Overview
What is Albany Center For Economic Success Inc?
Albany Center for Economic Success Inc, located in Albany, New York, is a dedicated nonprofit organization. Their primary objective is to assist minority, women, and disadvantaged small business owners in the Capital Region of New York State. They achieve this by acquiring, developing, and operating facilities that function as small business incubators. Additionally, they provide training and technical assistance to these entrepreneurs, fostering their growth and success in the business world.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 94%, Four-Star out of Four Star Rating.
Albany Center for Economic Success Inc has achieved a commendable score of 94% on Charity Navigator, reflecting a strong emphasis on accountability and financial health. This rating indicates that the organization is well-managed and uses its resources effectively, with a notable program expense ratio of 86.56%, which suggests that a significant portion of its funds directly support its mission.
The organization demonstrates exceptional governance practices, with a board composed entirely of independent members, ensuring unbiased decision-making. Furthermore, it has established robust policies around conflict of interest, whistleblower protections, and document retention, all contributing to its high accountability score. The financial statements are reviewed or compiled, providing additional transparency.
Despite these strengths, the summary does not mention any specific programs or outcomes related to its mission, which could provide a more comprehensive view of the organization’s impact within the community. Overall, Albany Center for Economic Success Inc appears to be a credible and responsible nonprofit organization, excelling in financial management and governance.
This AI summary has been generated from information found on Charity Navigator.
Is Albany Center For Economic Success Inc legitimate?
Albany Center For Economic Success Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Albany Center For Economic Success Inc 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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What is the mission statement of Albany Center For Economic Success Inc?
Albany Center for Economic Success Inc is committed to acquiring, developing, and operating facilities that serve as small business incubators. These incubators primarily cater to minority, women, and other disadvantaged small business owners in the New York State capital region. Beyond the physical facilities, the organization also provides training and technical assistance to support these entrepreneurs in their journey to business growth. The mission of Albany Center for Economic Success Inc is to foster an environment that nurtures these businesses, contributing to economic prosperity and growth in the community.
Who is the CEO of Albany Center For Economic Success Inc?
Patrick Miller is the Director of Albany Center For Economic Success Inc.
What is the revenue of Albany Center For Economic Success Inc?
Albany Center For Economic Success Inc's revenue in 2022 was $595,915.
Who are the executives of Albany Center For Economic Success Inc and what are their salaries?
Here are 9 key members and their salaries:
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Where can I find the form 990 for Albany Center For Economic Success Inc?
Albany Center For Economic Success Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Albany Center For Economic Success Inc
Albany Center for Economic Success Inc is committed to acquiring, developing, and operating facilities that serve as small business incubators for minority, women, and other disadvantaged small business owners residing in the Capital Region of New York State. The organization's primary mission is to provide a facility that functions as a small business incubator, offering additional training and technical assistance to these underrepresented entrepreneurs. By doing so, Albany Center for Economic Success Inc aims to foster a conducive environment for these business owners to grow and thrive, ultimately contributing to the economic development of the region.
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Impact
July, 2024
Albany Center For Economic Success Inc's impact is focused on providing essential support and resources to minorities, women, and other disadvantaged small business owners in the Capital Region of New York State. By acquiring, developing, and operating facilities that function as small business incubators, the organization is creating opportunities for these entrepreneurs to grow and succeed. Additionally, by offering training and technical assistance, they are equipping individuals with the tools and knowledge needed to thrive in the business world. Overall, their efforts contribute to the economic empowerment and advancement of underrepresented communities, fostering community improvement and creating a more inclusive and vibrant business environment in the region.
This information is meant to be a general summary of Albany Center For Economic Success Inc. 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.
- Program Service Revenue: $95,815
- Gross Receipts: $595,915
Assets and Liabilities:
- Total Assets: $509,777
- Total Liabilities: $55,006
- Net Assets: $454,771
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$77,885
TRAINING/OTHER INCOME
Revenue
$17,930
Organization Details
Founding Year
1992
Phone
(518) 427-7804Principal Officer
Patrick Miller
Main Address
255 ORANGE STREET, ALBANY, NY, 12210
NTEE Category
Code: S20Z - Community improvement
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