Overview
What is The Community Economic Development Fund Foundation Inc?
The Community Economic Development Fund Foundation Inc, established in 1993, is a nonprofit organization situated in Meriden, Connecticut. They operate as a Certified Community Development Financial Institution Loan Fund, providing flexible financing and technical support to small businesses in economically challenged communities or with low-to-moderate household incomes. Their mission is to foster neighborhood economies by empowering entrepreneurs and small business owners, enabling them to expand their enterprises, secure properties, or enter new markets. This, in turn, brings about positive change in the individuals, their families, and the communities. In 2022, they facilitated 36 microloans and lines of credit for $964,000, along with 216 loans for $2,065,000 through their affiliate, CEDF Fund I, LLC. Over the past 29 years, they have been instrumental in supporting small business formation and growth, acting as a catalyst for diverse and inclusive economic development in Connecticut.
Official website here: www.cedf.com
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 93% (Four-Star out of Four Star rating)
The Community Economic Development Fund Foundation Inc has received a strong Four-Star rating from Charity Navigator, reflecting high standards in accountability and finance. With a score of 95 in this category, the organization demonstrates robust financial practices, including an independent board composed entirely of 13 members and a comprehensive audit and oversight structure. The lack of asset diversion and a well-documented conflict of interest policy contribute to its solid financial integrity.
In terms of program efficiency, the foundation allocates approximately 69% of its expenses towards programs, indicating a strong commitment to its mission. However, the organization does show some room for improvement in its culture and community score, which stands at 77. While this score is respectable, it suggests that there are opportunities to enhance engagement and equity strategies within the community it serves.
Overall, the foundation's commitment to transparency and accountability is commendable, as evidenced by its adherence to various policies governing operations. While the organization's financial health is robust, addressing the aspects related to community culture could further strengthen its impact and outreach efforts.
This AI summary has been generated from information found on Charity Navigator.
Is The Community Economic Development Fund Foundation Inc legitimate?
The Community Economic Development Fund Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Community Economic Development Fund Foundation 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: $359,481
Professional Fundraising Fees: $0
Other Salaries and Wages: $844,329
For more financial information, click here
Official website here: www.cedf.com
What is the mission statement of The Community Economic Development Fund Foundation Inc?
The Community Economic Development Fund Foundation Inc's mission is centered around strengthening neighborhood economies. They achieve this by providing flexible financing and technical support to businesses, community organizations, and initiatives. This assistance is aimed at stabilizing and fostering growth in small businesses, enabling individuals to realize their dreams and families to celebrate increased financial independence. The foundation, established in 1993, recognized the need for small business lending in economically depressed and stagnant cities during a period of reduced lending activity from traditional banking institutions. Today, the Community Economic Development Fund (CEDF) continues to lead and support small business formation and growth, contributing to meaningful, diverse, and inclusive economic development. Over the past 29 years, CEDF has fulfilled its mission of small business lending, technical assistance, and business education for entrepreneurs and small business owners across various regions.
Official website here: www.cedf.com
Who is the CEO of The Community Economic Development Fund Foundation Inc?
Karen Maciorowski is the Board President of The Community Economic Development Fund Foundation Inc. The CEO's salary of The Community Economic Development Fund Foundation Inc is $205,960 and their total compensation is $245,450.
Official website here: www.cedf.com
What is the revenue of The Community Economic Development Fund Foundation Inc?
The Community Economic Development Fund Foundation Inc's revenue in 2022 was $2,219,165.
Official website here: www.cedf.com
Who are the executives of The Community Economic Development Fund Foundation Inc and what are their salaries?
The average compensation at The Community Economic Development Fund Foundation Inc during 2022 was $75,238. There are 16 employees at The Community Economic Development Fund Foundation Inc.
Here are 15 key members and their salaries (The Community Economic Development Fund Foundation Inc's CEO's salary is $205,960 and their total compensation is $245,450):
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- Compensation: $205,960
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- Other: $39,490
- Compensation: $144,698
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- Other: $23,752
Official website here: www.cedf.com
Where can I find the form 990 for The Community Economic Development Fund Foundation Inc?
The Community Economic Development Fund Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.cedf.com
Learn more at the official website: www.cedf.com
Mission Statement of The Community Economic Development Fund Foundation Inc
The Community Economic Development Fund Foundation Inc, established in 1993, is dedicated to strengthening neighborhood economies. This nonprofit organization achieves this by providing flexible financing and technical support to businesses, community organizations, and initiatives in low to moderate income communities or households throughout Connecticut. The mission of The Community Economic Development Fund (CEDF) is multifaceted. It aims to stabilize and grow small businesses, enabling individuals to realize their dreams and families to celebrate increased financial independence. By doing so, communities also prosper.
CEDF was founded at a time when traditional banking institutions were scaling back lending activity in Connecticut's economically depressed and stagnant cities. Recognizing the urgent need for small business lending, CEDF has since actively led and supported small business formation and growth as a catalyst for meaningful, diverse, and inclusive economic development. Over the past 29 years, CEDF has fulfilled its mission by offering small business lending, technical assistance, and business education to entrepreneurs and small business owners across Connecticut. The organization's work acts as a driving force, contributing to a more robust and inclusive economic landscape.
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Impact
July, 2024
The Community Economic Development Fund Foundation Inc's impact can be seen in the strengthening of neighborhood economies by providing flexible financing and technical support to businesses in low to moderate income communities or with low to moderate income households. Through their small business lending program, they offer easier-to-obtain loans to startup and small businesses throughout Connecticut that may not be able to secure financing from traditional lending institutions. By supporting individuals in starting or expanding their businesses, CEDF empowers them to bring about positive change for themselves, their families, and their communities.
The communities where these entrepreneurs operate often experience a wide array of social benefits including increased economic activity, community wellness, blight reduction, and job creation and retention. In 2022, CEDF Foundation originated a total of 252 loans for $3,029,000, comprising lending for both CEDF Foundation and its affiliate, CEDF Fund I, LLC. This demonstrates the organization's significant contribution to fostering economic development and stability in Connecticut.
CEDF's mission of small business lending, technical assistance, and business education has been instrumental in supporting entrepreneurs and small business owners across the state for the past 29 years. By actively leading and supporting small business formation and growth, CEDF serves as a catalyst for diverse and inclusive economic development. Their tireless efforts have played a vital role in creating opportunities for individuals to achieve their dreams, families to enjoy increased financial independence, and communities to thrive.
This information is meant to be a general summary of The Community Economic Development Fund Foundation 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: $257,694
- Program Service Revenue: $1,191,329
- Gross Receipts: $3,398,688
Assets and Liabilities:
- Total Assets: $20,499,835
- Total Liabilities: $6,593,552
- Net Assets: $13,906,283
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM SERVICES-CDFI AFFILIATE
Revenue
$1,080,956
LENDING PROGRAM
Revenue
$109,473
BUSINESS EDUCATION PROGRAM
Revenue
$900
Organization Details
Founding Year
1993
Phone
(203) 235-2333Principal Officer
Karen Maciorowski
Main Address
965 EAST MAIN STREET, MERIDEN, CT, 064506006
Website
www.cedf.comNTEE Category
Code: S30Z - Community improvement
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