Westerly Revolving Fund Inc
- Assets
- $33.2k
- Revenue
- -$263.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Westerly, RI
- Founding
- 07/2014
- Data as of
- 12/2021
- EIN
- 35-2465487
Organization Overview
Westerly Revolving Fund Inc is located in Westerly, RI. The organization was established in 2014. According to its NTEE Classification (A80) the organization is classified as: Historical Organizations, under the broad grouping of Arts, Culture & Humanities and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Westerly Revolving Fund Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PRESERVE HISTORICAL HERITAGE OF WESTERLY AND STIMULATE COMMUNITY REVITALIZATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
REVOLVING FUND LOAN PROGRAM - THE ORGANIZATION BECAME ESTABLISHED TO PROVIDE TECHNICAL SERVICES TO PROPERTY OWNERS IN WESTERLY'S HISTORIC NEIGHBORHOODS. STAFF WILL PREPARE FOR COST ESTIMATES FOR PROPERTIES AND EXTERIOR SPECIFICATIONS FOR RESIDENTIAL OR COMMERCIAL PROPERTIES, AND MONITOR RESTORATIONS.
COMMUNITY REVITALIZATION PROGRAM - IN APRIL 2019, THE ORGANIZATION PURCHASED A MIXED-USE HISTORIC PROPERTY IN NEED OF RENOVATION AT 134 MAIN ST, WESTERLY, RI. THE ORGANIZATION BEGAN THE RENOVATIONS IMMEDIATELY. ALL RELATED EXPENDITURES HAVE BEEN CAPITALIZED TO THIS PROJECT. THE COMPLETED PROJECT WAS SOLD ON JULY 1, 2021.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Louis W Gingerella Jr President | OfficerTrustee | 5 | $0 |
Michael J Beddard Director | OfficerTrustee | 1 | $0 |
Faith Bessette Zito Director | OfficerTrustee | 1 | $0 |
Antonio Gooding Director | Trustee | 1 | $0 |
Marcia Felber Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $22,100 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $22,100 |
| Total Program Service Revenue | $0 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$285,196 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | -$263,096 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $970 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $517 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $825 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,312 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $33,189 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $33,189 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $33,189 |
| Net assets with donor restrictions | $0 |
| 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 | $33,189 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Westerly Revolving Fund Inc has recieved totaling $13,600.
| Awarding Organization | Amount |
|---|---|
Royce Family Fund Inc Greenwich, CT PURPOSE: GENERAL PURPOSES | $13,600 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
The Josef And Anni Albers Foundation Inc Bethany, CT | $32,115,057 | $7,525,828 |
Massachusetts Historical Society Boston, MA | $153,195,244 | $13,508,822 |
Edward M Kennedy Institute For The United States Senate Inc Boston, MA | $123,530,650 | $3,733,081 |
Nantucket Historical Association Nantucket, MA | $54,222,410 | $8,695,480 |
Old Dartmouth Historical Society New Bedford, MA | $34,006,057 | $4,398,959 |
Longyear Foundation Chestnut Hill, MA | $89,717,861 | $3,937,071 |
Iyrs School Of Technology & Trades Newport, RI | $24,395,751 | $5,182,625 |
Connecticut Historical Society Hartford, CT | $72,727,103 | $6,569,476 |
Preserve Rhode Island Providence, RI | $13,128,578 | $4,482,092 |
Revolutionary Spaces Inc Boston, MA | $12,660,742 | $3,566,047 |
Bostonian Society Inc Boston, MA | $7,504,386 | $2,774,828 |
Cape Ann Museum Inc Gloucester, MA | $28,561,909 | $3,093,394 |