Overview
What is Quaboag Valley Business Assistance Corporation?
The Quaboag Valley Business Assistance Corporation, situated in Ware, Massachusetts, is a nonprofit organization dedicated to fostering economic growth within its region. They accomplish this by offering grants, loans, and advisory support to local businesses. Their ultimate aim is to create an environment of economic opportunity by investing in businesses that struggle to secure funding through conventional means. The corporation also engages in community economic development activities, focusing on benefits for low-income and disadvantaged residents. These activities may target unemployment reduction, underemployment reduction, or education and job skills training for the local community. In essence, Quaboag Valley Business Assistance Corporation acts as a catalyst for local business growth and economic advancement.
Official website here: www.qvcdc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 97% (Four-Star out of Four Stars)
The Quaboag Valley Business Assistance Corporation has achieved a strong Four-Star rating from Charity Navigator, indicating high performance in accountability and finance. With a score of 97%, the organization demonstrates effective financial management and transparency, which is crucial for donor trust. The overall score is derived solely from the Accountability & Finance beacon, reflecting the organization's commitment to ethical practices.
Strengths of the organization include a fully independent board with 100% independent members and a solid program expense ratio of 90.83%, showing that a significant portion of its resources is directed towards its programs. Additionally, the organization has implemented essential policies such as conflict of interest, whistleblower, and document retention policies, all of which contribute to its operational integrity.
While the organization shows no material diversion of assets and maintains a favorable liabilities to assets ratio of 11.21%, ongoing scrutiny of its financial practices and continued transparency will be important for maintaining its commendable rating. Overall, Quaboag Valley Business Assistance Corporation exemplifies strong governance and a focused mission to assist local businesses.
This AI summary has been generated from information found on Charity Navigator.
Is Quaboag Valley Business Assistance Corporation legitimate?
Quaboag Valley Business Assistance Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Quaboag Valley Business Assistance 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.
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Official website here: www.qvcdc.org
What is the mission statement of Quaboag Valley Business Assistance Corporation?
The Quaboag Valley Business Assistance Corporation is dedicated to promoting economic assistance and development in the local community. They achieve this by providing loans to businesses and offering grants, leveraging funds from area banks. The corporation's mission is to create a conducive economic environment in the region by investing in businesses that struggle to secure capital through conventional means. They engage in community economic development activities, aiming to benefit low-income and disadvantaged residents. These activities typically aim to reduce unemployment or underemployment, or provide education or job skills training for these residents.
Official website here: www.qvcdc.org
Who is the CEO of Quaboag Valley Business Assistance Corporation?
Vincent Mccaughey is the President of Quaboag Valley Business Assistance Corporation.
Official website here: www.qvcdc.org
What is the revenue of Quaboag Valley Business Assistance Corporation?
Quaboag Valley Business Assistance Corporation's revenue in 2022 was $541,657.
Official website here: www.qvcdc.org
Who are the executives of Quaboag Valley Business Assistance Corporation and what are their salaries?
Here are 11 key members and their salaries:
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Official website here: www.qvcdc.org
Where can I find the form 990 for Quaboag Valley Business Assistance Corporation?
Quaboag Valley Business Assistance Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.qvcdc.org
Learn more at the official website: www.qvcdc.org
Mission Statement of Quaboag Valley Business Assistance Corporation
Quaboag Valley Business Assistance Corporation is committed to fostering economic growth and development in the local community. Their mission is achieved through providing grants and loans to businesses within the Quaboag region. This financial assistance is sourced both from the corporation itself and from area banks. The corporation's aim is to create an environment of economic opportunity by investing in businesses that may struggle to secure funding through traditional means. By doing so, Quaboag Valley Business Assistance Corporation seeks to benefit low-income and disadvantaged residents of the service area. Their activities are directed towards programs that aim to reduce unemployment or underemployment, or provide education and job skills training for these individuals. In essence, Quaboag Valley Business Assistance Corporation is dedicated to enhancing the economic well-being of its community, particularly its most vulnerable members.
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Impact
July, 2024
Quaboag Valley Business Assistance Corporation has a significant impact on the economic development and growth of the Quaboag region. By providing grants, loans, and advisory support to local businesses, they play a crucial role in creating a climate of economic opportunity in the area. Their investments in businesses that struggle to secure conventional funding help stimulate growth and job creation in the region.
Moreover, by engaging in community economic development activities aimed at benefiting low-income and disadvantaged residents, the organization works towards reducing unemployment, underemployment, and providing education and job skills training. This holistic approach not only supports business growth but also contributes to improving the overall economic well-being of the community.
In summary, Quaboag Valley Business Assistance Corporation's impact extends beyond just financial assistance; it helps foster a more vibrant and inclusive economy in the Quaboag region, ultimately benefiting the entire community.
This information is meant to be a general summary of Quaboag Valley Business Assistance 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: $659
- Program Service Revenue: $42,804
- Gross Receipts: $541,657
Assets and Liabilities:
- Total Assets: $2,249,740
- Total Liabilities: $238,986
- Net Assets: $2,010,754
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME
Revenue
$42,804
Organization Details
Founding Year
1995
Phone
(413) 967-3001Principal Officer
Vincent Mccaughey
Main Address
23 WEST MAIN STREET SUITE 1, WARE, MA, 01082
Website
www.qvcdc.orgNTEE Category
Code: W60 - Public benefit
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