Overview
What is Long Island Development Corporation?
The Long Island Development Corporation (LIDC) is a nonprofit organization situated in Hauppauge, New York. Their primary mission is to aid small businesses and not-for-profit entities by providing them with financial assistance through loans and technical assistance. During the COVID-19 pandemic, LIDC successfully secured a $6,570,000 revolving loan fund from the Department of Commerce's Economic Development Administration (EDA) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This funding aims to alleviate economic dislocation caused by the pandemic, support economic resilience, and further Long Island's long-term economic adjustment objectives. As of September 30, 2021, $3,040,000 of loans have been disbursed. The second phase of the revolving loan fund will commence after the first phase and will operate as a traditional fund for the next seven years. LIDC receives administrative fees during this period, subject to maximum limits set by the contracts. The administrative fee is derived from interest and fees earned in connection with the program. LIDC has a total of 5 employees.
Official website here: www.lidc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Star rating)
The Long Island Development Corporation has received a commendable Four-Star rating from Charity Navigator, reflecting its strong commitment to accountability and finance. The organization scored 96% in this category, indicating robust financial health and transparency in its operations. Such a high rating suggests that donors can trust the organization to manage their contributions effectively and responsibly.
One of the notable strengths of the organization is its governance structure, with 87% of its board members being independent. This independence promotes unbiased decision-making and oversight, enhancing the organization's credibility. Additionally, the corporation has implemented comprehensive policies regarding conflict of interest, whistleblower protections, and document retention, which are crucial for maintaining ethical standards.
Despite its strong performance, it is worth noting that the organization might not have extensive public recognition compared to larger nonprofits. However, with an impressive program expense ratio of over 93%, it exemplifies a focus on maximizing funds directed toward its mission rather than administrative costs. Overall, the Long Island Development Corporation stands out for its financial stewardship and commitment to transparency.
This AI summary has been generated from information found on Charity Navigator.
Is Long Island Development Corporation legitimate?
Long Island Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Long Island Development 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $238,631
Professional Fundraising Fees: $0
Other Salaries and Wages: $95,954
For more financial information, click here
Official website here: www.lidc.org
What is the mission statement of Long Island Development Corporation?
The Long Island Development Corporation's mission is centered around economic development. It aims to assist small businesses and not-for-profit entities by providing them with loans and technical assistance. This organization's activities are primarily geared towards alleviating economic dislocations caused by crises, such as the COVID-19 pandemic, and promoting economic resilience and long-term adjustment objectives. The corporation received funding under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to establish a $6,570,000 Revolving Loan Fund for this purpose. As of September 30, 2021, $3,040,000 of loans have been disbursed from this fund. The remaining seven years of the Revolving Loan Fund's second phase will see the corporation receiving administrative fees, subject to contractual limits.
Official website here: www.lidc.org
Who is the CEO of Long Island Development Corporation?
Gina Slater Parker is the Board Member of Long Island Development Corporation. The CEO's salary of Long Island Development Corporation is $213,263 and their total compensation is $238,632.
Official website here: www.lidc.org
What is the revenue of Long Island Development Corporation?
Long Island Development Corporation's revenue in 2022 was $2,571,319.
Official website here: www.lidc.org
Who are the executives of Long Island Development Corporation and what are their salaries?
The average compensation at Long Island Development Corporation during 2022 was $66,917. There are 5 employees and 12 volunteers at Long Island Development Corporation.
Here are 8 key members and their salaries (Long Island Development Corporation's CEO's salary is $213,263 and their total compensation is $238,632):
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- Compensation: $213,263
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- Other: $25,369
Official website here: www.lidc.org
Where can I find the form 990 for Long Island Development Corporation?
Long Island Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.lidc.org
Learn more at the official website: www.lidc.org
Mission Statement of Long Island Development Corporation
The Long Island Development Corporation, abbreviated as LIDC, is dedicated to assisting small businesses and not-for-profit entities. Their mission is centered around providing them with essential financial aid in the form of loans and offering technical assistance. This economic development organization aims to alleviate sudden and severe economic dislocations caused by crises, such as the COVID-19 pandemic, and to support long-term economic resilience and adjustment objectives on Long Island.
In response to the COVID-19 pandemic, LIDC was granted approval by the Department of Commerce's Economic Development Administration (EDA) to capitalize a $6,570,000 Revolving Loan Fund (RLF) under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). This funding was intended to provide permanent resources to support economic resilience and aid in the long-term adjustment objectives of Long Island. The EDA investment also provided $657,000 to cover the cost of administering the RLF. As of September 30, 2021, $3,040,000 of loans had been disbursed.
LIDC's RLF operates in two phases. The first phase, a two-year period, requires that both the $6,570,000 loan funds be disbursed and the $657,000 administrative fee be utilized. After this initial phase, the RLF transitions into a traditional form, where LIDC continues to receive administrative fees, subject to maximum limits set by the contracts. The administrative fee is derived from interest and fees earned in connection with the program. This mission by LIDC is essential in providing vital financial support to small businesses and not-for-profit entities during challenging times, ensuring their long-term economic resilience and growth.
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Impact
July, 2024
The Long Island Development Corporation's impact is significant in providing support to small businesses and nonprofit entities through loans and technical assistance. One noteworthy initiative is the Coronavirus Aid, Relief, and Economic Security Act Revolving Loan Fund. This program, approved by the Department of Commerce's Economic Development Administration, aims to alleviate the economic dislocation caused by the COVID-19 pandemic, support economic resiliency, and further Long Island's long-term economic adjustment objectives.
Through this fund, the Long Island Development Corporation has disbursed $3,040,000 in loans as of September 30, 2021, with more to follow in the second phase of the program. By offering financial resources and expertise, the organization plays a crucial role in boosting economic development and assisting the local community in navigating challenging circumstances.
This information is meant to be a general summary of Long Island Development 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: $5,062
- Program Service Revenue: $431,257
- Gross Receipts: $2,571,319
Assets and Liabilities:
- Total Assets: $14,767,676
- Total Liabilities: $461,973
- Net Assets: $14,305,703
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
REVOLVING LOAN FUND IN
Revenue
$187,579
ADMINISTRATIVE INCOME
Revenue
$152,037
SBA 504 PROGRAM REVENU
Revenue
$91,641
Organization Details
Founding Year
1980
Phone
(516) 433-5000Principal Officer
Gina Slater Parker
Main Address
175 ENGINEERS ROAD NO 200, HAUPPAUGE, NY, 11788
Website
www.lidc.orgNTEE Category
Code: S300 - Community improvement
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