WESTERLY REVOLVING FUND INC
PO BOX 112, WESTERLY, RI 028910112 westerlyrevolvingfund.org

Total Revenue
$96,050
Total Expenses
$6,753
Net Assets
$232,783

Organizations Filed Purposes: TO PRESERVE HISTORICAL HERITAGE OF WESTERLY AND STIMULATE COMMUNITY REVITALIZATION.

AFFORDABLE HOUSING RENOVATION PROGRAM - DURING 2017, THE ORGANIZATION PURCHASED AN HISTORIC PROPERTY IN NEED OF RENOVATION. THE ORGANIZATION COMPLETED THE RENOVATIONS AND SOLD THE PROPERTY IN 2018. THE PROPERTY SOLD IS NOW SUBJECT TO A 10-YEAR DEED RESTRICTION LIMITING RENTALS TO AFFORDABLE HOUSING PURSUANT TO HUD CRITERIA.

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, AND AT DECEMBER 31, 2019 WERE STILL IN PROCESS. ALL RELATED EXPENDITURES HAVE BEEN CAPITALIZED TO THIS PROJECT.

Executives Listed on Filing

Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing

NameTitleHours Per WeekTotal Salary
Antonio GoodingDirector1$0
Faith Bessette ZitoDirector1$0
Marcia FelberDirector1$0
Michael J BeddardDirector1$0
Louis W Gingerella JrPresident5$0

Data for this page was sourced from XML published by IRS (public 990 form dataset) from: https://s3.amazonaws.com/irs-form-990/202033219349302968_public.xml