Overview
What is The Westerly Revolving Fund Inc?
The Westerly Revolving Fund Inc is a nonprofit organization committed to preserving Westerly's historical heritage and fostering community revitalization. In 2019, they took action by acquiring a dilapidated historic property on Main Street in Westerly and initiating renovations as part of their community revitalization program. They fully covered the expenses related to the project, demonstrating their dedication to enhancing the local area.
Official website here: www.westerlyrevolvingfund.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 70%, earning it a Two-Star out of Four Star rating. The Westerly Revolving Fund Inc demonstrates solid accountability and finance metrics, with a notable program expense ratio of 69.23%, indicating a strong commitment to its mission-related activities. Additionally, the organization boasts a fully independent board and has demonstrated no material diversion of assets, reflecting a healthy governance structure.
However, the organization has several gaps in its policies, including the absence of a conflict of interest policy, whistleblower policy, and a document retention and destruction policy. These deficiencies have negatively impacted its overall accountability score. Furthermore, while the fund's website is listed on its tax form, relevant financial documents are not made available on the site, which could limit transparency for potential donors.
Overall, while The Westerly Revolving Fund Inc exhibits strengths in governance and program spending, addressing the noted policy gaps would enhance its accountability and potentially improve its rating in the future.
This AI summary has been generated from information found on Charity Navigator.
Is The Westerly Revolving Fund Inc legitimate?
The Westerly Revolving Fund Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Westerly Revolving Fund Inc submitted a form 990EZ, 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
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Official website here: www.westerlyrevolvingfund.org
What is the mission statement of The Westerly Revolving Fund Inc?
The Westerly Revolving Fund Inc's mission is centered around preserving historical heritage and stimulating community revitalization. To achieve this, the organization undertakes initiatives such as purchasing and renovating historic properties, as exemplified by their acquisition of a mixed-use property on Main Street in Westerly, RI in 2019. Their efforts are geared towards revitalizing communities, with all related expenditures being capitalized.
Official website here: www.westerlyrevolvingfund.org
What is the revenue of The Westerly Revolving Fund Inc?
The Westerly Revolving Fund Inc's revenue in 2023 was $98.
Official website here: www.westerlyrevolvingfund.org
Who are the executives of The Westerly Revolving Fund Inc and what are their salaries?
Here are 5 key members and their salaries:
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Official website here: www.westerlyrevolvingfund.org
Where can I find the form 990EZ for The Westerly Revolving Fund Inc?
The Westerly Revolving Fund Inc's most recent form 990EZ was submitted in 2023 and can be accessed here.
Official website here: www.westerlyrevolvingfund.org
Learn more at the official website: www.westerlyrevolvingfund.org
Mission Statement of The Westerly Revolving Fund Inc
The Westerly Revolving Fund, as the name suggests, is dedicated to preserving the historical heritage of its community while stimulating revitalization efforts. With a mission in mind, the organization purchased a dilapidated historic property located at 134 Main St, Westerly, RI, in April 2019. This acquisition was part of an ongoing community revitalization program. The Revolving Fund then promptly initiated renovations and covered all related expenses. This strategic move aiming to restore the property demonstrates their commitment to reviving the community's historical charm and fostering growth.
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Impact
October, 2024
The Westerly Revolving Fund Inc significantly contributes to the preservation of historical heritage and the revitalization of the community in Westerly, Rhode Island. By acquiring historic properties, such as the mixed-use building at 134 Main St in April 2019, the organization actively works to restore and enhance the character of the town. These renovations not only maintain the architectural integrity of historic structures but also stimulate economic growth by attracting new businesses and residents to the area.
The Fund's commitment to community revitalization fosters a sense of pride among residents and encourages engagement with local arts and culture. By transforming neglected properties into vibrant spaces, it creates opportunities for public gatherings, artistic expression, and economic development. Overall, the Westerly Revolving Fund acts as a catalyst for positive change, ensuring that the town's historical legacy is preserved while simultaneously paving the way for a vibrant and sustainable future.
This information is meant to be a general summary of The Westerly Revolving Fund Inc. 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.
- Gross Receipts: $98
Assets and Liabilities:
- Total Assets: $32,363
- Total Liabilities: $0
- Net Assets: $32,363
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Organization Details
Principal Officer
Louis W Gingerella Jr
NTEE Category
Code: A80 - Arts
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