2024-11-01T08:37:56-05:00 2023-12-31 363168081 SIKICH LLC 4020 KINROSS LAKES PARKWAY SUITE 300 RICHFIELD OH 44286 990 2023-01-01 833858451 WESTERN RESERVE COMMUNITY FUND INC WEST 3307624776 ONE CASCADE PLAZA 1700 AKRON OH 44308 RACHEL BRIDENSTINE EXECUTIVE DIRECTOR 3307624776 2024-10-29 1 0 X BRIDGETTE MUGGE P00671418 3308646661 2024-10-29 2023 2024-10-15 13:58:12Z X RACHEL BRIDENSTINE ONE CASCADE PLAZA 1700 AKRON OH 44308 3393953 0 X WWW.DEVELOPMENTFINANCEAUTHORITY.ORG X 2019 OH ORGANIZED TO SUPPORT AND FURTHER COMMUNITY DEVELOPMENT AND JOB CREATION IN THE STATE OF OHIO. 6 6 0 6 0 0 3189924 3178242 82299 163399 0 0 12892 52312 3285115 3393953 326198 386280 0 0 0 0 0 0 0 624319 994991 950517 1381271 2334598 2012682 8813414 11629184 2548662 3351750 6264752 8277434 IN FURTHERANCE THEREOF, THE CORPORATION SHALL BE ORGANIZED TO SUPPORT AND FURTHER COMMUNITY DEVELOPMENT AND JOB CREATION IN THE STATE OF OHIO AND WILL INITIALLY FOCUS ON THE 5-COUNTY REGION OF MEDINA, PORTAGE, STARK, SUMMIT, AND WAYNE. 0 0 1072210 386280 215711 WESTERN RESERVE COMMUNITY FUND, INC. (THE ORGANIZATION) IS A NONPROFIT ORGANIZATION INCORPORATED ON MARCH 7, 2019. IT WAS CREATED TO HELP FILL THE GAP IN ACCESS TO CAPITAL AND PROVIDE SUPPORT IN DISINVESTED AREAS WHERE TRADITIONAL LENDERS DEEM TOO RISKY TO FINANCE OR BE THE SOLE LENDER. THE ORGANIZATION'S TARGET MARKET IS LOW-INCOME POPULATIONS AND CENSUS TRACTS WITHIN SUMMIT, MEDINA, PORTAGE, STARK AND WAYNE COUNTIES. THE ORGANIZATION WAS CERTIFIED AS A COMMUNITY DEVELOPMENT FINANCIAL INSTITUTION DURING CALENDAR YEAR 2023. 1072210 1 1 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 0 0 OH X X RACHEL BRIDENSTINE 3307624776 47 NORTH MAIN STREET SUITE 407 AKRON OH 44308 X ERIN WOJNO PRESIDENT 1.00 X X 0 0 0 MELISSA FRANK VICE PRESIDENT 1.00 X X 0 0 0 JOHN WILLIAMS SECRETARY 1.00 X X 0 0 0 RENAYE BRAUNING TREASURER 1.00 X X 0 0 0 JESSICA SUBLETT MEMBER 1.00 X 0 0 0 ROBERT DEJOURNETT MEMBER 1.00 X 0 0 0 RACHEL BRIDENSTINE EXECUTIVE DIRECTOR 16.00 X 0 0 0 CHAD MAYLE CFO 12.00 X 0 0 0 0 0 0 0 0 0 0 0 1529276 1648966 3178242 INTEREST FROM PROGRAM 900099 109040 109040 LOAN FEE ORIGINATION 900099 54359 54359 163399 OTHER INCOME 900099 52312 52312 52312 3393953 215711 0 0 386280 386280 400000 400000 11344 11344 20100 20100 78293 78293 1226 1226 2050 2050 15444 15444 59171 59171 12068 12068 LOAN RETURN EXPENSE 196293 196293 BAD DEBT 150409 150409 BANK SERVICE CHARGE 21125 21125 MEMBERSHIPS 8956 8956 18512 18512 1381271 1072210 309061 0 3113998 6251922 1435000 67000 166464 49648 7895 