Westerly Land Trust
- Assets
- $8.9m
- Revenue
- $860.8k
- Investments
- $0.0
- Employees
- 5
- Location
- Westerly, RI
- Founding
- 02/1988
- Data as of
- 12/2021
- EIN
- 22-2864907
Organization Overview
Westerly Land Trust is located in Westerly, RI. The organization was established in 1988. According to its NTEE Classification (T90) the organization is classified as: Named Trusts N.E.C., under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. As of 12/2021, Westerly Land Trust employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Westerly Land Trust 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, Westerly Land Trust generated $860.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.6%) each year. All expenses for the organization totaled $663.6k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (3.8%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE WESTERLY LAND TRUST CONSERVES OPEN SPACE, REVITALIZES CULTURALLY SIGNIFICANT PROPERTIES AND PROVIDES ENVIRONMENTAL PROGRAMS FOR THE ENDURING BENEFIT OF OUR COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE WESTERLY LAND TRUST, A NOT-FOR-PROFIT CORPORATION, OPERATES THROUGHOUT WESTERLY TO CONSERVE SPACE AND ENHANCE COMMUNITY RESOURCES. SPECIFIC PROGRAMS INCLUDE THE PRESERVATION OF OPEN SPACE, REHABILITATION AND REDEVELOPMENT OF ESTABLISHED NEIGHBORHOODS, AND ESTABLISHMENT OF EDUCATION AND RECREATION OPPORTUNITIES FOR THE PUBLIC. THE TRUST'S PROGRAMS AND ACTIVITIES ARE DIRECTED TO THE PROTECTION AND ENHANCEMENT OF THE ENVIRONMENT, AGRICULTURE, AND WATER RESOURCES AS WELL AS THE COMMUNITY'S "SENSE OF PLACE." WESTERLY IS RECOGNIZED AS A PLACE WITH SPECIAL CHARM AND ATTRACTIONS WHICH ARE A SOURCE OF PRIDE TO ITS RESIDENTS AND A MAGNET FOR TOURISTS AND NEW RESIDENTS. THE TRUST AIMS TO PROTECT AND STRENGTHEN THAT REPUTATION.
THE LAND TRUST CURRENTLY HOLDS 32 PROPERTIES TOTALING MORE THAN 1,700 ACRES. THE MOST RECENT ACQUISITION WAS THE COTTRELL FAMILY PRESERVE IN FEBRUARY 2022, WHICH LIES ON THE NATIONALLY DESIGNATED WILD AND SCENIC PAWCATUCK RIVER. IN 2004, THE WESTERLY LAND TRUST EXPANDED ITS MISSION TO INCLUDE RE-DEVELOPMENT OF BLIGHTED COMMERCIAL PROPERTIES IN AREAS OF HISTORICAL SIGNIFICANCE IN DOWNTOWN WESTERLY. THE CONCEPT IS THAT SMART GROWTH WILL BENEFIT THE TOWN AND REDUCE DEVELOPMENTAL PRESSURE ON ENVIRONMENTALLY SENSITIVE AREAS. IN ADDITION TO THE HISTORIC UNITED THEATER, MONTGOMERY WARD, AND INDUSTRIAL TRUST BUILDINGS, THE LAND TRUST AND ITS PARTNERS OWN PROPERTIES BETWEEN MAIN STREET AND THE PAWCATUCK RIVER.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Fusco Executive Director | Officer | 45 | $120,000 |
Gerry Gorman Treasurer | OfficerTrustee | 4 | $0 |
Allen Leadbetter Vice President | OfficerTrustee | 4 | $0 |
Nicholas J Stahl President | OfficerTrustee | 4 | $0 |
Linda Griffin Secretary | OfficerTrustee | 4 | $0 |
Lawrence Orlando Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $56,520 |
| Fundraising events | $39,213 |
| Related organizations | $0 |
| Government grants | $62,282 |
| All other contributions, gifts, grants, and similar amounts not included above | $615,070 |
| Noncash contributions included in lines 1a–1f | $1,145 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $773,085 |
| Total Program Service Revenue | $88,807 |
| Investment income | $258 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$1,323 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $860,827 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $123,600 |
| Compensation of current officers, directors, key employees. | $25,392 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $94,927 |
| Pension plan accruals and contributions | $1,826 |
| Other employee benefits | $17,906 |
| Payroll taxes | $20,349 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $19,195 |
| Fees for services: Accounting | $39,680 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $7,560 |
| Advertising and promotion | $2,629 |
| Office expenses | $10,887 |
| Information technology | $6,844 |
| Royalties | $0 |
| Occupancy | $96,671 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $497 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $96,936 |
| Insurance | $38,682 |
| All other expenses | $1,315 |
| Total functional expenses | $663,621 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $573,862 |
| Savings and temporary cash investments | $238,003 |
| Pledges and grants receivable | $17,703 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $10,479 |
| Net Land, buildings, and equipment | $6,760,284 |
| Investments—publicly traded securities | $103,567 |
| Investments—other securities | $0 |
| Investments—program-related | $1,218,028 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,921,926 |
| Accounts payable and accrued expenses | $14,727 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $5,893,392 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $5,908,119 |
| Net assets without donor restrictions | $2,665,173 |
| Net assets with donor restrictions | $348,634 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $8,921,926 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Westerly Land Trust has recieved totaling $1,500.
| Awarding Organization | Amount |
|---|---|
Peter And Deborah Lamm Foundation Boston, MA PURPOSE: GENERAL PURPOSES | $1,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Harold Grinspoon Foundation Agawam, MA | $968,665,027 | $58,159,410 |
Halvorsen Family Foundation Greenwich, CT | $235,306,066 | $4,015,208 |
Lynch Foundation Boston, MA | $176,006,196 | $42,142,694 |
Lyford Cay Foundation Inc Greenwich, CT | $29,953,842 | $2,393,799 |
Wings For Things Foundation Inc Sandy Hook, CT | $31,046,537 | $6,302,092 |
Trustees Under The Will Of Herman Dana Newton, MA | $0 | $3,151,156 |
Herman And Frieda L Miller Foundation Boston, MA | $0 | $1,453,299 |
Hometown Foundation Inc Cheshire, CT | $4,638,062 | $3,709,489 |
Elizabeth Deblois Charitable Trust Dtd 113068 Boston, MA | $42,663,522 | $5,064,165 |
Maria Seymour Brooker Memorial Inc Torrington, CT | $41,917,935 | $4,321,077 |
Jobson Family Foundation Wellesley, MA | $38,480,789 | $7,536,069 |
Scott A Nathan Charitable Tr Boston, MA | $6,622,498 | $4,024 |