Westfield Insurance Foundation
- Assets
- $42.9m
- Revenue
- $4.4m
- Investments
- $42.0m
- Employees
- 0
- Location
- Westfield Center, OH
- Founding
- 12/2005
- Data as of
- 12/2021
- EIN
- 20-3816760
Organization Overview
Westfield Insurance Foundation is located in Westfield Center, OH. The organization was established in 2005. According to its NTEE Classification (T21) the organization is classified as: Corporate Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Westfield Insurance Foundation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2021, Westfield Insurance Foundation generated $4.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (6.0%) each year. All expenses for the organization totaled $3.8m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2020, Westfield Insurance Foundation has awarded 798 individual grants totaling $6,949,728. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph Kohmann Director | 0.5 | $0 | |
Edward Largent Director | 0.5 | $0 | |
Jani Groza Director | 15 | $0 | |
James Merz Director | 0.25 | $0 | |
Craig Welsh Director | 0.25 | $0 | |
Jennifer Palmieri Director Beg 2020 | 0.25 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $0 |
| Interest on Savings | $0 |
| Dividends & Interest | $635,305 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $3,727,289 |
| Capital Gain Net Income | $4,426,929 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $0 |
| Total Revenue | $4,362,594 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $345,257 |
| Pension plans, employee benefits | $66,694 |
| Interest | $0 |
| Taxes | $73,499 |
| Depreciation | $1,920 |
| Occupancy | $36,960 |
| Travel, conferences, and meetings | $20,949 |
| Printing and publications | $0 |
| Other expenses | $39,365 |
| Total operating and administrative expenses | $626,520 |
| Contributions, gifts, grants paid | $3,198,493 |
| Total expenses and disbursements | $3,825,013 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $57,476 |
| Savings and temporary cash investments | $865,082 |
| Net Accounts receivable | $0 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $7,578,870 |
| Net Land, buildings, and equipment | $0 |
| Other assets | $6,488 |
| Total assets | $42,931,784 |
| Accounts payable and accrued expenses | $23,196 |
| Grants payable | $501,171 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $0 |
| Other liabilities | $45,594 |
| Total liabilities | $569,961 |
Grants Awarded
Over the last fiscal year, Westfield Insurance Foundation has awarded $3,234,102 in support to 342 organizations.
| Grant Recipient | Amount |
|---|---|
PGA TOUR INC PURPOSE: SPONSORSHIP | $215,000 |
Louisville, KY PURPOSE: DISASTER RECOVERY | $150,000 |
Akron, OH PURPOSE: CAPITAL CAMPAIGN, DOLLARS FOR DOERS, EMPLOYEE MATC | $128,619 |
FUND FOR OUR ECONOMIC FUTURE PURPOSE: DISASTER RECOVERY, GENERAL DONATION | $125,000 |
SPANISH AMERICAN COMMITTEE PURPOSE: FAMILY STABILITY, SPONSORSHIP | $103,500 |
Cleveland, OH PURPOSE: FAMILY STABILITY | $88,749 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Progressive Insurance Foundation Cleveland, OH | $7,804,354 | $47,823,383 |
Arconic Charitable Foundation Pittsburgh, PA | $0 | $10,360,918 |
Brown-Forman Foundation Louisville, KY | $0 | $24,207,060 |
Alcoa Foundation Pittsburgh, PA | $146,938,296 | $5,082,676 |
Third Federal Foundation Cleveland, OH | $35,709,526 | $3,618,702 |
Gii Charities Grand Rapids, MI | $4,065,002 | $6,112,431 |
Star Foundation Bethlehem, PA | $0 | $17,247 |
Westfield Insurance Foundation Westfield Center, OH | $42,931,784 | $4,362,594 |
Giant Eagle Foundation Pittsburgh, PA | $15,044,604 | $6,408,453 |
Morgan Family Foundation Yellow Springs, OH | $51,827,477 | $1,582,241 |
Harry M And Violet Turner Charitable Trust Springfield, OH | $29,217,065 | $2,348,308 |
Penske Foundation Inc Bloomfield Hills, MI | $17,008,099 | $10,243,924 |