Overview
What is Local Development Corp Of East New York?
Local Development Corp of East New York (LDCENY) is a nonprofit organization situated in Brooklyn, New York, specifically at 80 Jamaica Avenue, 11207. Their primary mission is to empower low-income women and minorities, fostering economic self-sufficiency and asset-building. They achieve this by collaborating with local businesses, helping to retain and develop industries within East New York, thereby creating job opportunities and enhancing economic prospects for the community and its enterprises. LDCENY undertakes various economic and entrepreneurial development activities to fulfill its goal. The organization is staffed by a team of eight individuals.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
The Local Development Corporation of East New York has received a Two-Star out of Four Star rating from Charity Navigator, indicating that while the organization demonstrates some accountability and transparency, there are notable areas requiring improvement. With an overall score of 70%, the nonprofit is particularly strong in having a fully independent board and maintaining high program expense ratios, which suggests a commitment to funding direct services.
However, the organization's financial health is a concern, as evidenced by its liabilities to assets ratio of 65.40%, which may signal potential financial risk. While the corporation has shown effective oversight in its financial reporting, the high level of liabilities compared to assets could impact its sustainability and operations in the long term.
Additionally, while the executive director's salary is relatively modest at $76,123 and there are no salaries reported for other key persons, the overall financial structure calls for careful management to ensure continued effectiveness in fulfilling its mission. Stakeholders may want to keep an eye on the organization’s financial strategies moving forward.
This AI summary has been generated from information found on Charity Navigator.
Is Local Development Corp Of East New York legitimate?
Local Development Corp Of East New York is a legitimate nonprofit organization registered as a 501(c)(3) entity. Local Development Corp Of East New York 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: $187,005
Professional Fundraising Fees: $0
Other Salaries and Wages: $299,640
For more financial information, click here
What is the mission statement of Local Development Corp Of East New York?
The Local Development Corp of East New York's mission is centered around empowering low-income women and minorities. Their goal is to promote financial stability and asset building, aiming to enhance the lives of these individuals and their families. They achieve this by collaborating with local businesses, working towards retaining and expanding industry within the community. Their activities are geared towards creating jobs, improving economic opportunities, and fostering a thriving local business environment in East New York.
Who is the CEO of Local Development Corp Of East New York?
Sherry Roberts is the Chair of Local Development Corp Of East New York.
What is the revenue of Local Development Corp Of East New York?
Local Development Corp Of East New York's revenue in 2022 was $723,756.
Who are the executives of Local Development Corp Of East New York and what are their salaries?
The average compensation at Local Development Corp Of East New York during 2022 was $60,831. There are 8 employees and 6 volunteers at Local Development Corp Of East New York.
Here are 8 key members and their salaries:
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- Compensation: $76,801
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- Other: $0
Where can I find the form 990 for Local Development Corp Of East New York?
Local Development Corp Of East New York's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Local Development Corp Of East New York
The Local Development Corp of East New York, abbreviated as LDCENY, is committed to empowering low-income women and minorities. Its mission is to promote economic self-sufficiency and enhance their lives and those of their families. LDCENY achieves this by collaborating with local businesses, working towards retaining and expanding industries within the community of East New York. This initiative creates employment opportunities and enhances the economic prospects for both local residents and neighborhood enterprises. LDCENY's operations encompass a variety of economic and entrepreneurial development activities, aiming to bolster the local economy and improve the overall living conditions of the community.
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Impact
July, 2024
Local Development Corp Of East New York empowers low-to-moderate income women and minorities in the Brooklyn community of East New York. By offering programs that promote economic sufficiency, build assets, and improve lives, LDCENY has a direct impact on the individuals and families it serves. Additionally, by working with local businesses to retain and build industry and commerce, create jobs, and improve economic opportunities for residents and neighborhood enterprises, LDCENY contributes to the overall economic development and well-being of the East New York community. Through its focus on community improvement, LDCENY plays a crucial role in fostering a more prosperous and inclusive environment for all those it serves.
This information is meant to be a general summary of Local Development Corp Of East New York. 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
- Gross Receipts: $723,756
Assets and Liabilities:
- Total Assets: $773,899
- Total Liabilities: $627,673
- Net Assets: $146,226
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Organization Details
Founding Year
1981
Phone
(718) 385-6700Principal Officer
Sherry Roberts
Main Address
80 Jamaica Avenue, Brooklyn, NY, 11207
NTEE Category
Code: S31 - Community improvement
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