Overview
What is West Central Development Corporation?
West Central Development Corporation, operating under the name Anchor Financial Services, is a nonprofit organization situated in Perrysburg, Ohio. Their primary focus is to improve the lives of disadvantaged individuals and strengthen distressed communities through innovative finance. They achieve this by administering a 504 Loan Program, which provides funding for small businesses to undertake fixed asset projects. This initiative has led to the creation of over 2,500 jobs. West Central Development Corporation acts as an agent of the U.S. Small Business Administration, partnering with community banks and advocating for the growth of businesses. With a team of seven employees, they adhere to the policies and procedures set forth by the U.S. Small Business Administration to promote economic development and sustainable job growth.
Official website here: www.anchorsba.com
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 92%, Four-Star out of Four Star rating.
West Central Development Corporation has received a strong 92% rating on Charity Navigator, reflecting its commendable performance in accountability and finance. The organization has effectively maintained a high standard of oversight with a majority of independent board members and a robust financial audit process, scoring full points in several key financial areas. This indicates a solid foundation for transparency and responsible management of resources.
The organization excels in program expenses, with nearly 79% of its budget allocated directly to its programs, demonstrating a commitment to its mission. Additionally, it has shown no material diversion of assets, further assuring stakeholders of its financial integrity. Most metrics related to governance and financial practices are well in place, although there is a noted absence of a whistleblower policy, which could be seen as a limitation in its governance structure.
Overall, West Central Development Corporation appears to prioritize accountability and has a solid track record in financial management, making it a potentially trustworthy choice for donors and supporters. However, addressing the missing whistleblower policy could enhance their governance and further bolster stakeholder confidence.
This AI summary has been generated from information found on Charity Navigator.
Is West Central Development Corporation legitimate?
West Central Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. West Central 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: $164,739
Professional Fundraising Fees: $0
Other Salaries and Wages: $58,972
For more financial information, click here
Official website here: www.anchorsba.com
What is the mission statement of West Central Development Corporation?
West Central Development Corporation's mission is centered around improving the lives of disadvantaged individuals and strengthening distressed communities. They achieve this by promoting economic development and sustainable job growth. The corporation acts as an agent of the government, partners with community banks, and serves as an advocate for businesses. Their primary activity involves financing viable small businesses through the 504 Loan Program, which provides loans for fixed asset projects. This program, adhering to U.S. Small Business Administration policies, has resulted in the creation of over 2,500 jobs.
Official website here: www.anchorsba.com
Who is the CEO of West Central Development Corporation?
Julie E Jurosic Cpa is the President of West Central Development Corporation.
Official website here: www.anchorsba.com
What is the revenue of West Central Development Corporation?
West Central Development Corporation's revenue in 2022 was $2,398,385.
Official website here: www.anchorsba.com
Who are the executives of West Central Development Corporation and what are their salaries?
The average compensation at West Central Development Corporation during 2022 was $31,959. There are 7 employees at West Central Development Corporation.
Here are 5 key members and their salaries:
- Compensation: $106,907
- Related: $0
- Other: $12,291
- Compensation: $43,055
- Related: $0
- Other: $2,486
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.anchorsba.com
Where can I find the form 990 for West Central Development Corporation?
West Central Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.anchorsba.com
Learn more at the official website: www.anchorsba.com
Mission Statement of West Central Development Corporation
West Central Development Corporation, a nonprofit organization, is committed to enhancing the lives of disadvantaged individuals and revitalizing distressed communities. Their mission is twofold: firstly, they aim to foster economic development and encourage sustainable job growth. They achieve this by providing financing to viable small businesses, acting as an agent of the government, partnering with community banks, and advocating for businesses.
Secondly, West Central Development Corporation serves as a champion for these businesses, helping them secure loans for fixed asset projects. Their flagship program, the 504 Loan Program, is a testament to their commitment. This program, aligned with the policies and procedures of the U.S. Small Business Administration, boasts an impressive portfolio of 88 loans with outstanding principal balances totaling $44,015,877. In 2022 alone, they approved 7 loans worth $6,356,000 and funded 11 loans totaling $9,865,000. This program has been instrumental in creating 2,541 jobs, demonstrating West Central Development Corporation's significant impact on the local economy.
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Impact
October, 2024
West Central Development Corporation significantly impacts the lives of disadvantaged individuals and strengthens distressed communities through innovative finance initiatives. By administering a robust 504 Loan Program, the organization has successfully curbed economic challenges faced by small businesses. Currently managing a portfolio of 88 loans, totaling over $44 million, West Central has approved seven loans amounting to $6.36 million and funded eleven loans totaling nearly $10 million in 2022 alone.
This financial support enables small businesses to undertake fixed asset projects, which are crucial for their growth and sustainability. The organization's efforts have led to the creation of 2,541 jobs, promoting economic development and enhancing job opportunities within the community. As an agent of the government, a partner for community banks, and a champion for businesses, West Central Development Corporation plays a pivotal role in fostering sustainable job growth and improving the overall economic landscape in Perrysburg, Ohio, and beyond.
This information is meant to be a general summary of West Central 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.
- Investment Income: $8,131
- Program Service Revenue: $414,986
- Gross Receipts: $2,399,306
Assets and Liabilities:
- Total Assets: $4,565,450
- Total Liabilities: $1,277,856
- Net Assets: $3,287,594
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN ADMINISTRATION IN
Revenue
$414,986
Organization Details
Founding Year
2006
Phone
(419) 873-8322Principal Officer
Julie E Jurosic Cpa
Main Address
955 COMMERCE DR A, PERRYSBURG, OH, 43551
Website
www.anchorsba.comNTEE Category
Code: S12 - Community improvement
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