Overview
What is New Bedford Economic Development Council Inc?
New Bedford Economic Development Council Inc is a nonprofit organization located in New Bedford, Massachusetts, with a mission to foster business growth, greater employment, and economic development in the broader New Bedford area. They achieve this goal through various initiatives. The council manages lending programs, utilizing federal and private grants or loans, to support eligible local businesses. It also engages in economic development activities, such as assisting companies in their expansion plans or marketing the city worldwide to attract new business investments. Furthermore, the council operates the New Bedford Quest Center for Innovation, providing a focus for entrepreneurial training and a supportive environment for startup activity. In addition, real estate development plays a significant role in their strategy, aiming to contribute to the city's ongoing transformation. With a team of 5 dedicated professionals, the New Bedford Economic Development Council Inc is committed to bolstering the local economy and promoting a business-friendly environment.
Official website here: www.nbedc.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 96% (Four-Star out of Four Star rating)
The New Bedford Economic Development Council Inc has received an impressive four-star rating from Charity Navigator, reflecting its high level of accountability and financial management. The organization has a 100% independent board, demonstrating a strong governance structure, which is crucial for building trust with donors and the community. Additionally, the council has shown thorough oversight in its financial practices, as indicated by its effective audit and oversight committee.
Strengths of the organization also include a commendable program expense ratio of 79.02%, indicating that a significant portion of its funds is directed towards its programs rather than administrative costs. The council has established comprehensive policies, such as conflict of interest and whistleblower policies, ensuring ethical operations and transparency. These factors contribute to a solid reputation for responsible stewardship of donor funds.
However, while the council excels in various aspects of governance and financial health, the summary does not provide specific information about its programmatic impact or community outcomes. Potential donors may wish to seek additional insights beyond financial metrics to fully understand the organization's effectiveness in achieving its mission.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about New Bedford Economic Development Council Inc?
100% of 9 reviewers on Facebook recommend New Bedford Economic Development Council Inc. Here is a summary of their reviews:
Multiple clients express a high level of satisfaction with the support provided by the NBEDC. Users praised the organization for their professionalism and helpfulness, highlighting the positive impact it has had on their business operations over the years.
Overall, the sentiment towards the service offered by the NBEDC is overwhelmingly positive, indicating that the council effectively meets the needs of businesses in the community.
This AI summary has been generated from reviews found on Facebook.
Is New Bedford Economic Development Council Inc legitimate?
New Bedford Economic Development Council Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Bedford Economic Development Council Inc 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: $196,773
Professional Fundraising Fees: $0
Other Salaries and Wages: $400,089
For more financial information, click here
Official website here: www.nbedc.org
What is the mission statement of New Bedford Economic Development Council Inc?
The New Bedford Economic Development Council Inc's mission is centered around fostering business growth, promoting employment opportunities, and driving economic development in a broader area. As a non-profit organization, its primary goal is to create and strengthen economic development opportunities, promoting a business-friendly environment. The council accomplishes this through various initiatives, including lending programs, economic development activities, providing management and strategic development services, and participating in real estate development projects. Their role as the operator of the New Bedford Quest Center for Innovation further supports entrepreneurial training and a nurturing environment for startup activities. Overall, the council's mission is to contribute positively to the economic growth and vitality of the community.
Official website here: www.nbedc.org
Who is the CEO of New Bedford Economic Development Council Inc?
Anthony R Sapienza is the President of New Bedford Economic Development Council Inc.
Official website here: www.nbedc.org
What is the revenue of New Bedford Economic Development Council Inc?
New Bedford Economic Development Council Inc's revenue in 2022 was $2,890,059.
Official website here: www.nbedc.org
Who are the executives of New Bedford Economic Development Council Inc and what are their salaries?
The average compensation at New Bedford Economic Development Council Inc during 2022 was $119,372. There are 5 employees and 31 volunteers at New Bedford Economic Development Council Inc.
Here are 13 key members and their salaries:
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- Compensation: $131,287
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- Other: $9,488
- Compensation: $107,961
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- Other: $9,638
Official website here: www.nbedc.org
Where can I find the form 990 for New Bedford Economic Development Council Inc?
New Bedford Economic Development Council Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.nbedc.org
Learn more at the official website: www.nbedc.org
Mission Statement of New Bedford Economic Development Council Inc
The New Bedford Economic Development Council Inc, as a nonprofit organization, is dedicated to fostering business growth, promoting greater employment opportunities, and driving economic development in the broader New Bedford area. Its mission is centered around creating and enhancing economic development prospects, establishing a business-friendly environment, and ultimately contributing to the local economy's overall prosperity.
To accomplish this mission, the Council undertakes various programs and services. It provides lending options to eligible local businesses, leveraging funds from federal and private grants or loans. Furthermore, the Council is involved in economic development activities, assisting local companies in expanding their operations or addressing their business concerns. In addition, it markets the city worldwide, pursuing new business investment opportunities or similar initiatives.
The Council also offers management and strategic development services as the operator of the New Bedford Quest Center for Innovation (Quest Center). This initiative aims to provide a focus for entrepreneurial training and a supportive environment for emerging businesses. Moreover, real estate development is a primary method for the Council to further the ongoing transformation of the city. They offer technical assistance for real estate development projects, including site selection, pre-planning, financing, permitting, and incentive agreements.
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Impact
July, 2024
The New Bedford Economic Development Council Inc plays a crucial role in fostering business growth, increasing employment opportunities, and driving economic development in the Greater New Bedford area. By providing lending programs, economic development activities, management services through the Quest Center for Innovation, and support for real estate development projects, the Council actively contributes to creating a business-friendly environment in the city. Through these initiatives, the Council effectively promotes, creates, and strengthens economic development opportunities, ultimately serving as a key driver of growth and prosperity in the community.
This information is meant to be a general summary of New Bedford Economic Development Council Inc. 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: $1,263
- Program Service Revenue: $268,117
- Gross Receipts: $2,890,059
Assets and Liabilities:
- Total Assets: $6,271,809
- Total Liabilities: $1,231,508
- Net Assets: $5,040,301
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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
$144,042
MANAGEMENT FEES
Revenue
$124,075
Organization Details
Founding Year
1998
Phone
(508) 991-3122Principal Officer
Anthony R Sapienza
Main Address
1213 PURCHASE STREET, NEW BEDFORD, MA, 02740
Website
www.nbedc.orgNTEE Category
Code: W20 - Public benefit
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