Overview
What is North Central Massachusetts Development Corporation?
The North Central Massachusetts Development Corporation, located at 860 South Street, Fitchburg, MA 01420, is a nonprofit organization dedicated to expanding economic opportunities in the North Central region of Massachusetts. They achieve this goal by offering alternative lending opportunities to small businesses, acting as a catalyst for growth and development within the community. In collaboration with various federal and state agencies, the corporation provides a range of marketing and financial support, aiming to empower local businesses and foster a thriving economic landscape in the region.
Official website here: www.choosenorthcentral.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
The North Central Massachusetts Development Corporation has achieved an impressive Four-Star rating from Charity Navigator, reflecting a high level of accountability and transparency in its operations. The organization excels in several areas, including a 92.88% program expense ratio, indicating that the majority of its funds are directed towards its programs rather than administrative costs. Additionally, it boasts a fully independent board and has well-defined policies related to conflicts of interest and whistleblower protection.
Strengths of the organization include its robust financial management, evidenced by a strong audit score and a favorable liabilities-to-assets ratio of 19.79%. The charity has also demonstrated a commitment to transparency through publicly available documentation, such as board meeting minutes and financial statements. This level of oversight reassures donors about the effective use of their contributions.
While the ratings and feedback are overwhelmingly positive, continuous monitoring and evaluation will be essential for the North Central Massachusetts Development Corporation to maintain its high standards. Overall, the organization appears well-equipped to serve its mission effectively, with a solid foundation of governance and strategic financial practices.
This AI summary has been generated from information found on Charity Navigator.
Is North Central Massachusetts Development Corporation legitimate?
North Central Massachusetts Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. North Central Massachusetts Development 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:
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Other Salaries and Wages: $470,092
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Official website here: www.choosenorthcentral.com
What is the mission statement of North Central Massachusetts Development Corporation?
The North Central Massachusetts Development Corporation's mission is to foster economic growth in the region by offering a range of marketing and lending opportunities to small businesses. This is done in collaboration with various federal and state agencies. The corporation's primary goal is to expand economic development in North Central Massachusetts by providing alternative financing options to small businesses. They aim to contribute to the local economy by supporting these businesses and promoting economic growth.
Official website here: www.choosenorthcentral.com
Who is the CEO of North Central Massachusetts Development Corporation?
Roy Nascimento is the Director of North Central Massachusetts Development Corporation.
Official website here: www.choosenorthcentral.com
What is the revenue of North Central Massachusetts Development Corporation?
North Central Massachusetts Development Corporation's revenue in 2022 was $2,376,134.
Official website here: www.choosenorthcentral.com
Who are the executives of North Central Massachusetts Development Corporation and what are their salaries?
Here are 9 key members and their salaries:
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Official website here: www.choosenorthcentral.com
Where can I find the form 990 for North Central Massachusetts Development Corporation?
North Central Massachusetts Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.choosenorthcentral.com
Learn more at the official website: www.choosenorthcentral.com
Mission Statement of North Central Massachusetts Development Corporation
The North Central Massachusetts Development Corporation is dedicated to expanding economic opportunities in its region. Its mission is to achieve this goal by offering a range of marketing and lending opportunities to small businesses. This organization collaborates with various federal and state agencies to provide alternative financing solutions to these businesses, thereby contributing to the economic development of North Central Massachusetts. By offering these services, the North Central Massachusetts Development Corporation is instrumental in fostering growth and prosperity in the local business community.
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Impact
July, 2024
North Central Massachusetts Development Corporation has a significant impact on the economic landscape of Central Massachusetts. By providing alternative lending opportunities to small businesses in the region, they help in expanding economic development and fostering growth. Through collaboration with various federal and state agencies, they offer a variety of marketing and lending opportunities to support the success of small businesses. Their work contributes to creating a vibrant business environment in North Central Massachusetts, stimulating local economies and generating employment opportunities.
This information is meant to be a general summary of North Central Massachusetts Development 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 2022.
- Investment Income: $927
- Program Service Revenue: $114,408
- Gross Receipts: $2,376,134
Assets and Liabilities:
- Total Assets: $7,059,159
- Total Liabilities: $1,397,015
- Net Assets: $5,662,144
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST INCOME
Revenue
$89,890
LOAN PROCESSING FEES
Revenue
$24,518
Organization Details
Founding Year
1986
Phone
(978) 353-7600Principal Officer
Roy Nascimento
Main Address
860 SOUTH STREET, FITCHBURG, MA, 01420
Website
www.choosenorthcentral.comIf you are a representative of North Central Massachusetts Development Corporation and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.