Overview
What is Northern New England Center For Financial Training?
The Northern New England Center for Financial Training is a nonprofit organization situated in Springville, Maine. Their primary mission is to empower individuals by offering specialized, relevant, and affordable educational programs. These programs aim to equip bank employees with industry-specific background, knowledge, and education about the financial services industry, as well as general business knowledge essential for career advancement. The center covers expenses such as textbooks, instructor salaries, facilities, meals, and miscellaneous costs to ensure the success of its programs. With a small team of two dedicated employees, the Northern New England Center for Financial Training strives to support organizations and strengthen communities, contributing to positive change.
Official website here: www.cftea.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 51%, One-Star out of Four Star Rating
The Northern New England Center For Financial Training has received a One-Star rating from Charity Navigator, indicating significant concerns regarding its accountability and financial management. With an overall score of 51%, the organization struggles particularly in the financial aspects, evidenced by a low Accountability & Finance score of 43. While it excels in certain areas such as having a fully independent board and a strong culture and community score of 90, its program expense ratio of 49.45% suggests that a substantial portion of its budget is not being allocated to program services.
Strengths include the presence of a conflict of interest policy and the documentation of board meeting minutes, which contribute positively to its governance practices. The organization has also demonstrated effective feedback collection and usage, scoring a perfect 100 in these categories. However, the absence of a whistleblower policy and document retention and destruction policy raises red flags regarding transparency and accountability.
The liabilities to assets ratio of 32.89% and the equity strategies score of 85 indicate some financial risks and potential areas for improvement. Overall, while the Northern New England Center For Financial Training shows promise in certain governance practices, it faces considerable challenges in financial management that could impact its long-term viability and effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Northern New England Center For Financial Training legitimate?
Northern New England Center For Financial Training is a legitimate nonprofit organization registered as a 501(c)(3) entity. Northern New England Center For Financial Training submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $83,560
Professional Fundraising Fees: $0
Other Salaries and Wages: $65,456
For more financial information, click here
Official website here: www.cftea.org
What is the mission statement of Northern New England Center For Financial Training?
The Northern New England Center for Financial Training strives to empower students, support organizations, and strengthen communities by delivering specialized, relevant, and affordable educational programs. Their mission is geared towards helping individuals achieve their goals, aiding organizations in realizing success, and fostering positive change within communities. The center provides educational programs that offer bank employees industry-specific background, knowledge, and education about the financial services industry, as well as general business knowledge necessary for career participation and competition.
In essence, the Northern New England Center for Financial Training is committed to empowering individuals, aiding organizations, and strengthening communities through accessible and affordable educational programs that enhance industry and business knowledge.
Official website here: www.cftea.org
Who is the CEO of Northern New England Center For Financial Training?
Andrew Lederer is the Director of Northern New England Center For Financial Training.
Official website here: www.cftea.org
What is the revenue of Northern New England Center For Financial Training?
Northern New England Center For Financial Training's revenue in 2023 was $473,995.
Official website here: www.cftea.org
Who are the executives of Northern New England Center For Financial Training and what are their salaries?
The average compensation at Northern New England Center For Financial Training during 2023 was $74,508. There are 2 employees at Northern New England Center For Financial Training.
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- Compensation: $78,560
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- Other: $11,430
Official website here: www.cftea.org
Where can I find the form 990 for Northern New England Center For Financial Training?
Northern New England Center For Financial Training's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.cftea.org
Learn more at the official website: www.cftea.org
Mission Statement of Northern New England Center For Financial Training
The Northern New England Center for Financial Training is committed to empowering individuals, supporting organizations, and strengthening communities by delivering specialized, relevant, and affordable educational programs. This mission aims to help students achieve their goals, enable organizations to realize success, and ultimately contribute to the creation of positive change within communities. By providing educational programs, the Center offers industry-specific background, knowledge, and education about the financial services industry, as well as general business knowledge required for career participation and competition. The Center covers expenses such as textbooks, instructor salaries, facilities, meals, and miscellaneous expenses to ensure the success of its programs.
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Impact
July, 2024
The impact of Northern New England Center for Financial Training is evident in its dedication to empowering students to achieve their goals, supporting organizations to realize success, and strengthening communities to create positive change. By delivering specialized, relevant, and affordable educational programs, the center is equipping bank employees with industry-specific background knowledge and education about the financial services industry, along with the general business knowledge necessary to excel in their careers. Through expenses that cover textbooks, materials, instructor salaries, facilities, meals, and miscellaneous expenses, the center is making a significant contribution to the professional development of individuals in the financial services sector. This focus on education not only benefits individuals but also contributes to the overall growth and competitiveness of the industry.
This information is meant to be a general summary of Northern New England Center For Financial Training. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $576
- Program Service Revenue: $458,311
- Gross Receipts: $473,995
Assets and Liabilities:
- Total Assets: $465,470
- Total Liabilities: $153,127
- Net Assets: $312,343
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SELF-PACED ONLINE
Revenue
$230,848
GUIDED LEARNING
Revenue
$96,455
TEXTBOOKS
Revenue
$67,577
LIVE CLASSES
Revenue
$30,603
INSTRUCTOR LED ONLINE
Revenue
$19,949
Organization Details
Founding Year
1995
Phone
(207) 688-6226Principal Officer
Andrew Lederer
Main Address
PO BOX 365, SPRINGVALE, ME, 04083
Website
www.cftea.orgNTEE Category
Code: B60 - Education
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