WESTEDGE FOUNDATION INC

EIN: 451998194 501(c)(3) Community Improvement

CHARLESTON, SC

Total Revenue
$1,513,522
Total Expenses
$708,592
Total Assets
$13,519,191
Net Assets
$13,514,707
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Financial Trends

Organization Details

Formation Year
2011
Legal Domicile
SC
Principal Officer
MATTHEW FROHLICH
Phone
8435341484
Tax Period
2024-07-01 to 2025-06-30

WESTEDGE FOUNDATION INC, founded in 2011, is a community nonprofit in the Community Improvement sector that reported $1.5M in total revenue in fiscal year 2024. Revenue fell 86% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $805K, a strong 53% operating margin.

Mission

WESTEDGE IS A BOLD ECONOMIC AND URBAN REVITALIZATION VISION TO ADVANCE KNOWLEDGE-BASED SECTORS OF THE CHARLESTON, SOUTH CAROLINA REGIONAL ECONOMY.

Program Service Accomplishments

Program 1
Expenses: $393,918

THE WESTEDGE FOUNDATION PROMOTES ECONOMIC DEVELOPMENT AND NEIGHBORHOOD IMPROVEMENT TO ADVANCE THE COLLECTIVE VISION AND STRENGTHEN OUR COMMUNITY. WE MEASURE OUR COLLECTIVE PROGRESS IN ACCOMPLISHING...

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THE WESTEDGE FOUNDATION PROMOTES ECONOMIC DEVELOPMENT AND NEIGHBORHOOD IMPROVEMENT TO ADVANCE THE COLLECTIVE VISION AND STRENGTHEN OUR COMMUNITY. WE MEASURE OUR COLLECTIVE PROGRESS IN ACCOMPLISHING THIS PORTION OF OUR MISSION BY:- IMPROVING THE QUALITY OF LIFE IN THE SURROUNDING NEIGHBORHOODS BY MAKING SUPPORTIVE INVESTMENTS, MANAGED DEVELOPMENT, AND INCREASED OPPORTUNITY.- ADVOCATING INCLUSION AND IMPROVING OUR COMMUNITY BY REMOVING BARRIERS TO SUCCESS AND INVESTING IN PUBLIC INFRASTRUCTURE TO ADDRESS LOCAL CHALLENGES.- WESTEDGE HAS ATTRACTED LARGE AND SMALL BUSINESSES, GENERATING NEW JOBS AND PROMOTING LOCAL PROSPERITY.LOCAL ECONOMY:-INCREASING PROPERTY TAX REVENUES, BUSINESS LICENSE REVENUES AND SALES TAX REVENUES TO HELP FUND LONG-TERM INVESTMENTS IN PUBLIC SERVICES AND SCHOOLS.-TIF DISTRICT DEDICATES INCREMENTAL PROPERTY TAX REVENUES INTO PUBLIC INVESTMENTS IN INFRASTRUCTURE, DRAINAGE, AND OTHER PUBLIC AMENITIES DIRECTLY IN AND AROUND THE WESTEDGE DISTRICT.EXPANDING ACCESS & CLOSING THE GROCERY GAP:-PRIOR TO WESTEDGE, THE WEST SIDE OF THE PENINSULA WAS A FOOD DESERT. PUBLIX SUPER MARKET INCREASES ACCESS TO HEALTHY AND AFFORDABLE FOOD OPTIONS FOR ALL RESIDENTS OF THE WEST SIDE OF THE PENINSULA, ESPECIALLY LOWER INCOME, AND ELDERLY RESIDENTS. ADDING MORE OPTIONS FOR COMMUNITY SERVICES HELPS FURTHER ADVANCE THE LOCAL NEIGHBORHOOD.-IMPROVING SAFE ROUTES TO SCHOOLS AND OTHER SUPPORT FOR STUDENTS AT BURKE HIGH SCHOOL AND CHARLESTON DEVELOPMENT ACADEMY.HOUSING:-DEVELOPING WESTEDGE TO ENSURE THERE IS ZERO DISPLACEMENT OF AREA'S EXISTING RESIDENTS.-INCREASING CHARLESTON'S AFFORDABLE HOUSING: WESTEDGE PROJECT PARTNERS HAVE ALREADY CONTRIBUTED $3.0 MILLION TO AFFORDABLE HOUSING; FULL BUILD-OUT COULD ADD OVER $7.0 MILLION AND/OR CREATE EVEN MORE WORKFORCE HOUSING UNITS.-INCREASING THE NUMBER AND DIVERSITY OF HOUSING OPPORTUNITIES CLOSE TO EMPLOYMENT CENTERS LIKE THE MEDICAL DISTRICT.

Program 2

THE WESTEDGE FOUNDATION FACILITATES THE PROMOTION OF INNOVATION AND ADVANCES OUR VISION OF A DYNAMIC KNOWLEDGE COMMUNITY TO BENEFIT AND STRENGTHEN OUR KEY STAKEHOLDERS. WE MEASURE OUR COLLECTIVE...

