Overview
What is Western Reserve Community Fund Inc?
Western Reserve Community Fund Inc is a nonprofit organization established in 2019, located in Akron, Ohio. Its primary mission is to bridge the gap in access to capital and offers support in economically disadvantaged areas. Traditional lenders often deem these areas as too risky to finance, making Western Reserve Community Fund Inc an essential resource. The organization focuses on serving low-income populations and communities in Summit, Medina, Portage, Stark, and Wayne counties. As a Community Development Financial Institution, certified in 2021, its purpose is to foster community development and stimulate job creation in the state of Ohio. The organization is dedicated to supporting this mission in the 5-county region, initially focusing on Medina, Portage, Stark, Summit, and Wayne counties.
Official website here: www.developmentfinanceauthority.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 92% - Four-Star out of Four Stars
The Western Reserve Community Fund Inc has received a strong Four-Star rating from Charity Navigator, demonstrating high accountability and financial health. The charity's overall score is based entirely on its Accountability & Finance metrics, where it excelled, particularly in areas such as having a fully independent board and maintaining a high program expense ratio of 86.55%. These factors indicate that the organization is effectively using its resources to further its mission.
Strengths of the organization include a solid financial position, with a low liabilities to assets ratio of 28.91% and a remarkable working capital ratio of 11.28 years. This suggests that the fund is well-prepared for future financial needs and can sustain its operations effectively. The presence of comprehensive policies on conflict of interest, document retention, and regular distribution of tax forms to the board further enhances its credibility and governance.
However, the organization does have a notable limitation, as it lacks a whistleblower policy, which received a score of zero. This gap in policy could raise concerns regarding internal accountability and employee protection. While the organization demonstrates strong performance in many areas, addressing this limitation could further improve its governance and transparency.
This AI summary has been generated from information found on Charity Navigator.
Is Western Reserve Community Fund Inc legitimate?
Western Reserve Community Fund Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Western Reserve Community Fund 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 Western Reserve Community Fund Inc?
The Western Reserve Community Fund Inc, established in 2019, is dedicated to promoting community development and job creation. Particularly, it focuses on supporting this cause in the five-county region of Medina, Portage, Stark, Summit, and Wayne in Ohio. The organization serves as a bridge, aiding in filling the gap in access to capital, especially in areas deemed too risky for traditional lenders. Its primary target market consists of low-income populations within the specified counties. In 2021, the organization was recognized as a Community Development Financial Institution, further strengthening its capacity to contribute to community development and job creation.
Official website here: www.developmentfinanceauthority.org
What is the revenue of Western Reserve Community Fund Inc?
Western Reserve Community Fund Inc's revenue in 2023 was $3,393,953.
Official website here: www.developmentfinanceauthority.org
Who are the executives of Western Reserve Community Fund Inc and what are their salaries?
There 6 volunteers at Western Reserve Community Fund Inc.
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 Western Reserve Community Fund Inc?
Western Reserve Community Fund 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 Western Reserve Community Fund Inc
Western Reserve Community Fund Inc, a nonprofit organization established in 2019, is committed to fostering community development and job creation in the state of Ohio. Initially focusing on the five-county region of Medina, Portage, Stark, Summit, and Wayne, the organization aims to bridge the gap in access to capital and offer support in disinvested areas where traditional lenders consider the risk too high to finance alone. Their primary target market is low-income populations, serving census tracts within the aforementioned counties. In 2021, Western Reserve Community Fund Inc was certified as a Community Development Financial Institution, further bolstering its ability to contribute to community growth and development.
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Impact
July, 2024
Western Reserve Community Fund Inc's impact can be seen through its efforts to support and further community development and job creation in the state of Ohio. The organization was created to address the gap in access to capital in disinvested areas where traditional lenders find too risky to finance. By targeting low-income populations and specific census tracts within Summit, Medina, Portage, Stark, and Wayne counties, Western Reserve Community Fund Inc is working to provide much-needed support and financial resources to underserved communities. Additionally, the organization's certification as a Community Development Financial Institution in 2021 underscores its commitment to making a positive impact on economic growth and opportunity in the region. Through these initiatives, Western Reserve Community Fund Inc is contributing to community improvement and helping to create a more equitable and prosperous future for residents in Ohio.
This information is meant to be a general summary of Western Reserve Community 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.
- Program Service Revenue: $163,399
- Gross Receipts: $3,393,953
Assets and Liabilities:
- Total Assets: $8,813,414
- Total Liabilities: $2,548,662
- Net Assets: $6,264,752
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST FROM PROGRAM
Revenue
$109,040
LOAN FEE ORIGINATION
Revenue
$54,359
Organization Details
Founding Year
2019
Principal Officer
Rachel Bridenstine
NTEE Category
Code: S20 - Community improvement
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