Overview
What is Columbia Economic Development Corp?
Columbia Economic Development Corp, based in Hudson, New York, serves as the primary economic development organization for Columbia County. Their mission is to bolster the local economy by creating jobs and enhancing the tax base. They accomplish this by supporting businesses in establishing and expanding within the county, as well as promoting Columbia County as an attractive destination for both business investment and personal opportunities. In the past year, the corporation lent $943,500 to various local businesses, with $623,778 of those loans being repaid. The corporation's activities include promoting its mission, meeting program expectations, and managing various expenses related to payroll, office, marketing, and consulting. A dedicated team of six employees works tirelessly to achieve these goals.
Official website here: www.columbiaedc.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 76% (Three-Star out of Four Stars)
Columbia Economic Development Corp has received a score of 76%, reflecting a solid Three-Star rating on Charity Navigator. This score is primarily based on their accountability and finance metrics, which indicate strong governance practices. The organization boasts a fully independent board, demonstrating commitment to transparency and ethical oversight of its operations.
Notably, all board members are independent, and the organization has a robust audit and oversight committee. They also maintain proper financial policies, with no reported material diversions of assets, which highlights their financial integrity. However, the program expense ratio, at 57.10%, suggests that there may be areas for improvement in directing funds towards direct program services rather than administrative costs.
While the overall governance structure appears strong, the relatively low program expense ratio indicates potential limitations in how effectively they translate financial resources into impactful community programs. Stakeholders may want to consider this when assessing the organization's effectiveness in fulfilling its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Columbia Economic Development Corp legitimate?
Columbia Economic Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Columbia Economic 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $268,174
For more financial information, click here
Official website here: www.columbiaedc.com
What is the mission statement of Columbia Economic Development Corp?
The Columbia Economic Development Corp serves as the primary economic development organization in an unspecified location. Their mission is centered around enhancing the local economy and job market. They strive to boost the tax base by fostering economic development and job creation. The corporation also assists existing businesses in expanding within the area and promotes the region as an attractive destination for both business investment and personal opportunities.
Official website here: www.columbiaedc.com
Who is the CEO of Columbia Economic Development Corp?
F Michael Tucker is the Chairman of Columbia Economic Development Corp. The CEO's salary of Columbia Economic Development Corp is $0 and their total compensation is $132,000.
Official website here: www.columbiaedc.com
What is the revenue of Columbia Economic Development Corp?
Columbia Economic Development Corp's revenue in 2022 was $1,131,840.
Official website here: www.columbiaedc.com
Who are the executives of Columbia Economic Development Corp and what are their salaries?
The average compensation at Columbia Economic Development Corp during 2022 was $44,696. There are 6 employees and 26 volunteers at Columbia Economic Development Corp.
Here are 27 key members and their salaries (Columbia Economic Development Corp's CEO's salary is $0 and their total compensation is $132,000):
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Official website here: www.columbiaedc.com
Where can I find the form 990 for Columbia Economic Development Corp?
Columbia Economic Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.columbiaedc.com
Learn more at the official website: www.columbiaedc.com
Mission Statement of Columbia Economic Development Corp
Columbia Economic Development Corp, serving as the leading economic development organization in Columbia County, New York, is dedicated to achieving three primary objectives. Their mission is geared towards strengthening the local tax base, fostering economic growth, and creating job opportunities through their development initiatives. The corporation assists businesses in establishing and expanding within the county, playing a crucial role in positioning Columbia County as an attractive destination for both business investments and personal opportunities. By prioritizing economic development and job creation, Columbia Economic Development Corp contributes significantly to the overall growth and prosperity of the community.
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Impact
October, 2024
Columbia Economic Development Corp plays a vital role in enhancing the economic landscape of Columbia County, New York. Through its efforts, the organization promotes industry growth and job development, contributing significantly to the local economy. In the past year, it facilitated the issuance of $943,500 in loans to support various local businesses, which helps to foster entrepreneurship and stimulate economic activity. This infusion of capital is crucial for businesses seeking to expand or improve their operations, ultimately leading to more job opportunities in the region.
The organization also focuses on strengthening the county's tax base, ensuring that the community can sustain public services and infrastructure through economic vitality. By assisting businesses in locating and expanding within the county, Columbia Economic Development Corp effectively highlights the area as an attractive destination for investment and personal growth.
In addition to financial support, the corporation undertakes various activities, including marketing and consulting, to promote the region and its economic potential. This holistic approach not only aids in immediate job creation but lays the groundwork for long-term economic sustainability and community improvement.
This information is meant to be a general summary of Columbia Economic 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: $5,795
- Program Service Revenue: $72,160
- Gross Receipts: $1,131,840
Assets and Liabilities:
- Total Assets: $4,476,822
- Total Liabilities: $1,742,306
- Net Assets: $2,734,516
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST
Revenue
$72,160
Organization Details
Founding Year
1992
Phone
(518) 828-4718Principal Officer
F Michael Tucker
Main Address
1 HUDSON CITY CENTRE SUITE 301, HUDSON, NY, 12534
Website
www.columbiaedc.comNTEE Category
Code: S30 - Community improvement
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