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Nonprofiteer
← WELL COMMUNITY DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by WELL COMMUNITY DEVELOPMENT CORPORATION.

Totals

Total revenue
$5,122,965
Total expenses
$2,516,395
Contributions and grants received
$4,295,878
Grants paid
$0
Program service revenue
$738,087
Investment income
-$453
Other revenue
$89,453
Total assets, end of year
$10,620,209
Total liabilities, end of year
$2,894,046
Net assets or fund balances, end of year
$7,726,163
Program services expenses (Part IX)
$2,061,460
Management and general expenses
$266,137
Fundraising expenses
$188,798
Program service expenses (Part III)
$2,061,460

Program services were 81.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1c · Fundraising events

    $90,812

  • 1e · Government grants (contributions)

    $805,361

  • 1f · All other contributions, gifts and grants

    $3,399,705

  • 1g · Noncash contributions included above

    $39,140

  • 2a · Program service revenue: RESTORING HOUSING

    total $656,824 · related or exempt $656,824

  • 2b · Program service revenue: CREATING ECONOMY

    total $62,428 · related or exempt $62,428

  • 2c · Program service revenue: MISCELLANEOUS

    total $9,250 · related or exempt $9,250

  • 2d · Program service revenue: OPERATIONS

    total $7,727 · related or exempt $7,727

  • 2e · Program service revenue: LIBRARY

    total $1,183 · related or exempt $1,183

  • 2f · All other program service revenue

    total $675 · related or exempt $675

  • 3 · Investment income

    total $12,506 · excluded $12,506

  • 7a · Gross sales of assets other than inventory

    other assets $260,706

  • 7b · Less cost or other basis and sales expenses

    other assets $273,665

  • 7c · Gain or loss

    other assets -$12,959

  • 7d · Net gain or loss

    total -$12,959 · excluded -$12,959

  • 8a · Fundraising events: gross income

    $10,800

  • 8a · Fundraising events: contributions included on line 1c

    $90,812

  • 8b · Fundraising events: direct expenses

    $54,046

  • 8c · Net income from fundraising events

    total -$43,246 · excluded -$43,246

  • 10a · Gross sales of inventory

    $165,153

  • 10b · Cost of goods sold

    $61,988

  • 10c · Net income from sales of inventory

    total $103,165 · related or exempt $103,165

  • 11a · Other revenue: MISCELLANEOUS

    total $29,534 · excluded $29,534

  • 11e · Other revenue, total

    $29,534

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $122,260 · program services $87,160 · management and general $16,858 · fundraising $18,242

  • 7 · Other salaries and wages

    total $769,890 · program services $548,858 · management and general $106,161 · fundraising $114,871

  • 9 · Other employee benefits

    total $42,711 · program services $31,037 · management and general $6,295 · fundraising $5,379

  • 10 · Payroll taxes

    total $80,214 · program services $60,649 · management and general $9,278 · fundraising $10,287

  • 11g · Fees: other

    total $87,732 · program services $37,867 · management and general $24,346 · fundraising $25,519

  • 13 · Office expenses

    total $44,822 · program services $14,582 · management and general $27,210 · fundraising $3,030

  • 14 · Information technology

    total $16,665 · program services $8,553 · management and general $8,043 · fundraising $69

  • 16 · Occupancy

    total $89,629 · program services $86,598 · management and general $1,903 · fundraising $1,128

  • 17 · Travel

    total $18,066 · program services $10,713 · management and general $6,728 · fundraising $625

  • 20 · Interest

    total $114,021 · program services $113,282 · management and general $739

  • 22 · Depreciation, depletion and amortization

    total $193,736 · program services $190,584 · management and general $3,152

  • 23 · Insurance

    total $121,173 · program services $118,391 · management and general $1,267 · fundraising $1,515

  • 24a · Other expenses: COMMUNITY EVENTS

    total $240,422 · program services $240,422 · management and general $0 · fundraising $0

