Overview
What is Commonwealth Local Development Corp?
Commonwealth Local Development Corp, situated in New York City, is a local development corporation that plays a significant role in the community of Harlem and its surrounding areas. Their primary mission is to foster economic growth and enhance the general welfare of the community's residents. They accomplish this by managing various local development projects, primarily in the sectors of retail and commerce. These projects have been instrumental in enhancing the local economy, resulting in the creation and retention of numerous jobs for residents. The organization's overall work contributes to the economic vitality of the Harlem community.
Official website here: www.harlemcommonwealth.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 56%, One-Star out of Four Star rating.
Commonwealth Local Development Corp has received a low rating of 56%, indicating significant concerns regarding its financial health and operational effectiveness. While the organization performs well in areas such as board independence and has robust policies in place, these positives are overshadowed by the poor performance in financial metrics, particularly the liabilities to assets ratio and program expense ratio, which are critical indicators of financial stability and programmatic effectiveness.
Despite its strong governance policies, the lack of transparency regarding financial statements and an inadequate program expense ratio raise red flags for potential donors and stakeholders. These limitations suggest that the organization may not be utilizing its resources effectively to achieve its mission, which could impact its credibility and ability to attract support.
Overall, while Commonwealth Local Development Corp demonstrates some strengths in governance practices, the significant shortcomings in financial management highlight the need for improvement to enhance accountability and effectiveness in fulfilling its charitable objectives.
This AI summary has been generated from information found on Charity Navigator.
Is Commonwealth Local Development Corp legitimate?
Commonwealth Local Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Commonwealth Local Development Corp 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: $375,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.harlemcommonwealth.org
What is the mission statement of Commonwealth Local Development Corp?
The Commonwealth Local Development Corp, serving as a Local Development Corporation, is dedicated to promoting economic development within its community. Its mission is to stimulate overall growth by establishing enterprises, generating employment opportunities, and enhancing services. Through its projects, the organization has played a significant role in the economic development of the local community in Harlem and surrounding areas. Hundreds of jobs have been created and maintained across various sectors, providing employment opportunities for community residents. The organization's work contributes to the economic vitality and general well-being of the community.
Official website here: www.harlemcommonwealth.org
Who is the CEO of Commonwealth Local Development Corp?
E Hamil Douglas is the Coo of Commonwealth Local Development Corp. The CEO's salary of Commonwealth Local Development Corp is $0 and their total compensation is $275,321.
Official website here: www.harlemcommonwealth.org
What is the revenue of Commonwealth Local Development Corp?
Commonwealth Local Development Corp's revenue in 2022 was $1,255,309.
Official website here: www.harlemcommonwealth.org
Who are the executives of Commonwealth Local Development Corp and what are their salaries?
There 10 volunteers at Commonwealth Local Development Corp.
Here are 7 key members and their salaries (Commonwealth Local Development Corp's CEO's salary is $0 and their total compensation is $275,321):
- Compensation: $0
- Related: $308,333
- Other: $1,311
- Compensation: $0
- Related: $245,037
- Other: $30,284
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.harlemcommonwealth.org
Where can I find the form 990 for Commonwealth Local Development Corp?
Commonwealth Local Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.harlemcommonwealth.org
Learn more at the official website: www.harlemcommonwealth.org
Mission Statement of Commonwealth Local Development Corp
Commonwealth Local Development Corp, as a local development corporation, is committed to stimulating the economic development of its community. With a focus on Harlem and surrounding areas, this organization manages various projects aimed at creating enterprises, generating jobs, and enhancing services. By overseeing retail and commercial developments, Commonwealth Local Development Corp has played a pivotal role in boosting the local economy. This activity has resulted in the creation and retention of numerous jobs across various sectors, providing employment opportunities for the community's residents. Overall, the organization's mission promotes economic vitality and contributes to the general well-being of the community and its residents.
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Impact
August, 2024
Commonwealth Local Development Corp has made a significant impact on the economic development of Harlem and surrounding communities. Through their management of local development projects, they have played a crucial role in creating retail and commercial developments that have bolstered the local economy. These projects have not only created and retained hundreds of jobs across various sectors but have also provided employment opportunities for the residents of the community. The organization's efforts have contributed to the economic vibrancy and general welfare of the community, stimulating overall economic development through the creation of enterprises, job generation, and service improvement.
This information is meant to be a general summary of Commonwealth Local Development Corp. 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: $15,000
- Program Service Revenue: $1,222,549
- Gross Receipts: $1,255,309
Assets and Liabilities:
- Total Assets: $14,096,606
- Total Liabilities: $2,049,364
- Net Assets: $12,047,242
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
CIP Loan Interest
Revenue
$78,367
Econ. Dev. Prog. Rent
Revenue
$1,144,182
Organization Details
Founding Year
1977
Phone
(212) 749-0900Principal Officer
E Hamil Douglas
Main Address
361 West 125th Street, New York, NY, 10027
Website
www.harlemcommonwealth.orgNTEE Category
Code: S31 - Community improvement
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