9488 4090057 5251126 8813414 11629184 148662 251750 100000 100000 2300000 3000000 2548662 3351750 X 3322895 4184470 2941857 4092964 6264752 8277434 8813414 11629184 2012682 0 X X 0 1 X 0 0 X 1070000 1931500 1498198 3189924 3178242 10867864 164441 164441 1070000 1931500 1498198 3189924 3342683 11032305 2112416 8919889 11032305 465454 X PART II, LINE 13 THE ORGANIZATION WAS INCORPORATED ON MARCH 7, 2019. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 PROGRAM RELATED NOTES RECEIVABLE 5251126 F 5251126 LONG TERM RELATED PARTY NOTE PAYABLE 3000000 3000000 X 3558394 164441 164441 3393953 0 3393953 1545712 164441 164441 1381271 0 1381271 PART X, LINE 2: WESTERN RESERVE COMMUNITY FUND, INC. IS A NONPROFIT ORGANIZATION AND IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, THE ORGANIZATION HAS NOT RECORDED PROVISIONS FOR FEDERAL AND STATE INCOME TAXES. THE ORGANIZATION IS NOT CLASSIFIED AS A PRIVATE FOUNDATION. THE ORGANIZATION FOLLOWS GUIDANCE ISSUED BY THE FINANCIAL ACCOUNTING STANDARDS BOARD (FASB) ON ACCOUNTING FOR INCOME TAXES AND HAS EVALUATED ITS TAX POSITIONS, EXPIRING STATUTES OF LIMITATIONS, AUDITS, PROPOSED SETTLEMENTS, CHANGE IN TAX LAW AND NEW AUTHORITATIVE RULINGS, AND BELIEVES THAT NO PROVISION FOR INCOME TAXES IS NECESSARY TO COVER ANY UNCERTAIN TAX POSITIONS. THE ORGANIZATION'S RETURNS FOR TAX YEARS 2020 AND LATER REMAIN SUBJECT TO EXAMINATION BY TAXING AUTHORITIES. 1 AKRON MAID'S SERVICE 507 E GLENWOOD AVE AKRON OH 44310 270775202 0 29998 WORKING CAPITAL RUBBER CITY COMICS 74 E MILL ST AKRON OH 44308 204422728 0 29813 DEBT REFINANCE- WORKING CAPITAL CAPITAL TALENT 39 E MARKET ST STE 205 AKRON OH 44308 863445805 0 20000 WORKING CAPITAL ECHO FINANCIAL HOLDING 2347 18TH ST SW AKRON OH 44314 871539886 0 30000 WORKING CAPITAL YOUR GUARDIAN ANGEL 538 CARROLL ST AKRON OH 44304 852350331 0 30000 EQUIPMENT WARE CONCRETE 1624 LAWTON ST AKRON OH 44320 824731655 0 25000 EQUIPMENT THE TEA LADY 35 S MAIN ST AKRON OH 44308 832053926 0 55000 WORKING CAPITAL WHISKERS & WINE 932 KENMORE BLVD AKRON OH 44314 920920932 0 30000 WORKING CAPITAL DEJUAN'S FINE DINING 1 WEST EXCHANGE ST STE 100 AKRON OH 44308 922261955 0 30000 WORKING CAPITAL HIBACHI XPRESS DINO STYLE 935 BROWN ST AKRON OH 44311 874383648 0 30000 WORKING CAPITAL 8 POINT LLC DBA 8 POINT BISTRO 1912 BUCHOLZER BLVD AKRON OH 44310 850667577 0 30000 WORKING CAPITAL BREAKFAST IN BED 183 S PORTAGE PATH AKRON OH 44302 473443801 0 30000 EQUIPMENT- WORKING CAPITAL VAL'S CRANE & EQUIPMENT 1053 KEVIN DR AKRON OH 44313 921794569 0 30000 WORKING