Overview
What is Northeast Ct Economic Alliance Inc?
The Northeast Ct Economic Alliance Inc, based in Willimantic, Connecticut, is a nonprofit organization dedicated to boosting economic growth in northeastern Connecticut. They achieve this by offering loans, resources, consulting, and networking opportunities to local businesses. The Alliance's mission is to stimulate, strengthen, and expand the regional economy, ultimately aiming to foster a prosperous business environment within the specified area. Their team, composed of only one individual, works tirelessly to support this cause.
Official website here: www.nealliance.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 83%, Three-Star out of Four Star rating.
The Northeast CT Economic Alliance Inc has achieved a Three-Star rating from Charity Navigator, reflecting a strong performance in accountability and finance. The overall score is based entirely on the organization's accountability and finance, which earned an impressive score of 83%. This indicates a solid operational framework, emphasizing financial health and transparency.
Strengths of the organization include a fully independent board of directors, with all 10 members meeting the independence criteria, which speaks to effective governance. Additionally, there are no reported issues regarding the diversion of assets, reinforcing the integrity of the organization's operations. High marks were also awarded for the program expense ratio, with 90.44% of expenditures directed towards programs, demonstrating a commitment to its mission.
However, there are areas where the organization falls short, particularly regarding its whistleblower and document retention policies, which are missing. This could indicate potential weaknesses in internal controls and risk management practices. While the overall financial performance is commendable, addressing these policy gaps would further enhance the organization's accountability framework.
This AI summary has been generated from information found on Charity Navigator.
Is Northeast Ct Economic Alliance Inc legitimate?
Northeast Ct Economic Alliance Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Northeast Ct Economic Alliance 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $25,500
For more financial information, click here
Official website here: www.nealliance.com
What is the mission statement of Northeast Ct Economic Alliance Inc?
The Northeast Ct Economic Alliance Inc is dedicated to promoting, stimulating, strengthening, and expanding economic development in Northeastern Connecticut. They achieve this by offering loans, resources, consulting, and facilitating business networking. Their mission is to provide support that stimulates economic growth in the region, ultimately aiming to strengthen the local economy. The entity's activities are centered around this mission, with a particular focus on offering loans, resources, consulting services, and fostering business connections to further economic development.
Official website here: www.nealliance.com
Who is the CEO of Northeast Ct Economic Alliance Inc?
Shawn Johnston is the Chair of Northeast Ct Economic Alliance Inc.
Official website here: www.nealliance.com
What is the revenue of Northeast Ct Economic Alliance Inc?
Northeast Ct Economic Alliance Inc's revenue in 2023 was $16,384.
Official website here: www.nealliance.com
Who are the executives of Northeast Ct Economic Alliance Inc and what are their salaries?
The average compensation at Northeast Ct Economic Alliance Inc during 2023 was $25,500. There is 1 employee and 9 volunteers at Northeast Ct Economic Alliance Inc.
Here are 9 key members and their salaries:
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Official website here: www.nealliance.com
Where can I find the form 990 for Northeast Ct Economic Alliance Inc?
Northeast Ct Economic Alliance Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.nealliance.com
Learn more at the official website: www.nealliance.com
Mission Statement of Northeast Ct Economic Alliance Inc
Northeast Ct Economic Alliance Inc is committed to fostering the economic growth and advancement of northeastern Connecticut. To achieve this, the organization provides a range of resources, loans, consulting, and networking opportunities for local businesses. Their mission is geared towards stimulating, strengthening, and expanding the economic development in the region. By offering these services, they aim to create a thriving business environment that benefits the entire community.
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Impact
August, 2024
Northeast Ct Economic Alliance Inc's impact lies in promoting, stimulating, strengthening, and expanding the economic development of Northeastern Connecticut. By providing loans, resources, consulting, and business networking opportunities, the organization plays a crucial role in bolstering economic growth in the region. Through its targeted efforts, Northeast Ct Economic Alliance Inc contributes to the overall betterment and progress of the community, fostering a more robust and dynamic economic environment in Northeastern Connecticut.
This information is meant to be a general summary of Northeast Ct Economic Alliance 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 2023.
- Investment Income: $177
- Program Service Revenue: $16,207
- Gross Receipts: $16,384
Assets and Liabilities:
- Total Assets: $461,772
- Total Liabilities: $177,538
- Net Assets: $284,234
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INCOME ON PROGRAM LOAN
Revenue
$13,690
MANAGEMENT FEES
Revenue
$2,517
Organization Details
Founding Year
1990
Phone
(860) 465-5141Principal Officer
Shawn Johnston
Main Address
PO BOX 186, WILLIMANTIC, CT, 06226
Website
www.nealliance.comNTEE Category
Code: S30 - Community improvement
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