington Heights And Inwood Development Corporation?
Washington Heights And Inwood Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Washington Heights And Inwood Development Corporation
Washington Heights And Inwood Development Corporation, a nonprofit organization, is committed to fostering an environment conducive to economic development and providing entrepreneurial, cultural, recreational, and employment opportunities for individuals living or working in the Washington Heights and Inwood section of Northern Manhattan. The organization's mission is to support this community by delivering capital, technical assistance, and referral services to micro enterprises, specifically businesses with fewer than 10 employees and an annual gross income of less than $500,000. Since the inception of their loan program in 1995, Washington Heights And Inwood Development Corporation has made over 370 loans totaling over $5.6 million. These loans, ranging from $100 to $50,000, have predominantly been given to small storefront businesses, with the remainder going to street vendors and in-home businesses. A significant portion of these loans, approximately one-third, have been allocated to startup businesses, with 96% of the loans given to minority and women-owned businesses. These loans have led to the creation of over 420 full-time jobs and the establishment of 130 new businesses in the community. In addition to business assistance, the organization provides entrepreneurial assistance to over 200 clients annually, offering one-on-one business counseling and technical assistance.
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Impact
October, 2024
The Washington Heights and Inwood Development Corporation (WHIDC) significantly impacts the local community by fostering an environment conducive to economic development and providing vital support for entrepreneurial, cultural, recreational, and employment opportunities in the Washington Heights and Inwood areas of Northern Manhattan.
Through the B0$$ Program, WHIDC delivers critical business assistance, focusing on micro-enterprises—businesses with ten employees or fewer and an annual gross income of less than $500,000. As a certified Community Development Financial Institution (CDFI), WHIDC has facilitated over 370 loans totaling more than $5.6 million since its loan programs began in 1995. These loans, which range from $100 to $50,000, have primarily supported small storefront businesses, street vendors, and in-home businesses. Remarkably, about one-third of these loans have been directed towards startup businesses, demonstrating WHIDC's commitment to fostering new entrepreneurial ventures.
Furthermore, 96% of WHIDC's loans have benefited minority and women-owned businesses, underscoring the organization's focus on promoting economic equity. The outcomes of these initiatives are noteworthy: WHIDC's efforts have led to the creation of over 420 full-time jobs and the establishment of 130 new businesses within the community.
In addition to financial support, WHIDC provides entrepreneurial assistance to over 200 clients annually, offering one-on-one business counseling and technical assistance. This holistic approach empowers local entrepreneurs, enhances community resources, and strengthens the economic fabric of Washington Heights and Inwood, ultimately contributing to community improvement and uplift.
This information is meant to be a general summary of Washington Heights And Inwood Development Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Program Service Revenue: $64,438
- Gross Receipts: $369,359
Assets and Liabilities:
- Total Assets: $476,640
- Total Liabilities: $1,315,913
- Net Assets: -$839,273
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MEDIEVAL FESTIVAL REVE
Revenue
$39,289
GENERAL CONTRIBUTION
Revenue
$14,147
PROGRAM SERVICE REVENU
Revenue
$6,308
PROGRAM LOAN INTEREST
Revenue
$4,694
Organization Details
Founding Year
1978
Phone
(332) 208-6465Principal Officer
Jahaira Guerrero
Main Address
611 WEST 177TH STREET, NEW YORK, NY, 10033
NTEE Category
Code: S31Z - Community improvement
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