Civic Intelligence

Westside Future Fund Inc

990 • Fiscal year 2018 • EIN 47-3015082

Jan 01, 2018 to Dec 31, 2018 • Filed on Nov 06, 2019

PO Box 92273Atlanta, GA 30314

(404) 793-2670

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

38th percentile

0.15x

Higher debt load relative to assets than 38% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Liabilities / Revenue

38th percentile

0.19x

Higher debt load relative to revenue than 38% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Net Margin

97th percentile

83%

Higher net margin than 97% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Top Officer Pay

67th percentile

$330,000

Higher top officer pay than 67% of similar nonprofits.

Top officer pay equals 1.0% of source-year revenue.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Source year 2018

Asset Growth

99th percentile

287%

Faster asset growth than 99% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Revenue Growth

97th percentile

226%

Faster revenue growth than 97% of similar nonprofits.

2018 filings • 501(c)3 • $25M-$50M nonprofits • Annualized from 2017 to 2018

Assets

Up

$41,137,750

Up $30,497,820 (+287%) from 2017

Net Assets

Up

$35,120,764

Up $26,641,136 (+314%) from 2017

Liabilities

Up

$6,016,986

Up $3,856,684 (+179%) from 2017

Revenue

Up

$32,023,771

Up $22,204,058 (+226%) from 2017

Expenses

Up

$5,382,635

Up $2,453,732 (+84%) from 2017

Net Income

Up

$26,641,136

Up $19,750,326 (+287%) from 2017

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$100M$50M$0Assets 2015: $707,372Liabilities 2015: $19,273Net Assets 2015: $688,0992015Assets 2016: $1,247,201Liabilities 2016: $50,998Net Assets 2016: $1,196,2032016Assets 2017: $10,639,930Liabilities 2017: $2,160,302Net Assets 2017: $8,479,6282017Assets 2018: $41,137,750Liabilities 2018: $6,016,986Net Assets 2018: $35,120,7642018Assets 2019: $49,905,148Liabilities 2019: $15,452,907Net Assets 2019: $34,452,2412019Assets 2020: $57,786,448Liabilities 2020: $24,766,895Net Assets 2020: $33,019,5532020Assets 2021: $55,374,938Liabilities 2021: $27,714,256Net Assets 2021: $27,660,6822021Assets 2022: $69,493,317Liabilities 2022: $36,972,843Net Assets 2022: $32,520,4742022Assets 2023: $77,625,307Liabilities 2023: $42,442,305Net Assets 2023: $35,183,0022023Assets 2024: $85,442,524Liabilities 2024: $44,877,646Net Assets 2024: $40,564,8782024

Highlighted filing

2018

Assets$41,137,750
Liabilities$6,016,986
Net Assets$35,120,764

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$40M$30M$20M$10M$0-$10MRevenue 2015: $1,153,158Expenses 2015: $465,059Net Income 2015: $688,0992015Revenue 2016: $2,462,502Expenses 2016: $1,954,398Net Income 2016: $508,1042016Revenue 2017: $9,819,713Expenses 2017: $2,928,903Net Income 2017: $6,890,8102017Revenue 2018: $32,023,771Expenses 2018: $5,382,635Net Income 2018: $26,641,1362018Revenue 2019: $7,914,273Expenses 2019: $8,582,796Net Income 2019: -$668,5232019Revenue 2020: $7,796,354Expenses 2020: $9,229,042Net Income 2020: -$1,432,6882020Revenue 2021: $4,466,187Expenses 2021: $9,825,058Net Income 2021: -$5,358,8712021Revenue 2022: $13,673,191Expenses 2022: $8,813,399Net Income 2022: $4,859,7922022Revenue 2023: $12,477,368Expenses 2023: $9,907,794Net Income 2023: $2,569,5742023Revenue 2024: $14,237,481Expenses 2024: $8,855,605Net Income 2024: $5,381,8762024

Highlighted filing

2018

Revenue$32,023,771
Expenses$5,382,635
Net Income$26,641,136
Jump To
Filing Snapshot
Filing Period
Jan 1, 2018 to Dec 31, 2018
Signed
Nov 6, 2019
Return Version
2018v3.1
Gross Receipts
$32,023,771
Mission and Program Overview

Mission

To advance a compassionate approach to neighborhood revitalization that creates a diverse, mixed-income community, improves the quality of life for current and future residents and elevates the historic westside's unique history and culture.