CAPITAL JUST 4 KIDS LEARNING CENTER 493 CANTON RD AKRON OH 44312 870927626 0 22000 WORKING CAPITAL 0 22 PART I, LINE 2: FOR GRANTS MADE TO SUPPORT AFFORDABLE HOUSING THROUGH THE SUMMIT COUNTY AFFORDABLE HOUSING TRUST FUND, WRCF AND THE GRANTEE ENTER INTO A GRANT AGREEMENT THAT DESCRIBES THE GRANT PERIOD, AMOUNT, ELIGIBLE USE OF FUNDS, OVERALL PROJECT/PROGRAM BUDGET, AND THE GRANTEE'S REPORTING REQUIREMENTS. THE GRANT AGREEMENT SPECIFIES THAT FUNDS MUST BE EXPENDED WITHIN A YEAR OF THE DATE OF THE AGREEMENT. GRANTEES ARE REQUIRED TO REPORT ON THE ACTIVITIES AND ACCOMPLISHMENTS SUPPORTED DURING THE ONE-YEAR GRANT PERIOD AND PROVIDE AN UPDATE ON THE PROJECT/PROGRAM BUDGET AND HOW THE FUNDS WERE SPENT. GRANTEES RECEIVING GRANTS OF $5,000 FOR PROGRAM-RELATED/OPERATING EXPENSES ARE REQUIRED TO REPORT AT THE END OF THE GRANT PERIOD. GRANTEES RECEIVING LARGER GRANTS SUPPORTING PREDEVELOPMENT OR DEVELOPMENT OF AFFORDABLE HOUSING ARE REQUIRED TO PROVIDE A SIX-MONTH INTERIM REPORT AND A REPORT AT THE END OF THE GRANT PERIOD, ALONG WITH APPROPRIATE DOCUMENTATION OF THE WORK COMPLETED WITH THE GRANT FUNDS (SUCH AS BUILDING PERMITS, INSPECTIONS, ARCHITECTS' REPORTS, PHOTOGRAPHS, INVOICES, ETC.). FOR THE AKRON RESILIENCY FUND RECOVERABLE GRANTS, THE BUSINESS OWNERS ENTER INTO AN AGREEMENT THAT IS IDENTICAL TO AGREEMENTS FOR LOANS MADE UNDER THE PROGRAM. THE AGREEMENT REQUIRES ONGOING REPORTING AND COMPLIANCE, I.E., BUSINESSES MUST MAKE SCHEDULED PAYMENTS, STAY CURRENT ON ALL TAX OBLIGATIONS, SPEND PROCEEDS ON ELIGIBLE EXPENSES, AND PROVIDE QUARTERLY FINANCIAL STATEMENTS TO WRCF THAT ILLUSTRATE HOW PROCEEDS WERE SPENT AND THAT THE BUSINESS IS ACTIVE AND VIABLE. 0 0 0 0 0 0 0 0 0 FORM 990, SCHEDULE J PART III AMOUNT OF COMPENSATION PAID BY DEVELOPMENT FINANCE AUTHORITY OF SUMMIT COUNTY FOR SERVICES RENDERED TO THE ORGANIZATION BY OFFICER: RACHEL BRIDENSTINE - $39,526 CHAD MAYLE - $35,558 FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS PRESENTED TO BOARD VIA EMAIL WITH REQUEST FOR COMMENTS. FORM 990, PART VI, SECTION B, LINE 12C EACH YEAR, WRCF PROVIDES ITS BOARD MEMBERS WITH UPDATED CONFLICT OF INTEREST FORMS, TO BE UPDATED, SIGNED AND RETURNED. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. THE ORGANIZATION'S AUDITED FINANCIAL STATEMENTS AND 990 RETURNS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE FOR PUBLIC REVIEW. FORM 990, PART XII, LINE 2C THE ORGANIZATION'S BOARD ALL REVIEW AND APPROVE THE AUDITED FINANCIAL STATEMENTS AS WELL AS PERFORM THE SELECTION OF THE INDEPENDENT ACCOUNTANT.