Overview
What is Seaway Private Equity Corporation C/O Citec Inc?
Seaway Private Equity Corporation C/O Citec Inc is a nonprofit organization based in Potsdam, New York, specifically at Clarkson University Box 8569. Their primary mission is to stimulate job growth and attract new industries to St. Lawrence County, New York. They achieve this by matching 50% of investments made by qualified private investors in new ventures. This initiative aims to foster economic development and create employment opportunities within the region.
Official website here: www.specinvest.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 43% (Zero-Star out of Four Star rating)
Seaway Private Equity Corporation C/O Citec Inc has received a low rating of 43%, indicating significant concerns regarding its accountability and financial management. Although the organization scored full points in areas such as having a majority independent board and listing its website on the tax form, it fell short in crucial areas like whistleblower and document retention policies, which are essential for transparency and governance.
The charity's program expense ratio stands at 34.82%, suggesting that a relatively small portion of its expenses is allocated towards its programs compared to administrative and fundraising costs. Additionally, the liabilities to assets ratio is alarmingly low at 0.07%, raising red flags about the organization's financial health and sustainability.
Overall, while Seaway Private Equity Corporation demonstrates some strengths in governance structure, the lack of key policies and low financial ratios highlight significant areas for improvement. Prospective donors and stakeholders should exercise caution and consider these factors when evaluating the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Seaway Private Equity Corporation C/O Citec Inc legitimate?
Seaway Private Equity Corporation C/O Citec Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Seaway Private Equity Corporation C/O Citec 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.
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
Official website here: www.specinvest.org
What is the mission statement of Seaway Private Equity Corporation C/O Citec Inc?
Seaway Private Equity Corporation, operating under Citec Inc., is committed to promoting job development and attracting new industries. They achieve this by matching half of the investments made by qualified private investors in new ventures, thereby stimulating economic growth and creating job opportunities. This initiative is designed to foster a vibrant and diverse business environment, ultimately contributing to the overall prosperity of the invested industries.
Official website here: www.specinvest.org
What is the revenue of Seaway Private Equity Corporation C/O Citec Inc?
Seaway Private Equity Corporation C/O Citec Inc's revenue in 2023 was $42,931.
Official website here: www.specinvest.org
Who are the executives of Seaway Private Equity Corporation C/O Citec Inc and what are their salaries?
There 8 volunteers at Seaway Private Equity Corporation C/O Citec Inc.
Here are 8 key members and their salaries:
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Official website here: www.specinvest.org
Where can I find the form 990 for Seaway Private Equity Corporation C/O Citec Inc?
Seaway Private Equity Corporation C/O Citec Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.specinvest.org
Learn more at the official website: www.specinvest.org
Mission Statement of Seaway Private Equity Corporation C/O Citec Inc
Seaway Private Equity Corporation C/O Citec Inc is an organization dedicated to promoting job development and attracting new industries to their field. They achieve this mission by matching 50% of investments made by qualified private investors in new ventures. This initiative encourages private investment in innovative projects, thereby fostering job creation and stimulating economic growth in the relevant sector. By supporting new ventures, Seaway Private Equity Corporation C/O Citec Inc contributes to the diversification of industries and the creation of sustainable employment opportunities.
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Impact
October, 2024
Seaway Private Equity Corporation, through its partnership with Citec Inc, plays a significant role in job development and industrial attraction in St. Lawrence County, NY. By matching 50% of investments made by qualified private investors in new ventures, the organization creates a robust incentive for economic growth in the region. This initiative not only encourages the establishment of new businesses but also fosters local entrepreneurship, creating employment opportunities for residents.
The impact of Seaway Private Equity Corporation is evident in the promotion of community improvement initiatives that enhance the overall economic landscape of St. Lawrence County. With a focus on attracting industries to the area, the organization helps diversify the local economy, making it more resilient to economic downturns. Moreover, this strategic support for new ventures contributes to increased tax revenues, which can be reinvested in community services and infrastructure.
Overall, Seaway Private Equity Corporation's efforts are instrumental in revitalizing the region, supporting job development, and ensuring sustainable economic growth for the community.
This information is meant to be a general summary of Seaway Private Equity Corporation C/O Citec 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 2023.
- Investment Income: $42,931
- Gross Receipts: $42,931
Assets and Liabilities:
- Total Assets: $6,880,061
- Total Liabilities: $5,400
- Net Assets: $6,874,661
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Organization Details
Founding Year
2005
Principal Officer
Dr Zvi Szafran
Website
www.specinvest.orgNTEE Category
Code: S30 - Community improvement
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