  • 24b · Other expenses: SUBCONTRACTOR SERVICES

    total $225,659 · program services $225,659 · management and general $0 · fundraising $0

  • 24c · Other expenses: REPAIRS

    total $151,247 · program services $151,086 · management and general $161 · fundraising $0

  • 24d · Other expenses: LICENSE

    total $98,801 · program services $87,606 · management and general $5,006 · fundraising $6,189

  • 24e · All other expenses

    total $99,347 · program services $48,413 · management and general $48,990 · fundraising $1,944

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $725,161 · end of year $1,937,624

  • 2 · Savings and temporary cash investments

    end of year $220

  • 3 · Pledges and grants receivable

    beginning of year $18,072 · end of year $511,980

  • 4 · Accounts receivable

    beginning of year $61,301 · end of year $69,021

  • 9 · Prepaid expenses and deferred charges

    beginning of year $7,271 · end of year $2,065

  • 10a · Land, buildings and equipment: cost or other basis

    $8,609,540

  • 10b · Land, buildings and equipment: accumulated depreciation

    $569,333

  • 10c · Land, buildings and equipment, net

    beginning of year $6,360,267 · end of year $8,040,207

  • 15 · Other assets

    beginning of year $564,350 · end of year $59,092

  • 17 · Accounts payable and accrued expenses

    beginning of year $119,134 · end of year $73,885

  • 23 · Secured mortgages and notes payable

    beginning of year $2,419,419 · end of year $2,451,015

  • 25 · Other liabilities

    beginning of year $78,276 · end of year $369,146

  • 27 · Net assets without donor restrictions

    beginning of year $4,203,778 · end of year $4,890,372

  • 28 · Net assets with donor restrictions

    beginning of year $915,815 · end of year $2,835,791

Mission and programs · 2023

Mission

THE WELL CDC INVESTS IN PEOPLE THROUGH THE BUILT ENVIRONMENT.

  • RESTORING HOUSING: VACANCIES ACCOUNT FOR NEARLY A FOURTH (21.9%) OF ALL HOMES IN THE NEIGHBORHOOD. ONLY 30% OF MIDDLEBURY HOMES ARE OWNER OCCUPIED, WHEREAS A HEALTHY HOUSING MAKET DISPLAYS A 60-70% HOME OWNERSHIP RATE. THE WELL CDC'S RESTORING HOUSING INITIATIVE FOCUSES ON DEVELOPING A HEALTHY HOUSING PIPELINE THAT PROVIDES RESIDENTS THE POWER TO CHOOSE THE TYPE OF HOUSING THAT FITS THEIR CURRENT CONTECT AND FUTURE ASPIRATIONS. THE WELL CDC'S GOAL IS TO SUPPORT THE WHOLE SPECTRUM OF HOUSING NEEDS WITHIN THE MIDDLEBURY COMMUNITY INCLUDING BOTH REHABS AND ""MISSING MIDDLE"" HOUSING (DUPLEXES, TRIPLEXES, QUADS). THE WELL SEEKS TO MAINTAIN LONG TERM AFFORDABILITY AND INFLUENCE THE HOUSING MARKET BY OWNING 15% OF RENTALS IN THE NEIGHBORHOOD. THE WELL PLANS TO ACQUIRE 270 HOUSES OVER THE NEXT 10 YEARS AND REHAB THEM IN ADDITION TO BUILDING 125 NEW BUILD UNITS. CURRENTLY THE WELL CURRENTLY OWNS 91 PROPERTIES AND, IN 2023, IDENTIFIED AND WORKED ON SITE PLANS FOR THE NEXT ROUND OF NEW BUILD DUPLEXES. THE WELL ALSO SUBMITTED FOR FUNDING THAT WILL GO TOWARDS BUILDING TWO NEW DUPLEXES IN 2025. TO ENABLE A PATHWAY TO HOMEOWNERSHIP, THE WELL CDC HAS CREATED A RESIDENT SERVICES DEPARTMENT THAT CREATES HOLISTIC SERVICES THAT ENCOURAGE RESIDENT STABILITY THROUGH PROPERTY MANAGEMENT, WORKFORCE DEVELOPMENT, LOCAL SCHOOL SUPPORT AND MENTAL HEALTH SERVICES. IN ADDITION, THE WELL CDC HAS AN ACCESSIBLE COMMUNITY TOOL LIBRARY AND HOME MAINTENANCE CLASSES TO INCREASE HOMEOWNERSHIP SKILLS. THESE COMBINED EFFORTS ARE TO INCREASE HOMEOWNERSHIP FROM 22% TO 78% IN THE MIDDLEBURY NEIGHBORHOOD.

