Overview
What is Economic Development Corporation?
The Economic Development Corporation, established in Glens Falls, New York, serves as a nonprofit organization with a mission to foster economic growth and prosperity in Warren County. Their strategic objectives include encouraging business retention and expansion, offering advisory services to local enterprises, and attracting new businesses to the region. By promptly addressing business challenges, providing financing, and improving infrastructure, they aim to generate public benefits and enhance the overall quality of life for the community's residents. The Corporation's dedicated workforce of ten individuals contributes to these goals, ultimately driving the area's economic development.
Official website here: www.edcwc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96%, Four-Star out of Four Star Rating
The Economic Development Corporation has received an impressive rating of 96% from Charity Navigator, reflecting its strong performance in accountability and finance. The organization boasts a fully independent board with 100% of its members meeting the independence criteria, showcasing a commitment to transparent governance. Additionally, it scored full points in various categories, including audit oversight and the absence of asset diversion.
Financially, the Economic Development Corporation demonstrates a solid program expense ratio of 69.81%, indicating that a significant portion of its resources is directed towards its programs rather than administrative costs. The low liabilities to assets ratio of 23.93% further suggests a healthy financial standing, which is crucial for sustainability and growth.
The organization also adheres to best practices by implementing policies for conflict of interest, whistleblower protection, and document retention, all of which contribute to its transparent operations. While the overall data indicates strong performance and integrity, potential donors and stakeholders should always consider the larger context of the nonprofit's mission and impact within the community.
This AI summary has been generated from information found on Charity Navigator.
Is Economic Development Corporation legitimate?
Economic Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. 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: $172,757
Professional Fundraising Fees: $0
Other Salaries and Wages: $239,180
For more financial information, click here
Official website here: www.edcwc.org
What is the mission statement of Economic Development Corporation?
The Economic Development Corporation's mission is focused on fostering economic growth and prosperity. It achieves this by addressing business challenges promptly, providing financing, and improving infrastructure that generates public benefits. By leveraging the advantages of doing business, the corporation aims to enhance the quality of life for all residents. In addition, the Economic Development Corporation contributes to charitable objectives and public purposes, such as reducing adult unemployment and promoting quality jobs, while lessening governmental burdens within its region. This is achieved through activities like encouraging business retention and expansion, offering advisory services to local enterprises, and attracting new businesses to the region.
Official website here: www.edcwc.org
Who is the CEO of Economic Development Corporation?
Jim Siplon is the CEO of Economic Development Corporation The CEO's salary of Economic Development Corporation is $134,738 and their total compensation is $172,757.
Official website here: www.edcwc.org
What is the revenue of Economic Development Corporation?
Economic Development Corporation's revenue in 2024 was $717,951.
Official website here: www.edcwc.org
Who are the executives of Economic Development Corporation and what are their salaries?
The average compensation at Economic Development Corporation during 2024 was $41,194. There are 10 employees at Economic Development Corporation.
Here are 15 key members and their salaries (Economic Development Corporation's CEO's salary is $134,738 and their total compensation is $172,757):
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- Compensation: $134,738
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- Other: $38,019
Official website here: www.edcwc.org
Where can I find the form 990 for Economic Development Corporation?
Economic Development Corporation's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.edcwc.org
Learn more at the official website: www.edcwc.org
Mission Statement of Economic Development Corporation
The Economic Development Corporation, in its mission, strives to foster economic growth and prosperity in Warren County. It achieves this objective by promptly, accurately, and completely addressing business challenges, offering financing and improving infrastructure that yields public benefits. The organization leverages the advantages of doing business to enhance the quality of life for all residents. In the pursuit of these goals, the Economic Development Corporation aims to alleviate adult unemployment, promote quality jobs for Warren County citizens, and lessen government burdens within the Warren County region of New York. This is accomplished through various activities such as encouraging the retention and expansion of businesses, providing managerial, technical, and administrative advice to local enterprises, and attracting new businesses to the region.
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Impact
July, 2024
The Economic Development Corporation plays a crucial role in driving economic opportunity, growth, and prosperity in Warren County. By encouraging the retention and expansion of businesses in the region, providing essential managerial and technical support to local enterprises, and attracting new businesses to Warren County, the EDC contributes to job creation and economic development. This ultimately helps to reduce unemployment, promote quality job opportunities for residents, and lessen the burden on government resources. Additionally, the EDC's focus on responding to business challenges, providing financing, and improving infrastructure further enhances the overall quality of life for all residents in the area.
This information is meant to be a general summary of 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 2024.
- Investment Income: $13,655
- Program Service Revenue: $94,273
- Gross Receipts: $717,951
Assets and Liabilities:
- Total Assets: $1,176,192
- Total Liabilities: $291,722
- Net Assets: $884,470
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MEMBERSHIP DUES
Revenue
$89,910
ANNUAL MEETING AND OTH
Revenue
$4,363
Organization Details
Founding Year
1992
Principal Officer
James Siplon
Website
www.edcwc.orgNTEE Category
Code: S31Z - Community improvement
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