Balance Sheet Detail
LineBeginningEndChange
Assets
Pledges and Grants Receivable$7,224,838$27,936,785▲ $20,711,947
Land, Buildings, and Equipment, Net$147,490$9,508,574▲ $9,361,084
Savings and Temporary Cash Investments$3,232,246$3,355,259▲ $123,013
Loans From Officers Directors$437,500$0▼ $437,500
Cash and Non-Interest-Bearing Accounts$24,722$235,731▲ $211,009
Prepaid Expenses and Deferred Charges$10,634$50,195▲ $39,561
Accounts Receivable-$23,268-
Total Assets$10,639,930$41,137,750▲ $30,497,820
Other Assets Total$0$27,938▲ $27,938
Liabilities
Mortgage Notes Payable Secured by Investment Property-$5,500,000-
Deferred Revenue$1,563,869--
Other Liabilities$0$286,060▲ $286,060
Accounts Payable and Accrued Expenses$158,933$230,926▲ $71,993
Total Liabilities$2,160,302$6,016,986▲ $3,856,684
Net Assets / Fund Balance
Temporarily Rstr Net Assets$1,214,948$24,954,270▲ $23,739,322
Unrestricted Net Assets$7,264,680$10,166,494▲ $2,901,814
Total Net Assets Fund Balance$8,479,628$35,120,764▲ $26,641,136
Total Liabilities and Net Assets / Fund Balance$10,639,930$41,137,750▲ $30,497,820

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$5,674,020$55,282$5,729,302
Land$3,458,898-$3,458,898
Leasehold Improvements$211,496$8,262$219,758
Equipment$119,229$25,281$144,510
Other Land Buildings$44,931-$44,931
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Mitchell KingDirector of Community AffairsFT$330,000-$330,000
John AhmannPresident/CEOFT$317,891$7,434$325,325
Cheryl StricklandEvp of Real EstateFT$254,544$16,945$271,489
Justin CarrDirector of Strategy and ImpactFT$176,266$10,934$187,200
Cristal WilliamsDirector of DevelopmentFT$159,518$7,576$167,094
Rachel CareyVP of Project FinancingFT$116,734$2,432$119,166
Leigh Ann GroomeDirector of Finance & AdministrationFT$109,887$3,446$113,333

Board Members and Trustees

Highest Paid Contractors

ContractorServicesLocationCompensation
Adp Urban Planning & MgmtReal Estate Consult260 PEACHTREE ST NW STE 1802, Atlanta, GA 30303$350,692
Quest Community Development OrganizationProperty Renovation878 ROCK ST NW, Atlanta, GA 30314$125,962
Revenue and Support

Revenue Composition

Contributions and Grants
$31,835,780
Program Service Revenue
$187,002
Investment Income
$989
Other Revenue
$0
All Other Contributions
$30,295,528
Change in Net Assets
$26,641,136

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Food Inventory1$50,896Fair Market Value (FMV)
Total Noncash Contributions1$50,896-
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$2,170,989
Grants and Similar Amounts Paid$2,009,860
Salaries, Compensation, and Employee Benefits$1,161,911
Total Fundraising Expense$335,300
Professional Fundraising Fees$39,875