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THE WESTEDGE FOUNDATION FACILITATES THE PROMOTION OF INNOVATION AND ADVANCES OUR VISION OF A DYNAMIC KNOWLEDGE COMMUNITY TO BENEFIT AND STRENGTHEN OUR KEY STAKEHOLDERS. WE MEASURE OUR COLLECTIVE PROGRESS IN ACCOMPLISHING THIS PORTION OF OUR MISSION BY: - ADVANCING SCIENTIFIC AND TECHNICAL DISCOVERY.- EXPANDING EMPLOYMENT AND CAREER OPPORTUNITIES. - WIDENING PARTICIPATION IN ENTREPRENEURSHIP AND WEALTH-CREATION ACTIVITY. - CREATING PARTNERSHIPS WITH HIGHER EDUCATION, ADJACENT PUBLIC K-12 SCHOOLS AND INNOVATION-DRIVEN ENTERPRISES. WE ACCOMPLISH OUR MISSION THROUGH STRATEGIC PARTNERSHIPS WITH OUR FOUNDERS, COLLABORATION WITH A DIVERSE ARRAY OF INNOVATION PARTNERS, AND BY DIRECT DELIVERY OF INNOVATION INFRASTRUCTURE AND PROGRAMS. SPECIFIC ACCOMPLISHMENTS OF WESTEDGE FOUNDATION'S EFFORTS INCLUDE: ENTREPRENEURSHIP AND WORKFORCE DEVELOPMENT:-WESTEDGE HOUSES STUDIO 22, A SMALL BUSINESS INCUBATOR/CO-WORKING SPACE FOR START-UP COMPANIES, ESPECIALLY IN THE TECHNOLOGY AND LIFE SCIENCE SECTORS.-CREATING STATE-OF-THE-ART LAB SPACE HELPS GROW LIFE SCIENCE BUSINESSES.-INCREASES ECONOMIC DEVELOPMENT AND JOB CREATION IN ALL SECTORS: OVER 500 NEW JOBS HAVE ALREADY BEEN CREATED IN WESTEDGE IN THE LIFE SCIENCES SECTOR.-ACTIVELY SERVING THE BURKE HIGH SCHOOL IMPROVEMENT COUNCIL TO ESTABLISH INTERNSHIP AND OUTREACH PROGRAMS FOR BURKE STUDENTS TO EXPERIENCE LIFE SCIENCE EMPLOYMENT OPPORTUNITIES.-SUPPORT AND SPONSORSHIP OF EDUCATIONAL ACTIVITIES, SUCH AS BACK-TO-SCHOOL EVENTS AT BURKE HIGH AND IN GADSDEN GREEN, STEMAPALOOZA EVENT, AND OTHER COMMUNITY-DRIVEN EVENTS.

Program 3

THE WESTEDGE FOUNDATION MOBILIZES AND DEPLOYS RESOURCES TO INVEST IN INFRASTRUCTURE TO PROTECT THE HEALTH SAFETY AND WELFARE OF THE SURROUNDING COMMUNITY AND THE PUBLIC AT LARGE. WE MEASURE OUR...