    Expenses $981,188 · Revenue $656,824

  • CREATING ECONOMY:LESS THAN 1% OF MIDDLEBURY RESIDENTS LIVE AND WORK INSIDE THE NEIGHBORHOOD WHILE 11,000+ JOBS EXIST AT LOCAL BUSINESSES THIN THE COMMUNITY. THE MIDDLEBURY COMMUNITY HAS A 10.3% UNEMPLOYMENT RATE, MORE THAN DOUBLE THE RATES OF GREATER AKRON AND SUMMIT COUNTY. TO COMBAT THIS REALITY, OUR CREATING ECONOMY INITIATIVE ENCOURAGES THE ADAPTIVE REUSE OF OUR CURRENT ASSETS TO SUPPORT ENTREPRENEURSHIP, CAREER PATHWAYS, AND ENGAGEMENT WITH ANCHOR INSTITUTIONS. THE WELL CDC HAS ADOPTED THE FOLLOWING PROGRAMS AND FOCUSES TO AID IN THIS: AKRON FOOD WORKS, 647 COFFEE, CAREER DEVELOPMENT, AND MIDDLEBURY COMMERCIAL REDEVELOPMENT.AKRON FOOD WORKS PROMOTES FOOD ENTREPRENEURSHIP IN MIDDLEBURY AND THE GREATER AKRON AREA BY HELPING ENTREPRENEURS CREATE, INCUBTE, AND ELEVATE THEIR BUSINESS. WE WORK WITH FOOD ENTREPRENEURS OF ALL STAGES BY POVIDING A LOW-RISK LICNESED PHYSICAL SPACE ALONG WITH TRAINING AND TECHNICAL ASSISTANCE, LEVERAGING RECOURCES TO HELP REMOVE BARRIERS, AND CONNECTING ENTREPRENEURS TO SALES OPPORTUNITIES TO GROW THEIR BUSINESS.647 COFFEE SEEKS TO OPERATE AS A SUCCESSFUL SOCIAL ENTERPRISE CREATING A SENSE OF PLACE FOR NEIGHBORS AND SERVING AS THE FRONT PORCH TO THE WELL CDC AND THE GREATER MIDDLEBURY NEIGHBORHOOD. SALES HAVE FINALLY REACHED, AND EXCEEDED, PRE-PANDEMIC LEVELS.CAREER DEVELOPMENT IS A PARTNERSHIP OF LOCAL COMMUNITY ORGANIZATIONS THAT CREATE A COLLABORATIVE, TRAUMA INFORMED, AND HOLISTIC APPROACH TO WORKFORCE DEVELOPMENT THAT REMOVES BARRIERS TO QUALITY, LIVING WAGE CAREERS. THIS SUPPORTS UPWARD ECONOMIC MOBILITY AND FINANCIAL RESILIENCY IN THE MIDDLEBURY NEIGHBORHOOD AND THE GREATER AKRON AREA. THE PROGRAM OFFERS TWO CAREER TRACKS, CUSTOMER SERVICE AND MANUFACTURING.LASTLY, TO PRESERVE THE BONES OF THE MIDDLEBURY NEIGHBORHOOD, THE WELL CDC FOCUSES ON COMMERCIAL REDEVELOPMENT TO BOTH REPURPOSE ALREADY EXISITING SPACES AND EXPLORE WAYS TO CREATE ENTREPRENEURIAL OPPORTUNITIES WITHIN THOSE SPACES. THE FACILITIES AT 647 E MARKET ST, 221 BEAVER ST, AND 816 E MARTKET ST ARE INCLUDED IN THE WELL CDC'S REDEVELOPMENT EFFORTS.THE LONG-TERM GOAL OF THE WELL'S CREATING ECONOMY INITIATIVE IS TO DECREASE THE UNEMPLYMENT RATE FROM 10% TO 5%. TO DATE, THE WELL CDC HAS ENGAGED 143 AKRON FOOD WORKS KITCHEN USERS, HOSTED 27 CAREER DEVELOPMENT COHORTS SINCE ITS CREATION IN 2020, AND CONTINUED SERVING AS A SOURCE FOR ENTREPRENEURIAL OPPORTUNITIES AND ECONOMIC MOBILITY TYHROUGH 647 COFFEE, FACILITIES, AND PROGRAMMING.

