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Nonprofiteer
← THE WARD ECONOMIC DEVELOPMENT CORPORATION

Form 990 for tax year 2024

Filed by THE WARD ECONOMIC DEVELOPMENT CORPORATION.

Totals

Total revenue
$761,996
Total expenses
$821,031
Contributions and grants received
$5,000
Grants paid
$0
Program service revenue
$188,520
Investment income
$513
Other revenue
$567,963
Total assets, end of year
$7,400,052
Total liabilities, end of year
$4,336,958
Net assets or fund balances, end of year
$3,063,094
Program services expenses (Part IX)
$503,846
Management and general expenses
$317,185
Fundraising expenses
$0
Program service expenses (Part III)
$503,846

Program services were 61.4% 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.

  • 1f · All other contributions, gifts and grants

    $5,000

  • 2a · Program service revenue: FISCAL AGENT FEES

    total $118,500 · related or exempt $118,500

  • 2b · Program service revenue: MANAGEMENT FEES

    total $58,020 · related or exempt $58,020

  • 2c · Program service revenue: PARTNERSHIP FEES

    total $12,000 · related or exempt $12,000

  • 3 · Investment income

    total $513 · related or exempt $513

  • 6a · Gross rents

    real property $562,904

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $562,904

  • 6d · Net rental income or loss

    total $562,904 · related or exempt $562,904

  • 11a · Other revenue: LAUNDRY INCOME

    total $4,067 · related or exempt $4,067

  • 11b · Other revenue: OTHER REVENUES

    total $992 · related or exempt $992

  • 11e · Other revenue, total

    $5,059

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $65,000 · program services $53,047 · management and general $11,953

  • 7 · Other salaries and wages

    total $81,158 · program services $10,225 · management and general $70,933

  • 9 · Other employee benefits

    total $11,036 · program services $10,436 · management and general $600

  • 10 · Payroll taxes

    total $15,436 · program services $14,436 · management and general $1,000

  • 11a · Fees: management

    total $30,000 · program services $30,000

  • 13 · Office expenses

    total $35,257 · program services $21,254 · management and general $14,003

  • 20 · Interest

    total $59,343 · program services $17,647 · management and general $41,696

  • 22 · Depreciation, depletion and amortization

    total $59,977 · program services $59,977

  • 23 · Insurance

    total $130,841 · program services $103,736 · management and general $27,105

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $115,012 · program services $82,746 · management and general $32,266

  • 24b · Other expenses: OUTSIDE AND PROFESSIONA

    total $86,243 · program services $2,054 · management and general $84,189

  • 24c · Other expenses: UTILITIES

    total $82,134 · program services $78,396 · management and general $3,738

  • 24d · Other expenses: REAL ESTATE TAXES

    total $45,219 · program services $15,517 · management and general $29,702

  • 24e · All other expenses

    total $4,375 · program services $4,375

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $181,786 · end of year $166,588

  • 2 · Savings and temporary cash investments

    beginning of year $89,717 · end of year $89,936

  • 4 · Accounts receivable

    beginning of year $2,000 · end of year $2,000

  • 7 · Other notes and loans receivable

    beginning of year $1,183,000 · end of year $1,183,000

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

    $6,022,671

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

    $2,539,051

  • 10c · Land, buildings and equipment, net

    beginning of year $3,527,217 · end of year $3,483,620

  • 15 · Other assets

    beginning of year $2,474,908 · end of year $2,474,908

  • 17 · Accounts payable and accrued expenses

    beginning of year $91,429 · end of year $132,844

  • 23 · Secured mortgages and notes payable

    beginning of year $3,283,888 · end of year $3,242,932

  • 25 · Other liabilities

    beginning of year $961,182 · end of year $961,182

  • 27 · Net assets without donor restrictions

    beginning of year $3,122,129 · end of year $3,063,094

Mission and programs · 2024

Mission

WARD ECONOMIC DEVELOPMENT CORPORATION (WEDC) WAS INCORPORATED ON NOVEMBER 12, 1987 PURSUANT TO THE GENERAL NONPROFIT CORPORATION LAW OF THE STATE OF CALIFORNIA. WEDC WAS CREATED TO ACHIEVE THE FOLLOWING: (1) TO IDENTIFY AND PURSUE ECONOMIC DEVELOPMENT OPPORTUNITIES WITHIN THE CITY OF LOS ANGELES (2) PROVIDE 91 UNITS OF LOW-INCOME HOUSING THROUGH THE OPERATIONS OF TUELYN TERRACE AND (3) THE OPERATION AND AVAILABILITY OF ADDITIONAL LOW-INCOME AFFORDABLE HOUSING UNITS AT VARIOUS SCATTERED SITES IN LOS ANGELES.

  • TO IDENTIFY AND PURSUE ECONOMIC DEVELOPMENT OPPORTUNITIES WITHIN THE CITY OF LOS ANGELES, PROVIDE 91 UNITS OF LOW-INCOME HOUSING THROUGH THE OPERATIONS OF TUELYN TERRACE AND THE OPERATION AND AVAILABILITY OF ADDITIONAL LOW-INCOME AFFORDABLE HOUSING UNITS AT VARIOUS SCATTERED SITES IN LOS ANGELES.

    Expenses $503,846 · Revenue $761,996

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Robert Campbell

    CHAIRPERSON

    Total calculated
    $0
    Hours/week
    2

  • Jacquelyn Dupont-Walker

    SECRETARY

    Total calculated
    $0
    Hours/week
    5

  • Roland A Wiley

    TREASURER

    Total calculated
    $0
    Hours/week
    5

  • Jarrell Davis

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Amy Richardson

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Robert Russ

    MEMBER

    Total calculated
    $0
    Hours/week
    2

  • Barry Settle

    MEMBER

    Total calculated
    $0
    Hours/week
    2

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.

Provenance

Return type
form_990
Tax year
2024
Filed
23 October 2025
IRS schema version
2024v5.2
Source object
202532969349301833

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