Overview
What is Oswegatchie Development Corporation?
Oswegatchie Development Corporation is a nonprofit organization that specializes in offering revolving loans to both new and expanding businesses. Their mission is centered around providing affordable financing solutions, aiming to support the growth and development of various enterprises within their community. The corporation operates with programs specifically designed to offer low-cost financing, thereby contributing to the economic vitality of their region.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 80% (Three-Star out of Four Star rating)
The Oswegatchie Development Corporation has received a solid Three-Star rating from Charity Navigator, based on an overall score of 80%. This rating reflects a strong emphasis on accountability and finance, with the organization achieving full marks in several key areas, including having a majority of independent board members and no material diversion of assets. A high program expense ratio of 86.20% indicates that a significant portion of their funds is allocated directly to their programs.
The organization's commitment to transparency is underscored by their thorough documentation practices, including the retention of board meeting minutes and a clear policy on document destruction. These factors contribute positively to their accountability score, which represents a comprehensive evaluation of their financial health and governance.
However, the overall score is derived solely from the Accountability & Finance beacon, suggesting that there's no additional assessment of other areas such as Impact & Results or Leadership & Adaptability. While the financial indicators are promising, potential donors may want to consider broader operational aspects before making a decision.
This AI summary has been generated from information found on Charity Navigator.
Is Oswegatchie Development Corporation legitimate?
Oswegatchie Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Oswegatchie 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Oswegatchie Development Corporation?
The Oswegatchie Development Corporation serves a mission to support the growth of new and existing businesses by offering revolving loans at affordable rates. This non-profit organization provides financing programs designed to aid in business expansion, thereby contributing to economic development. By offering these financial resources, the corporation aims to stimulate entrepreneurship and promote business sustainability. The organization's activities are centered around providing financial assistance, thereby fostering economic growth and development.
Who is the CEO of Oswegatchie Development Corporation?
Lillian Larose is the Chair of Oswegatchie Development Corporation.
What is the revenue of Oswegatchie Development Corporation?
Oswegatchie Development Corporation's revenue in 2022 was $2,447.
Who are the executives of Oswegatchie Development Corporation and what are their salaries?
There 5 volunteers at Oswegatchie Development Corporation.
Here are 5 key members and their salaries:
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $0
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Where can I find the form 990 for Oswegatchie Development Corporation?
Oswegatchie Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Oswegatchie Development Corporation
Oswegatchie Development Corporation is an organization dedicated to supporting the growth of businesses. Their mission is to offer revolving loans to both new ventures and expanding businesses, providing them with affordable financing options. Through their programs, the corporation aims to facilitate economic development and promote entrepreneurship in the community. By extending these loans, Oswegatchie Development Corporation plays a crucial role in fostering business growth and contributing to the overall economic vitality of the area.
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Impact
August, 2024
Oswegatchie Development Corporation has a significant impact on the local economy by providing revolving loans to new and expanding businesses in Heuvelton, NY. These low-cost financing programs help stimulate business growth and create opportunities for entrepreneurs to establish themselves and flourish in the community. Through its support, Oswegatchie Development Corporation plays a vital role in promoting economic development and prosperity in the region.
This information is meant to be a general summary of Oswegatchie 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: $286
- Program Service Revenue: $2,161
- Gross Receipts: $2,447
Assets and Liabilities:
- Total Assets: $722,472
- Total Liabilities: $0
- Net Assets: $722,472
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN PROGRAM INCOME
Revenue
$2,161
Organization Details
Founding Year
1989
Phone
(315) 344-2400Principal Officer
Lillian Larose
Main Address
51 STATE STREET, HEUVELTON, NY, 13654
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