Overview
What is Renaissance Economic Development Corporation?
Renaissance Economic Development Corporation is a nonprofit organization based in New York City, specifically at 2 Allen Street 7th Floor, New York, NY 10002. Its primary mission is to provide funding and technical assistance to small businesses operating in retail, wholesale, restaurant, and certain personal service industries within Manhattan, Queens, and Brooklyn. The corporation targets low-income, immigrant neighborhoods, as language, cultural, and conventional loan underwriting barriers often hinder the growth of small businesses in these areas. Underpinning all their lending activities is a commitment to expanding business opportunities for low-income, minority, women, and immigrant entrepreneurs. As of the provided information, they employ a team of 31 individuals.
Official website here: www.renaissance-ny.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Star rating) from Charity Navigator.
Renaissance Economic Development Corporation has achieved an impressive Four-Star rating, reflecting strong performance in accountability and finance. The organization excels in maintaining an independent board, with 77% of its members being independent and a fully compliant financial oversight structure, underscoring its commitment to transparency and responsible governance.
The nonprofit's financial health is notable, with a program expense ratio of 82.23%, indicating that a significant portion of its resources is directed towards its mission-related programs. Additionally, the organization has successfully demonstrated effective oversight with no reported material diversion of assets, further reinforcing its credibility in managing funds responsibly.
While the ratings are highly positive, potential donors and stakeholders might consider seeking further details on program effectiveness and impact metrics, as the score primarily focuses on financial management and governance. Overall, Renaissance Economic Development Corporation stands out as a trustworthy organization dedicated to its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Renaissance Economic Development Corporation legitimate?
Renaissance Economic Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Renaissance Economic 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: $189,453
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,546,145
For more financial information, click here
Official website here: www.renaissance-ny.org
What is the mission statement of Renaissance Economic Development Corporation?
The Renaissance Economic Development Corporation provides direct financing and technical assistance services, primarily focusing on low-income, immigrant neighborhoods in various cities. The organization aims to overcome the barriers of language, culture, and conventional loan underwriting that often hinder the growth of small businesses. Underlying its lending activities is a commitment to increase business opportunities for low-income, minority, women, and immigrant entrepreneurs. By offering these services, Renaissance Economic Development Corporation seeks to foster economic development and empower these entrepreneurs, thereby contributing to a more diverse and inclusive business landscape.
Official website here: www.renaissance-ny.org
Who is the CEO of Renaissance Economic Development Corporation?
Thomas Yu is the Co- Executive Director/Tr (Outgoing) of Renaissance Economic Development Corporation.
Official website here: www.renaissance-ny.org
What is the revenue of Renaissance Economic Development Corporation?
Renaissance Economic Development Corporation's revenue in 2022 was $4,221,507.
Official website here: www.renaissance-ny.org
Who are the executives of Renaissance Economic Development Corporation and what are their salaries?
The average compensation at Renaissance Economic Development Corporation during 2022 was $55,987. There are 31 employees and 7 volunteers at Renaissance Economic Development Corporation.
Here are 13 key members and their salaries:
- Compensation: $0
- Related: $160,060
- Other: $40,689
- 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
- Compensation: $0
- Related: $268,262
- Other: $53,542
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $170,077
- Related: $0
- Other: $19,376
- Compensation: $0
- Related: $96,262
- Other: $10,776
- Compensation: $104,898
- Related: $0
- Other: $30,263
- Compensation: $109,380
- Related: $0
- Other: $3,299
Official website here: www.renaissance-ny.org
Where can I find the form 990 for Renaissance Economic Development Corporation?
Renaissance Economic Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.renaissance-ny.org
Learn more at the official website: www.renaissance-ny.org
Mission Statement of Renaissance Economic Development Corporation
Renaissance Economic Development Corporation, a not-for-profit organization, is committed to providing direct financing and technical assistance services throughout New York City. Its primary focus is on low-income, immigrant neighborhoods where the challenges of language, culture, and conventional loan underwriting have hindered the growth of small businesses. Underpinning all of Renaissance's lending activity is a strong commitment to increasing business opportunities for low-income, minority, women, and immigrant entrepreneurs. The organization aims to break down these barriers and foster a thriving business environment in these communities.
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Impact
October, 2024
Renaissance Economic Development Corporation significantly impacts small business growth in New York City, particularly in low-income and immigrant neighborhoods. By providing direct financing and tailored technical assistance, it removes the barriers that often hinder business development in these communities.
The organization focuses on supporting entrepreneurs who face challenges related to language, culture, and traditional loan underwriting processes. Through its small business loans program, Renaissance helps empower minority, women, and immigrant entrepreneurs, enabling them to thrive in sectors like retail, wholesale, and restaurants. This targeted approach enhances local economies, fosters job creation, and cultivates a more vibrant business landscape in Manhattan, Queens, and Brooklyn. Overall, Renaissance Economic Development Corporation plays a crucial role in breaking down financial barriers and increasing business opportunities for those who need it most, ultimately contributing to community improvement and economic advancement.
This information is meant to be a general summary of Renaissance Economic 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: $24,572
- Program Service Revenue: $539,706
- Gross Receipts: $4,469,531
Assets and Liabilities:
- Total Assets: $31,291,579
- Total Liabilities: $11,736,506
- Net Assets: $19,555,073
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST
Revenue
$453,438
ADMIN. FEE AND OTHER
Revenue
$86,268
Organization Details
Founding Year
1997
Phone
(212) 964-6022Principal Officer
Thomas Yu
Main Address
2 ALLEN STREET 7TH FLOOR, NEW YORK, NY, 10002
Website
www.renaissance-ny.orgNTEE Category
Code: S30 - Community improvement
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