Overview
What is Greater Franklin Development Council?
Greater Franklin Development Council (GFDC) is a community-driven nonprofit organization situated in Farmington, Maine. Established by local business leaders, its primary objective is to bolster economic growth and development in the broader Franklin county area. The council achieves this by attracting new businesses, offering assistance to existing employers, and encouraging entrepreneurship. In line with its mission, GFDC advocates, promotes, and collaborates with various stakeholders to establish a sustainable and prosperous community. Ultimately, its vision is to elevate the standard of living in Western Maine by fostering an economy teeming with opportunities. With a small team of two dedicated individuals, GFDC continues to make significant contributions to the region.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
The Greater Franklin Development Council received a two-star rating on Charity Navigator, indicating a need for improvement, with an overall score of 67%. The organization demonstrates a strong commitment to having an independent board, achieving full points for both the majority of independent members and independent board size. They also reported zero material diversion of assets and have a perfect program expense ratio, showing that all their expenditures go directly towards programs.
However, the council has significant shortcomings in transparency and governance practices. Key financial documents, such as financial statements, are not available, which affects their accountability score. Additionally, the absence of essential policies such as conflict of interest, whistleblower, and document retention policies raises concerns about governance practices.
Despite its strengths in program expense allocation and governance structure, the lack of transparency and available documentation limits the organization's effectiveness and trustworthiness. For potential donors and stakeholders, these areas of concern may warrant further scrutiny before engagement.
This AI summary has been generated from information found on Charity Navigator.
Is Greater Franklin Development Council legitimate?
Greater Franklin Development Council is a legitimate nonprofit organization registered as a 501(c)(3) entity. Greater Franklin Development Council 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: $92,500
Professional Fundraising Fees: $0
Other Salaries and Wages: $35,489
For more financial information, click here
What is the mission statement of Greater Franklin Development Council?
The Greater Franklin Development Council (GFDC) is committed to promoting a flourishing community by attracting and supporting businesses and entrepreneurs. This is achieved through advocacy, promotion, and collaboration. The Council's mission is intrinsically linked to enhancing the quality of life in the region, striving for a vibrant economy with abundant opportunities. Established by local business leaders, GFDC's primary objective is to foster employment growth by attracting new businesses, assisting existing employers, and encouraging entrepreneurship in the greater Franklin county area.
What is the revenue of Greater Franklin Development Council?
Greater Franklin Development Council's revenue in 2022 was $914,212.
Who are the executives of Greater Franklin Development Council and what are their salaries?
The average compensation at Greater Franklin Development Council during 2022 was $63,994. There are 2 employees at Greater Franklin Development Council.
Here are 10 key members and their salaries:
- Compensation: $92,500
- Related: $0
- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
Where can I find the form 990 for Greater Franklin Development Council?
Greater Franklin Development Council's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Greater Franklin Development Council
Greater Franklin Development Council, abbreviated as GFDC, is a nonprofit organization dedicated to promoting economic growth and development in the greater Franklin county area. Its mission is threefold: to attract businesses, assist entrepreneurs, and advocate for a sustainable and thriving community. By doing so, GFDC aims to enhance the quality of life in the region, providing opportunities for its residents. The council was established by a group of local businesspeople, who recognized the need to strengthen the economic development in their area. Their goal is to create and retain quality employment opportunities, attracting new businesses, supporting local employers, and encouraging entrepreneurship. By pursuing this mission, GFDC seeks to contribute to a vibrant economy where opportunities abound in Western Maine.
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Impact
July, 2024
The Greater Franklin Development Council's impact on the community of Farmington and the greater Franklin County area is significant. By advocating, promoting, and collaborating to support a sustainable and thriving community, the GFDC plays a key role in strengthening economic development in the region. Its goal of creating and retaining quality employment opportunities by attracting new businesses, assisting local employers, and encouraging entrepreneurship directly contributes to the growth and prosperity of the area.
Through its efforts, the GFDC not only influences the business landscape but also aims to enhance the overall quality of life in Western Maine. By fostering a vibrant economy where opportunities abound, the council contributes to a positive environment where individuals can thrive both personally and professionally.
Overall, the Greater Franklin Development Council's impact on the community improvement of Farmington and the surrounding area is instrumental in shaping a better future for residents and businesses alike.
This information is meant to be a general summary of Greater Franklin Development Council. 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 2022.
- Investment Income: $52
- Program Service Revenue: $18,000
- Gross Receipts: $914,212
Assets and Liabilities:
- Total Assets: $1,354,830
- Total Liabilities: $0
- Net Assets: $1,354,830
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INVOICES AGAINST RESTRICTED
Revenue
$18,000
Organization Details
Founding Year
1998
Principal Officer
Derek Hayes
NTEE Category
Code: S30 - Community improvement
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