Overview
What is Spanish American Merchants Association Inc?
Spanish American Merchants Association Inc., a Connecticut-incorporated nonprofit, is committed to fostering economic growth for businesses, with a particular focus on supporting Latin entrepreneurs and small business owners. The organization offers technical assistance to help these individuals navigate various aspects of business ownership, from completing applications to creating professional business plans. This program equips them with knowledge of city, state, and federal guidelines. Additionally, SAMA provides computer training to enhance the skills of its merchants. With a mission to promote business expansion, job creation, and new entrepreneurship, the association has a team of eight dedicated professionals.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79% (Three-Star out of Four Stars)
The Spanish American Merchants Association Inc has received a solid Three-Star rating from Charity Navigator, indicating a relatively strong performance in accountability and finance. With an overall score of 79%, the organization demonstrates a commitment to maintaining effective governance practices, illustrated by its 100% independent board members and robust policies regarding conflict of interest and whistleblower protections.
Financially, the organization shows a high program expense ratio of 88.50%, suggesting that a significant portion of its resources is allocated directly to its mission-driven activities. The presence of an active audit and oversight committee, alongside a transparent approach to financial statements, further reinforces its credibility and responsible management of funds.
While the rating highlights many strengths, it does not delve deeply into the specific impact of the organization’s programs or any challenges it may face on the ground. Prospective supporters may want to seek additional information about the outcomes of its initiatives to better understand its overall effectiveness in serving the community.
This AI summary has been generated from information found on Charity Navigator.
Is Spanish American Merchants Association Inc legitimate?
Spanish American Merchants Association Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Spanish American Merchants Association 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: $187,986
Professional Fundraising Fees: $0
Other Salaries and Wages: $605,862
For more financial information, click here
What is the mission statement of Spanish American Merchants Association Inc?
The Spanish American Merchants Association Inc, a non-profit organization based in Connecticut, was established with the primary goal of fostering economic growth among businesses. Particularly, it aims to assist business people, particularly those of Latin origin, in gaining a better comprehension of economic principles. The organization provides technical assistance to promote business expansion, job creation, and new entrepreneurship.
Who is the CEO of Spanish American Merchants Association Inc?
Angel Sierra is the Executive Di of Spanish American Merchants Association Inc.
What is the revenue of Spanish American Merchants Association Inc?
Spanish American Merchants Association Inc's revenue in 2022 was $1,185,908.
Who are the executives of Spanish American Merchants Association Inc and what are their salaries?
The average compensation at Spanish American Merchants Association Inc during 2022 was $99,231. There are 8 employees at Spanish American Merchants Association Inc.
Here are 12 key members and their salaries:
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Where can I find the form 990 for Spanish American Merchants Association Inc?
Spanish American Merchants Association Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Spanish American Merchants Association Inc
The Spanish American Merchants Association Inc, a non-profit organization incorporated in Connecticut, serves as a catalyst for the economic growth of businesses. Established with a specific focus on assisting business people, particularly Latinos, this organization aims to enhance their understanding of economic principles. Through technical assistance, Spanish American Merchants Association Inc promotes business expansion, job creation, and new entrepreneurship, thereby contributing to the overall economic well-being of the business community.
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Impact
July, 2024
Spanish American Merchants Association Inc's impact can be seen in its commitment to serving as a vehicle for the economic growth of businesses, particularly those owned by Latinos. By providing technical assistance programs, SAMA helps small business owners and entrepreneurs navigate the complexities of business ownership, from filling out applications to creating professional business plans. Through these initiatives, SAMA promotes business expansion, job creation, and new entrepreneurship within the Hartford, CT community. Additionally, the organization offers computer training to further enhance the knowledge and skills of its merchants. Overall, SAMA plays a crucial role in empowering Latino business owners and fostering economic development in the region.
This information is meant to be a general summary of Spanish American Merchants Association 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.
- Gross Receipts: $1,271,180
Assets and Liabilities:
- Total Assets: $423,643
- Total Liabilities: $308,905
- Net Assets: $114,738
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Organization Details
Principal Officer
Angel Sierra
Main Address
95 PARK STREET, HARTFORD, CT, 06106
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