Overview
What is Development Fund Of Western Reserve Inc?
Development Fund of Western Reserve Inc, located in Akron, Ohio, serves as the managing member for various affiliated entities, including Western Reserve DF IV, V, VI, and so on, all of which provide investment capital to low-income communities and individuals under the New Markets Tax Credit Program. Their mission is to contribute to the betterment of economically disadvantaged communities and individuals by offering financial support.
Official website here: www.developmentfinanceauthority.org
Is Development Fund Of Western Reserve Inc legitimate?
Development Fund Of Western Reserve Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Development Fund Of Western Reserve 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.
Heare are some key statistics you may want to consider:
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Official website here: www.developmentfinanceauthority.org
What is the mission statement of Development Fund Of Western Reserve Inc?
The Development Fund of Western Reserve Inc's mission is centered around serving and providing investment capital for low-income communities and individuals. In essence, the organization plays a pivotal role in channeling financial resources towards qualified businesses operating within low-income communities, adhering to the New Markets Tax Credit Program. This mission aims to contribute to the economic development and betterment of these communities.
Official website here: www.developmentfinanceauthority.org
What is the revenue of Development Fund Of Western Reserve Inc?
Development Fund Of Western Reserve Inc's revenue in 2023 was $1,433,111.
Official website here: www.developmentfinanceauthority.org
Who are the executives of Development Fund Of Western Reserve Inc and what are their salaries?
Here are 8 key members and their salaries:
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Official website here: www.developmentfinanceauthority.org
Where can I find the form 990 for Development Fund Of Western Reserve Inc?
Development Fund Of Western Reserve Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.developmentfinanceauthority.org
Learn more at the official website: www.developmentfinanceauthority.org
Mission Statement of Development Fund Of Western Reserve Inc
Development Fund of Western Reserve Inc, as a nonprofit organization, is committed to serving and providing investment capital for low-income communities and individuals. This mission is carried out by acting as the managing member for various affiliates, including Western Reserve DF I through XIX and ACRF Lender, LLC. These affiliates, either directly or indirectly, offer investment capital to qualified low-income community businesses, adhering to the New Markets Tax Credit Program. By doing so, Development Fund of Western Reserve Inc plays a crucial role in fostering economic growth and development within low-income communities, ultimately improving the living conditions and opportunities for those residing in these areas.
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Impact
October, 2024
Development Fund Of Western Reserve Inc significantly impacts low-income communities and individuals by providing essential investment capital. The organization serves as a managing member for various affiliates and lenders, facilitating access to funds for qualified low-income community businesses through the New Markets Tax Credit Program. This support allows businesses to thrive, create jobs, and foster economic development in underserved areas. By focusing on low-income populations, the fund helps to bridge the financial gap, promoting community improvement and enhancing the quality of life for many residents in Akron and beyond.
This information is meant to be a general summary of Development Fund Of Western Reserve 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.
- Program Service Revenue: $1,433,111
- Gross Receipts: $1,433,111
Assets and Liabilities:
- Total Assets: $6,942,255
- Total Liabilities: $2,990,504
- Net Assets: $3,951,751
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
COMMUNITY REINVESTMENT
Revenue
$555,000
ASSET MANAGEMENT FEES
Revenue
$389,410
ADMIN FEES
Revenue
$210,000
SUB-CDE AUDIT/TAX REIM
Revenue
$161,500
INTEREST INCOME - NMTC
Revenue
$108,400
Organization Details
Founding Year
2011
Principal Officer
Rachel Bridenstine
NTEE Category
Code: S30 - Community improvement
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