Overview
What is Westfield Economic Development Fd?
Westfield Economic Development Fund is a public benefit corporation, functioning with the aim of promoting civic welfare in the city. They played a significant role in overseeing the construction of the Westfield playhouse, with the final payment being made in 2021. Post-construction, the playhouse has been committed to making monthly contributions of $1000 towards public benefits within the city, as per an agreement established in August 2020.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 94%, Four-Star out of Four Star rating.
The Westfield Economic Development Fund has achieved a high rating of 94%, reflecting strong performance in accountability and finance. This rating is particularly significant as it indicates a solid commitment to transparency and responsible financial management. The organization received a perfect score for having an entirely independent board, ensuring that decisions are made without conflicts of interest.
Strengths highlighted in the rating include the absence of material diversion of assets and a favorable liabilities-to-assets ratio of 0.00%. Additionally, the program expense ratio stands at an impressive 94.38%, demonstrating that a significant portion of its resources is directed toward its programs rather than administrative costs. Policies regarding conflicts of interest, whistleblowers, and document retention are all in place, further enhancing the organization's governance framework.
While the rating does not indicate any major weaknesses, it is worth noting that the entire score is derived from a single beacon focused on accountability and finance. This means that while the organization performs exceptionally in these areas, insights into other aspects, such as program impact or community engagement, are not assessed within this rating system.
This AI summary has been generated from information found on Charity Navigator.
Is Westfield Economic Development Fd legitimate?
Westfield Economic Development Fd is a legitimate nonprofit organization registered as a 501(c)(3) entity. Westfield Economic Development Fd 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Westfield Economic Development Fd?
The Westfield Economic Development Fund functions as a Public Benefit Corporation. Its primary mission is to utilize the funds derived from the Westfield playhouse, which it oversaw during construction and finalized payment in 2021. Since August 2020, the playhouse has been required to pay the Fund $1000 per month. This money is then allocated for public benefit initiatives within the city. The Westfield Economic Development Fund does not have a publicly stated mission statement beyond its role as a Public Benefit Corporation, focusing on using its resources for the betterment of the community.
What is the revenue of Westfield Economic Development Fd?
Westfield Economic Development Fd's revenue in 2023 was $12,005.
Who are the executives of Westfield Economic Development Fd and what are their salaries?
There 3 volunteers at Westfield Economic Development Fd.
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Westfield Economic Development Fd?
Westfield Economic Development Fd's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Westfield Economic Development Fd
Westfield Economic Development Fund, functioning as a Public Benefit Corporation, is committed to promoting public welfare within its city. One of its significant undertakings involves overseeing the construction of the Westfield playhouse, which was completed in 2021. Post-construction, the playhouse is legally bound to remit $1000 each month to the Fund. These funds are then allocated for public benefit purposes within the city. The Westfield Economic Development Fund's mission is to contribute positively to the community, leveraging its resources to foster development and improve the city's overall well-being.
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Impact
August, 2024
Westfield Economic Development Fd's impact can be seen through the successful construction and operation of the Westfield playhouse. This initiative has not only provided a cultural and entertainment venue for the city but has also contributed financially to the growth and betterment of Westfield. The monthly payments from the playhouse to WEDF are earmarked for public benefit within the city, further enhancing the quality of life for residents and supporting community improvement efforts. By overseeing projects like the Westfield playhouse, WEDF is playing a vital role in promoting economic development and enhancing the overall well-being of the Westfield community.
This information is meant to be a general summary of Westfield Economic Development Fd. 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 2023.
- Investment Income: $5
- Gross Receipts: $12,005
Assets and Liabilities:
- Total Assets: $63,277
- Total Liabilities: $0
- Net Assets: $63,277
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Organization Details
Founding Year
2008
Principal Officer
Randy Zentz
NTEE Category
Code: S112 - Community improvement
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