Overview
What is Local Enterprise Assistance Fund?
The Local Enterprise Assistance Fund, often referred to as LEAF, is a nonprofit organization situated in Boston, Massachusetts. Its primary mission is to promote human and economic development by providing low-cost financing and development assistance to worker-owned cooperatives and community-based businesses. LEAF focuses on companies with a commitment to healthy food products, empowering low-income individuals to start and manage their businesses, environmental concerns, job training and placement for low-income workers, and community cooperatives that create employment opportunities. As a Community Development Financial Institution, LEAF offers financing and technical assistance to help these businesses thrive, thereby contributing to job creation and preservation in the community.
Official website here: www.leaffund.org
What are the reviews and ratings of this charity?
Charity Navigator Rating 89% - Three-Star out of Four Star Rating
The Local Enterprise Assistance Fund has achieved a solid Three-Star rating from Charity Navigator, reflecting a strong commitment to accountability and finance. The organization earned a high score in this category, indicating that it operates with transparency and integrity. With features like an independent board and an effective audit and oversight committee, the nonprofit is well-positioned to manage its resources responsibly.
Strengths of the organization include a significant emphasis on accountability, demonstrated by the presence of independent board members and comprehensive governance policies. The financial health of the organization appears stable, with a program expense ratio of 80%, suggesting that a substantial portion of its budget is directed toward its mission-driven activities. This focus on operational efficiency reinforces its credibility among donors and stakeholders.
However, while the organization has performed well in many areas, its liabilities to assets ratio of 59.02% indicates that it carries a notable amount of debt relative to its assets. This may present a potential risk in terms of financial sustainability if not monitored closely. Overall, the Local Enterprise Assistance Fund demonstrates strong governance but could benefit from improving its balance sheet for long-term stability.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about Local Enterprise Assistance Fund?
100% of reviewers recommend the Local Enterprise Assistance Fund based on the six reviews collected on Facebook. Here is a summary of their input:
The sentiment towards the organization is overwhelmingly positive, with users expressing a strong endorsement of its mission and impact. One reviewer specifically called for an expansion of the program into West Africa, indicating a desire for the nonprofit to reach even more communities in need. This suggests that the services offered are valuable enough for individuals to want the organization to broaden its reach.
Overall, the Local Enterprise Assistance Fund is viewed favorably, with supporters advocating for its growth and increased service availability. This reflects a belief in the effectiveness of its programs and the importance of its work in helping local enterprises thrive.
This AI summary has been generated from reviews found on Facebook.
Is Local Enterprise Assistance Fund legitimate?
Local Enterprise Assistance Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Local Enterprise Assistance Fund 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: $883,364
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.leaffund.org
What is the mission statement of Local Enterprise Assistance Fund?
The Local Enterprise Assistance Fund, serving as a non-profit community development financial institution, is committed to advancing human and economic development. It achieves this mission by offering affordable financing and development assistance to worker-owned cooperatives and community-owned businesses. The organization's primary goal is to support businesses that focus on areas such as healthy food products, empowering low-income individuals to establish and manage their own enterprises, initiatives that show concern for the environment, employment training and placement for low-income workers, and community cooperatives that create jobs.
Official website here: www.leaffund.org
Who is the CEO of Local Enterprise Assistance Fund?
Gerardo Espinoza is the Director & Chairperson of Local Enterprise Assistance Fund.
Official website here: www.leaffund.org
What is the revenue of Local Enterprise Assistance Fund?
Local Enterprise Assistance Fund's revenue in 2022 was $8,343,201.
Official website here: www.leaffund.org
Who are the executives of Local Enterprise Assistance Fund and what are their salaries?
The average compensation at Local Enterprise Assistance Fund during 2022 was $110,420. There are 8 employees at Local Enterprise Assistance Fund.
Here are 10 key members and their salaries:
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- Compensation: $121,933
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- Compensation: $136,353
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Official website here: www.leaffund.org
Where can I find the form 990 for Local Enterprise Assistance Fund?
Local Enterprise Assistance Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.leaffund.org
Learn more at the official website: www.leaffund.org
Mission Statement of Local Enterprise Assistance Fund
The Local Enterprise Assistance Fund, as a non-profit community development financial institution, is committed to promoting human and economic development. They achieve this by offering low-cost financing and development assistance to employee-owned and community-based businesses. The mission of this organization is to create and save jobs by supporting enterprises that focus on several key areas.
Firstly, Local Enterprise Assistance Fund prioritizes businesses that specialize in healthy food products. By backing these ventures, they contribute to the improvement of overall health in communities. Secondly, they are dedicated to empowering low-income individuals to establish and manage their own businesses. This empowerment initiative allows these individuals to gain financial independence and contribute positively to their communities.
Thirdly, Local Enterprise Assistance Fund is concerned with environmental initiatives. They support businesses that demonstrate a dedication to the environment, thereby promoting sustainability and eco-friendly practices. Fourthly, the organization is involved in employment training and placement of low-income workers. By providing these services, they help to reduce unemployment and poverty in communities. Lastly, Local Enterprise Assistance Fund supports community cooperatives that create jobs. These cooperatives foster a sense of community ownership and shared responsibility, contributing to the economic growth and stability of the areas they serve.
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Impact
July, 2024
Local Enterprise Assistance Fund (LEAF) has a significant impact on promoting human and economic development by providing low-cost financing and development assistance to employee-owned and community-based businesses that create and save jobs. LEAF's financing activities focus on companies that produce healthy food products, empower low-income individuals to create and manage their own businesses, demonstrate a concern for the environment, provide employment training and placement for low-income workers, and support community cooperatives that generate jobs. By supporting these types of businesses, LEAF contributes to creating sustainable employment opportunities, fostering economic empowerment, and promoting community development.
This information is meant to be a general summary of Local Enterprise Assistance Fund. 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: $2,638
- Program Service Revenue: $629,171
- Gross Receipts: $8,343,201
Assets and Liabilities:
- Total Assets: $24,155,726
- Total Liabilities: $14,010,339
- Net Assets: $10,145,387
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST & FEES ON LOA
Revenue
$629,171
Organization Details
Founding Year
1982
Phone
(617) 232-1551Principal Officer
Gerardo Espinoza
Main Address
386 WESTERN AVENUE, BOSTON, MA, 02135
Website
www.leaffund.orgNTEE Category
Code: J19 - Employment
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