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Orgs$1,929,186--$1,929,186
Fees for Services Other$569,779$251,989$16,460$838,228
Other Salaries and Wages$46,875$474,869$161,916$683,660
Current Officers, Directors, Trustees, and Key Employees-$267,876$65,404$333,280
Advertising$72,194$102,433$1,850$176,477
Occupancy$137,995$2,833$10$140,838
Conferences and Meetings$79,220$45,291$2,429$126,940
Grants to Domestic Individuals$80,674--$80,674
Depreciation Depletion$57,786$22,117-$79,903
All Other Expenses-$71,810$1,814$73,624
Payroll Taxes$3,521$49,548$12,879$65,948
Fees for Services Legal$56,955$2,261-$59,216
Other Employee Benefits$3,164$48,387$5,590$57,141
Interest$49,234$4,609-$53,843
Other Expenses$42,115$5,733-$47,848
Office Expenses$5,936$34,756$6,242$46,934
Fees for Services Professional Fundraising--$39,875$39,875
Fees for Services Accounting-$23,208-$23,208
Pension Plan Contributions$1,500$13,810$6,572$21,882
Information Technology$2,376$8,603$7,000$17,979
Insurance-$11,920-$11,920
Travel$6,045$-2,537$7,259$10,767
Total Functional Expenses$3,486,248$1,561,087$335,300$5,382,635
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Atlanta Public SchoolsAtlanta, GAGovernmentSalary and Benefits for Hollis Teachers$771,626
Georgia Tech FoundationAtlanta, GA501(c)(3)Collaboration Between Ceismc and Hollis Summer Programs$455,093
Integrity Transformations CdcAtlanta, GA501(c)(3)Brush With Kindness/westside Beautification$424,520
Atlanta Habitat for HumanityAtlanta, GA501(c)(3)Project Home Repairs/sponsorship$152,500
Georgia Institute of TechnologyAtlanta, GAGovernmentTeacher Professional Development$69,207
Open Door Solutions IncDecatur, GA501(c)(3)General Support$50,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
Yes

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$39,875
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$437,500$0▼ $437,500
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Wff Real Estate Investment Fund, LLC$284,581
Amounts Held for Others$1,479
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
Yes
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11B

The form 990 is reviewed by the board, president/ceo, treasurer and accountant.

Form 990, Part VI, Section B, Line 12C

The conflict of interest policy is confirmed with board members at board meetings.

Form 990, Part VI, Section B, Line 15

The president/ceo's compensation was determined by the board of directors and documented in a board resolution and employment offer letter.

Form 990, Part VI, Section C, Line 19

The governing documents, conflict of interest policy, and financial statements are made available to the public upon request.

Form 990, Part VII, Line 1A, Officer Compensation

Wff real estate investment fund, llc (the "fund"), a georgia limited liability company, was organized on october 20, 2017 and commenced operations on january 4, 2018. The fund was organized to make investments in real estate projects intended to revitalize the four historic neighborhoods on the westside of atlanta, georgia: english avenue, vine city, ashview heights, and atlanta university center (the "target neighborhoods"). The fund is managed by wff. On january 4, 2018, wff entered into an investment advisory agreement with the fund. In accordance with that agreement the fund will pay an annual management reimbursement fee, calculated and payable on a quarterly basis, to wff for reimbursement of actual expenses and costs in connection with its services to the fund. Annually, wff's and the fund's board of directors will develop, based on the estimated expenses and costs for the upcoming year, the budgeted amount that will be paid quarterly as set forth in each entities' board of directors approved, annual plan and budget. At the end of each calendar year, wff and the fund will determine any under or overpayment based on the actual expenses and costs incurred. Any such under or overpayment will be applied to the succeeding calendar year's management reimbursement fee. During the year ended december 31, 2018, wff received management reimbursement fees from the fund of $1,513,848. These amounts have been netted against the allocable expenses in part ix, including officer compensation. Compensation reported in part vii reflects the full amount provided to each employee.

Filing and Contact Details

Filer

Filer Name
Westside Future Fund Inc
EIN
47-3015082
Phone
4047932670
Address
PO BOX 92273, ATLANTA, GA 30314

Signing Officer

Name
John Ahmann
Title
President/CEO
Phone
4047932670
Signed
2019-11-06
Discuss with paid preparer
Yes

Organization Details

Principal Officer
John Ahmann
Formed
2015
Legal Domicile
Ga
Voting Board Members
17
Independent Board Members
17
Employees
18
Volunteers
17

Preparer

Firm
Cherry Bekaert Llp
Address
1075 PEACHTREE STREET NE SUITE 2200, ATLANTA, GA 30309
Preparer
Amanda Adams
Phone
4042090954
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

Recruiting & search firm fees: program service expenses 0. Management and general expenses 16,420. Fundraising expenses 0. Total expenses 16,420. Real estate & other consulting fees: program service expenses 427,717. Management and general expenses 98,995. Fundraising expenses 0. Total expenses 526,712. Contract support services: program service expenses 142,062. Management and general expenses 99,785. Fundraising expenses 16,460. Total expenses 258,307. Temporary staff: program service expenses 0. Management and general expenses 36,073. Fundraising expenses 0. Total expenses 36,073. Payroll processing : program service expenses 0. Management and general expenses 716. Fundraising expenses 0. Total expenses 716.