    Expenses $693,944 · Revenue $62,428

  • SUPPORTING PLACE:MASON CLC, THE K-6 ELEMENTARY SCHOOL LOCATED IN THE MIDDLEBURY NEIGHBORHOOD, HAS A 63% STUDENT MOBILITY RATE. TO COMBAT THIS REALITY, THE WELL CDC SEEKS TO DEVELOP DEEPER SOCIAL COHESION WITHIN MIDDLEBURY TO NOT ONLY DECREASE THE STUDENT TRANSIENCY RATE, BUT TO CONNECT PEOPLE TO THE PLACE THEY LIVE AND EACH OTHER THROUGH THE BUILT ENVIRONMENT. THE AKRON HOPE PROGRAM BUILDS RELATIONSHIPS AND INVESTS RESOURCES INTO STUDENTS, FAMILIES, AND TEACHERS TO INCREASE ENGAGEMENT AND FAMILY STABILITY, CREATING ACCESS TI QUALITY HOMES AND LIVABLE WAGES. AKRON HOPE PARTNERS WITH MASON CLCAND HELEN ARNOLD CLC TO PROVIDE CLASSROOM TUTORING, COMMUNITY CONNECTION EVENTS, AND HOLIDAY OUTREACH EVENTS.DURING 2023, THE WELL CDC HAS HELD 13 COMMUNITY CONNECTION EVENTS AND SUPPORTED 500 STUDENTS THROUGH ADOPT-A-CLASSROOM.

    Expenses $386,328

  • OTHER PROGRAM SERVICES - OPERATIONS

    Revenue $122,000

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Zachary Kohl

    EXECUTIVE DIRECTOR

    Total calculated
    $122,260
    From this org
    $114,057
    From related orgs
    $0
    Other
    $8,203
    Hours/week
    40

  • Ann Durr

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • David Griffing

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • Allan Hill Thru 0623

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Tracy Carter

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Michelle De La Isla

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • David H Maynard Thru 0523

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • James Talbert

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Dameon Jackson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Sue Lacy

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Nate Ollish

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Dan Roberson

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Rachel Bridenstine

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Allan Hill

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Renee Kochis

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • Craig Melnick

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

  • John Reyes

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    0.5

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • MIDDLEBURY HOUSING LLC

    PURCHASING, REHABBING, LEASING, SELLING PROPERTY · OH · income $2,919,496 · assets $7,779,062

    Directly controlled by THE WELL COMMUNITY DEVELOPMENT CORPORATION

  • 913-917 E MARKET

    TO ENGAGE IN COMMUNITY DEVELOPMENT THROUGH HOUSING REHABILITATION AND DEVELO · OH · income $247,406 · assets $780,687

    Directly controlled by THE WELL COMMUNITY DEVELOPMENT CORPORATION

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202433209349302813

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