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THE WESTEDGE FOUNDATION MOBILIZES AND DEPLOYS RESOURCES TO INVEST IN INFRASTRUCTURE TO PROTECT THE HEALTH SAFETY AND WELFARE OF THE SURROUNDING COMMUNITY AND THE PUBLIC AT LARGE. WE MEASURE OUR PROGRESS IN ACCOMPLISHING THIS PORTION OF OUR MISSION BY:- ONGOING EFFORTS TO ADDRESS THE INCREASING FLOODING THAT IMPACTS THE COMMUNITY, DAMAGING PROPERTY AND PREVENTING ACCESS TO HOMES, BUSINESSES, AND SCHOOLS.- WORKING TO ELIMINATE CONTAMINATION EXPOSURES IN THE AREA DUE TO DEGRADATION OF THE HISTORIC LANDFILL CAP, AND BRING PERPETUAL HEALTH IMPROVEMENT TO THE IMMEDIATE NEIGHBORHOOD AND ALL OF THE WEST SIDE OF THE PENINSULA.- IMPROVING ACCESS AND MOBILITY WITH NEW OR IMPROVED AUTO, BICYCLE, PEDESTRIAN AND TRANSIT FACILITIES.WE ACCOMPLISH OUR MISSION THROUGH REPAIRING EXISTING INFRASTRUCTURE AND BUILDING NEW ROADS, DRAINAGE, AND UTILITIES TO SUPPORT THE NEEDS OF THE AREA OF AND AROUND THE WESTEDGE DISTRICT. SPECIFIC ACCOMPLISHMENTS OF WESTEDGE FOUNDATION'S EFFORTS INCLUDE: FLOODING:-DESIGN AND CONSTRUCTION TO ELIMINATE TIDAL SUNNY DAY FLOODING AND REDUCING INSTANCES OF STORMWATER FLOODING WITH NEW DRAINAGE SOLUTIONS AND ENHANCED STORMWATER STORAGE CAPACITY ALREADY IN PLACE OR PLANNED.-WORKING TO CONNECT EXISTING GADSDEN GREEN AND ASHTON STREET DRAINAGE SYSTEMS TO THE SPRING FISHBURNE DEEP TUNNEL SYSTEM TO REDUCE NEIGHBORHOOD FLOODING.-RESTORING RELIABLE EMERGENCY RESPONSE AND EVACUATION ROUTES.ENVIRONMENT:-STOPPING ONGOING HEALTH RISKS FROM SURFACE EXPOSURE TO CONTAMINATION FROM LANDFILL MATERIALS AND HAZARDOUS LEACHATE.-REDUCING TIDAL AND STORMWATER FLOODING TO STOP CONVEYANCE OF CONTAMINANTS INTO THE NEIGHBORHOOD, PROTECTING GADSDEN GREEN HOMES, CHARLESTON DEVELOPMENT ACADEMY AND HARMON FIELD.-SC DHEC VOLUNTARY CLEANUP PROGRAM FOR ALL PROJECTS ENSURES FUTURE SAFETY FOR THE PUBLIC AND REDUCES ONGOING LIABILITY/EXPOSURE OF THE CITY AND MUSCF.SAFE ACCESS:-TRAFFIC IMPROVEMENTS ALREADY IN PLACE IMPROVE FLOW AND SAFETY ON LOCKWOOD BLVD. AND PRESIDENT ST.-PROPOSED MEDICAL DISTRICT CONNECTOR WILL CREATE SAFER PEDESTRIAN, BICYCLE AND TRANSIT CONNECTIONS TO THE MEDICAL DISTRICT.-CREATING NEW WORKPLACES WITH DIRECT ACCESS TO TRANSIT & HOUSING SIGNIFICANTLY REDUCES TRAFFIC IMPACTS.-PROVIDING A TERMINUS LOCATION FOR THE PLANNED LCRT PUBLIC TRANSIT SYSTEM, INCREASING MOBILITY OPTIONS FOR AN UNDERSERVED POPULATION.-EFFORTS TO ADDRESS FLOODING ALSO PROMOTES CONSISTENT ACCESS TO HOMES, WORKPLACES AND SCHOOLS.

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $1,028,926
Program Service Revenue $0
Investment Income $484,596
Other Revenue $0
TOTAL REVENUE $1,513,522

Expense Breakdown

Grants Paid $0
Salaries & Benefits $418,332
Fundraising Expenses $0
Program Expenses $393,918
Other Expenses $290,260
TOTAL EXPENSES $708,592

Year-over-Year Comparison

2024 2023 Change
Revenue $1,513,522 $10,714,253 -0.9%
Expenses $708,592 $942,768 -0.2%
Net Income $804,930 $9,771,485 -0.9%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
12
Independent Members
12
Employees
N/A
Volunteers
12

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
4
$233,224
Total Directors
14
$0
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
CM WILLIAM D GREGORIE CITY-APPOINTED 0.50
Director
$0 $0 $0
MAYOR WILLIAM COGSWELL CITY-APPOINTED 1.00
Director
$0 $0 $0
LOGAN MCVEY CITY-APPOINTED 0.30
Director
$0 $0 $0
STUART AMES MUSCF-APPOINTED 1.50
Director
$0 $0 $0
RICK ANDERSON MUSCF-APPOINTED BEG 1/1/25 0.30
Director
$0 $0 $0
DAWN HARTSELL MUSCF-APPOINTED BEG 1/1/25 0.30
Director
$0 $0 $0
JESSICA PAUL MUSCF-APPOINTED THRU 1/1/25 0.30
Director
$0 $0 $0
CAROLINE BROWN MUSCF-APPOINTED THRU 1/1/25 0.30
Director
$0 $0 $0
GARRY LESESNE AT-LARGE 0.30
Director
$0 $0 $0
KEVIN LUZAK AT-LARGE 0.30
Director
$0 $0 $0
CHERYL KAYNARD AT-LARGE 0.50
Director
$0 $0 $0
MATT FROHLICH CHAIR (CITY-APPOINTED) 2.00
Officer Director
$0 $0 $0
ROBYN FRAMPTON VICE CHAIR & TREASURER (MUSCF-APPOINTED) 1.50
Officer Director
$0 $0 $0
JOE MCDONALD SECRETARY (AT-LARGE) 1.00
Officer Director
$0 $0 $0
MICHAEL MAHER CEO - THROUGH 3/30/25 40.00
Officer
$229,660 $3,564 $233,224
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2025 $1,513,522 $708,592 $13,519,191 $804,930
2024 $10,714,253 $942,768 $12,819,959 $9,771,485
2023 $840,428 $1,488,436 $13,690,092 $-648,008
2022 $804,235 $1,742,698 $15,433,566 $-938,463
2021 $18,669,032 $21,032,636 $16,981,609 $-2,363,604
2020 $2,823 $1,710,882 $19,987,053 $-1,708,059
2019 $2,739 $942,098 $19,506,941 $-939,359
2018 $5,182,469 $572,040 $17,643,856 $4,610,429
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