Financial Statement Notes

PART X, LINE 2:

Wff has received a determination letter from the internal revenue service ("irs") stating that it qualifies for exemption from federal income taxes as a tax-exempt organization under section 501(c)(3) of the internal revenue code ("irc"). Wff evaluates its uncertain tax positions using the provisions of financial accounting standards board ("fasb") accounting standards codification ("asc") topic 740, income taxes. Wff follows the criterion that an individual tax position has to meet some or all of the benefits of that position to be recognized in wff's consolidated financial statements. Wff has applied the "more likely than not" criterion to all the tax positions for which the statute of limitations remain open and has determined that the tax positions satisfy such criterion and that no provision for income taxes is required for the years ended december 31, 2018 and 2017.

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IRS990/ActivityOrMissionDesc0TO ADVANCE A COMPASSIONATE APPROACH TO NEIGHBORHOOD REVITALIZATION THAT CREATES A DIVERSE, MIXED-INCOME COMMUNITY, IMPROVES THE QUALITY OF LIFE FOR CURRENT AND FUTURE RESIDENTS AND ELEVATES THE HISTORIC WESTSIDE'S UNIQUE HISTORY AND CULTURE.
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IRS990/Form990PartVIISectionAGrp/PersonNm3MICHAEL JULIAN BOND
IRS990/Form990PartVIISectionAGrp/PersonNm4RODNEY BULLARD
IRS990/Form990PartVIISectionAGrp/PersonNm5MARK CHANCY
IRS990/Form990PartVIISectionAGrp/PersonNm6DAN HALPERN
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IRS990/Form990PartVIISectionAGrp/PersonNm18LEIGH ANN GROOME
IRS990/Form990PartVIISectionAGrp/PersonNm19MITCHELL KING
IRS990/Form990PartVIISectionAGrp/PersonNm20CHERYL STRICKLAND
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IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt16DIRECTOR
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IRS990/Form990PartVIISectionAGrp/TitleTxt18DIRECTOR OF FINANCE & ADMINISTRATION
IRS990/Form990PartVIISectionAGrp/TitleTxt19DIRECTOR OF COMMUNITY AFFAIRS
IRS990/Form990PartVIISectionAGrp/TitleTxt20EVP OF REAL ESTATE
IRS990/Form990PartVIISectionAGrp/TitleTxt21DIRECTOR OF DEVELOPMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt22DIRECTOR OF STRATEGY AND IMPACT
IRS990/Form990PartVIISectionAGrp/TitleTxt23VP OF PROJECT FINANCING
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IRS990/MissionDesc0TO ADVANCE A COMPASSIONATE APPROACH TO NEIGHBORHOOD REVITALIZATION THAT CREATES A DIVERSE, MIXED-INCOME COMMUNITY, IMPROVES THE QUALITY OF LIFE FOR CURRENT AND FUTURE RESIDENTS AND ELEVATES THE HISTORIC WESTSIDE'S UNIQUE HISTORY AND CULTURE.
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IRS990/ProgSrvcAccomActy2Grp/Desc0CRADLE TO CAREER EDUCATION: TO TRULY TRANSFORM THE WESTSIDE NEIGHBORHOODS AND ENSURE ATLANTA REMAINS COMPETITIVE AS A SOURCE OF TALENT FOR YEARS TO COME, WE MUST PREPARE THE NEXT GENERATION OF ATLANTANS FOR A BRIGHTER FUTURE THAT ALL STARTS WITH ACCESS TO HIGH-QUALITY EDUCATION AS WELL AS SUPPORT FOR CURRENT RESIDENTS THROUGH SERVICES SUCH AS SKILLS ASSESSMENTS, TRAINING AND JOB READINESS PREPARATION. TO ENSURE THAT EACH CHILD BENEFITS FROM CRADLE-TO-CAREER EDUCATION, WE HAVE PARTNERED WITH HOLLIS ACADEMY, AN ATLANTA PUBLIC SCHOOL, TO DOUBLE THE NUMBER OF TEACHERS IN ITS STEM FOCUSED CURRICULUM.

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