Overview
What is Hedco Inc?
Hedco Inc, headquartered at 207 Main Street, 4th Floor, Hartford, CT 06106, is a nonprofit organization dedicated to fostering economic growth. Their primary focus is on assisting small businesses and non-profits in the state of Connecticut, specifically in Hartford, by providing them with necessary capital that might otherwise be unattainable or inadequately served. These loan programs offer a chance for individuals to realize their entrepreneurial dreams, achieve financial independence, and contribute to their communities through job creation and essential services. Beyond small businesses, Hedco Inc also extends its assistance to non-profits, thereby playing a significant role in promoting and furthering economic development in the region. The organization is staffed by a team of 12 dedicated professionals.
Official website here: www.hedcoinc.com
What are the reviews and ratings of this charity?
Charity Navigator Rating 95% - Four-Star out of Four Star Rating
Hedco Inc has achieved an impressive 95% score from Charity Navigator, earning it a Four-Star rating. This high rating reflects strong accountability and financial management, with a notable 96% in the Accountability & Finance category. The organization demonstrates transparency and effective governance, as indicated by its majority independent board and robust oversight measures.
In terms of program efficiency, Hedco Inc allocates 88.52% of its expenses directly to programs, which is a positive indicator of its commitment to its mission. Additionally, the nonprofit excels in creating a culture that values constituent feedback, scoring a perfect 100 in feedback collection and usage. This responsiveness to stakeholder input showcases its dedication to continuous improvement and community engagement.
However, while the organization performs well overall, there are some limitations in its equity strategies and policies, where it scored 83 out of 100. This suggests that while Hedco Inc is making strides, there is room for enhancement in terms of equity data and policy processes. Overall, Hedco Inc stands out for its financial health and community-oriented practices, though it could further strengthen its equity initiatives.
This AI summary has been generated from information found on Charity Navigator.
Is Hedco Inc legitimate?
Hedco Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Hedco 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: $393,889
Professional Fundraising Fees: $0
Other Salaries and Wages: $537,490
For more financial information, click here
Official website here: www.hedcoinc.com
What is the mission statement of Hedco Inc?
Hedco Inc's mission is centered around promoting economic growth. They specifically focus on supporting small businesses and organizations across various regions, with a particular emphasis on assisting small businesses within Hartford, Connecticut. Their mission involves organizing and facilitating loan programs, providing small business clients with necessary capital that may otherwise be unavailable or under-served. These loan programs offer hope and opportunities for individuals to establish their dream businesses, achieve financial freedom, and contribute positively to their communities through job creation and essential services. Additionally, non-profit organizations also benefit from these programs, receiving aid in their establishment, growth, and development.
Official website here: www.hedcoinc.com
Who is the CEO of Hedco Inc?
Kim B Hawkins is the Principal Officer of Hedco Inc. The CEO's salary of Hedco Inc is $220,317 and their total compensation is $241,098.
Official website here: www.hedcoinc.com
What is the revenue of Hedco Inc?
Hedco Inc's revenue in 2022 was $3,183,026.
Official website here: www.hedcoinc.com
Who are the executives of Hedco Inc and what are their salaries?
The average compensation at Hedco Inc during 2022 was $77,615. There are 12 employees and 18 volunteers at Hedco Inc.
Here are 20 key members and their salaries (Hedco Inc's CEO's salary is $220,317 and their total compensation is $241,098):
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- Compensation: $126,891
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- Other: $31,968
Official website here: www.hedcoinc.com
Where can I find the form 990 for Hedco Inc?
Hedco Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.hedcoinc.com
Learn more at the official website: www.hedcoinc.com
Mission Statement of Hedco Inc
Hedco Inc, a nonprofit organization, is dedicated to fostering economic growth. Its primary mission is to support and advance the economic development of small businesses and organizations across various regions in the state of Connecticut. Furthermore, Hedco Inc is committed to assisting in the establishment, growth, and development of small businesses within Hartford, Connecticut.
To achieve these objectives, Hedco Inc offers loan programs. These financial aid initiatives provide access to capital needs for small businesses that might otherwise be under-served or unmet. By offering these loan programs, Hedco Inc offers hope and opportunities for individuals to realize their business dreams, achieve financial freedom, and contribute to their communities through job creation and necessary services. Additionally, Hedco Inc extends its support to non-profit organizations through these programs, contributing to the broader economic health of the communities it serves.
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Impact
July, 2024
Hedco Inc plays a crucial role in promoting economic growth by organizing and facilitating access to capital for small businesses and organizations. Through their loan programs, they support entrepreneurs in realizing their business dreams, creating financial independence, and contributing to their communities by generating jobs and offering essential services. Additionally, non-profits are also benefiting from these programs, further enhancing the overall impact on the community. Hedco Inc's efforts are instrumental in fostering economic development in Hartford, CT, and other regions of the state, making a tangible difference in promoting entrepreneurship and fostering community improvement.
This information is meant to be a general summary of Hedco 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: $30,534
- Program Service Revenue: $862,357
- Gross Receipts: $3,187,973
Assets and Liabilities:
- Total Assets: $31,561,156
- Total Liabilities: $10,938,723
- Net Assets: $20,622,433
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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
$564,322
SERVICE FEES
Revenue
$298,035
Organization Details
Founding Year
1975
Phone
(860) 527-1301Principal Officer
Kim B Hawkins
Main Address
207 MAIN STREET 4TH FLOOR, HARTFORD, CT, 06106
Website
www.hedcoinc.comNTEE Category
Code: S30 - Community improvement
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