Overview
What is Northern Community Investment Corporation?
Northern Community Investment Corporation is a nonprofit organization situated in St. Johnsbury, Vermont. Primarily focused on business lending, they offer commercial loans that supplement traditional bank financing and provide direct financing to businesses struggling to access credit elsewhere. The corporation also provides Small Business Administration (SBA) guarantees, equipment leases, and lines of credit. Beyond finance, Northern Community Investment Corporation engages in economic development through grant writing, grant management, project management, technical business assistance, and equipment leasing. Their mission is to strengthen businesses, communities, and employment opportunities across Northern New Hampshire and Northeastern Vermont. They currently employ 8 individuals.
Official website here: www.ncic.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 92% (Four-Star out of Four Star rating)
Northern Community Investment Corporation has achieved a strong 92% rating, highlighting its commitment to high standards of accountability and finance. The organization's governance structure is robust, with 100% independent board members, which suggests a strong level of oversight and transparency. Additionally, the financial health indicators, such as a low liabilities-to-assets ratio and a significant program expense ratio, reflect efficient use of resources towards its mission.
Despite its strengths, there are a few areas where Northern Community Investment Corporation could improve. Notably, it lacks a whistleblower policy and has not posted its tax form on its website as required. These omissions could raise concerns about transparency and adherence to best practices in nonprofit governance.
Overall, the high rating demonstrates that Northern Community Investment Corporation is effectively managing its finances and governance, but addressing the noted limitations could further enhance its credibility and operational integrity.
This AI summary has been generated from information found on Charity Navigator.
Is Northern Community Investment Corporation legitimate?
Northern Community Investment Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Northern Community Investment Corporation 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: $384,886
Professional Fundraising Fees: $0
Other Salaries and Wages: $88,953
For more financial information, click here
Official website here: www.ncic.org
What is the mission statement of Northern Community Investment Corporation?
The Northern Community Investment Corporation's mission is centered around economic development. They achieve this through various means such as grant writing, grant management, project management, technical business assistance, commercial loans, and equipment leasing. Their primary goal is to strengthen businesses, communities, and employment opportunities across Northern New Hampshire and Northeastern Vermont.
In terms of business lending, the corporation provides commercial loans to businesses that often supplement traditional bank financing. Direct financing is also available to businesses unable to access credit elsewhere. Furthermore, the corporation offers SBA guarantees, equipment leases, and lines of credit. The aim is to foster economic growth and create opportunities for businesses and communities in the specified regions.
Official website here: www.ncic.org
Who is the CEO of Northern Community Investment Corporation?
Peter Corey is the Chairman of Northern Community Investment Corporation.
Official website here: www.ncic.org
What is the revenue of Northern Community Investment Corporation?
Northern Community Investment Corporation's revenue in 2023 was $1,941,984.
Official website here: www.ncic.org
Who are the executives of Northern Community Investment Corporation and what are their salaries?
The average compensation at Northern Community Investment Corporation during 2023 was $59,230. There are 8 employees and 16 volunteers at Northern Community Investment Corporation.
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- Other: $14,398
Official website here: www.ncic.org
Where can I find the form 990 for Northern Community Investment Corporation?
Northern Community Investment Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.ncic.org
Learn more at the official website: www.ncic.org
Mission Statement of Northern Community Investment Corporation
Northern Community Investment Corporation (NCIC) is dedicated to strengthening businesses, communities, and employment opportunities across Northern New Hampshire and Northeastern Vermont. Through its various services, NCIC works towards economic development. This nonprofit organization provides grant writing, grant management, project management, technical business assistance, commercial loans, and equipment leasing. By offering these services, NCIC aims to support businesses that often require additional financing beyond what traditional banks can provide. In certain situations, NCIC offers direct financing to businesses unable to secure credit elsewhere. Furthermore, the corporation provides Small Business Administration (SBA) guarantees, equipment leases, and lines of credit. Overall, NCIC's mission is to contribute to the growth and success of businesses in its service area, ultimately fostering a thriving and prosperous community.
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Impact
July, 2024
Northern Community Investment Corporation's impact is significant in strengthening businesses, communities, and employment opportunities across Northern New Hampshire and Northeastern Vermont. Through economic development activities such as grant writing, grant management, project management, technical business assistance, commercial loans, and equipment leasing, NCIC plays a vital role in supporting local businesses. Businesses that are unable to access credit elsewhere benefit from NCIC's commercial loans, which often supplement traditional bank financing. Additionally, NCIC offers SBA guarantees, equipment leases, and lines of credit, further contributing to the growth and sustainability of businesses in the region. By providing essential financial support and business resources, NCIC positively impacts the economic landscape and helps foster community improvement in the areas it serves.
This information is meant to be a general summary of Northern Community Investment Corporation. 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: $69,334
- Program Service Revenue: $711,755
- Gross Receipts: $1,946,860
Assets and Liabilities:
- Total Assets: $16,420,167
- Total Liabilities: $6,409,276
- Net Assets: $10,010,891
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME ON LOA
Revenue
$447,079
LOAN SERVICING INCOME
Revenue
$264,676
Organization Details
Founding Year
1975
Phone
(802) 748-5101Principal Officer
Peter Corey
Main Address
51 DEPOT SQUARE 2, ST JOHNSBURY, VT, 05819
Website
www.ncic.orgNTEE Category
Code: S310 - Community improvement
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