Overview
What is Promote Gloversville Development Corporation?
Promote Gloversville Development Corporation, also known as Gloversville EDC, is a nonprofit organization situated at 2 N Main Street, Gloversville, New York 12078. Their primary mission is to secure federal UDAG grants, which they then offer as low-interest loans to local businesses. This initiative aims to stimulate employment within the community by encouraging these businesses to hire local workers.
Official website here: www.none
What are the reviews and ratings of this charity?
Charity Navigator Rating: 65% (Two-Star out of Four Star rating)
Promote Gloversville Development Corporation has received a Two-Star rating from Charity Navigator, indicating a moderate level of accountability and financial management. The organization scored particularly well in areas such as having a fully independent board and no material diversion of assets, which reflects positively on its governance practices. However, the overall score highlights significant areas for improvement, particularly in policies related to conflicts of interest, whistleblower protections, and document retention.
While the organization maintains a strong liabilities-to-assets ratio and a reasonable program expense ratio, its lack of critical governance policies raises concerns about transparency and risk management. Specifically, the absence of a conflict of interest policy and whistleblower protections could impede ethical oversight and accountability. Additionally, the failure to post required documents, such as tax forms, on its website affects the organization's transparency.
Overall, while Promote Gloversville Development Corporation demonstrates solid aspects of governance, the noted deficiencies suggest that potential donors and stakeholders should be mindful of these limitations when evaluating the nonprofit's operational standards and practices.
This AI summary has been generated from information found on Charity Navigator.
Is Promote Gloversville Development Corporation legitimate?
Promote Gloversville Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Promote Gloversville 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.
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Official website here: www.none
What is the mission statement of Promote Gloversville Development Corporation?
The Promote Gloversville Development Corporation's mission, as facilitated by a Federal UDAG grant, is to provide low-interest loans to local businesses. This initiative aims to promote the hiring of local workers, thereby stimulating economic growth and job opportunities within the community. By offering these financial resources, the corporation seeks to foster the prosperity of local businesses and contribute to the local workforce.
Official website here: www.none
Who is the CEO of Promote Gloversville Development Corporation?
Joyce Royal is the Board Member of Promote Gloversville Development Corporation.
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What is the revenue of Promote Gloversville Development Corporation?
Promote Gloversville Development Corporation's revenue in 2022 was $27,162.
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Who are the executives of Promote Gloversville Development Corporation and what are their salaries?
Here are 7 key members and their salaries:
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Official website here: www.none
Learn more at the official website: www.none
Mission Statement of Promote Gloversville Development Corporation
Promote Gloversville Development Corporation is an organization that secures federal UDAG grants to provide local businesses with low-interest loans. This mission aims to encourage these businesses to prioritize hiring local workers. By offering affordable financing options, Promote Gloversville Development Corporation fosters economic growth and job opportunities within the community, ultimately benefiting both the businesses and the local workforce.
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Impact
August, 2024
Promote Gloversville Development Corporation's impact can be seen in its efforts to stimulate local economic growth and job creation through the allocation of low-interest loans to businesses in the Gloversville area. By providing financial support to local businesses, the organization aims to promote the hiring of local workers and enhance the overall economic landscape of the community. This initiative not only supports the sustainability of existing businesses but also contributes to the development of a more prosperous and thriving local economy. Through its focus on community improvement, Promote Gloversville Development Corporation plays a crucial role in fostering economic opportunities and enhancing the well-being of residents in the Gloversville area.
This information is meant to be a general summary of Promote Gloversville 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: $27,162
- Gross Receipts: $62,324
Assets and Liabilities:
- Total Assets: $604,833
- Total Liabilities: $0
- Net Assets: $604,833
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Organization Details
Founding Year
1981
Phone
(518) 725-0641Principal Officer
Joyce Royal
Main Address
2 N MAIN STREET, GLOVERSVILLE, NY, 12078
Website
www.noneNTEE Category
Code: S30 - Community improvement
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