Overview
What is Corktown Community Development Fund?
The Corktown Community Development Fund is a nonprofit organization situated in Detroit, Michigan, specifically at 2122 Michigan Avenue, 48216. Their primary mission is to revitalize economically distressed communities, with a focus on the Western area of Detroit known as Corktown. They achieve this by offering reduced-rate loans and flexible terms to eligible individuals and small businesses. Furthermore, they provide educational resources, such as home ownership classes, business plan preparation courses, and debt elimination classes, in collaboration with local organizations. This holistic approach aims to support the growth and sustainability of the community by empowering its members with financial knowledge and opportunities.
Official website here: www.guidestar.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 83%, Three-Star out of Four Star rating. The Corktown Community Development Fund has demonstrated a solid performance in terms of accountability and finance, evidenced by its high score of 83%. Notably, the organization has a fully independent board, which reflects well on its governance structure. Additionally, it exhibits a strong commitment to its mission with a program expense ratio of 95.31%, indicating that a significant majority of its funds are directed towards its programs.
The organization has also ensured transparency in several areas, such as having documented board meeting minutes and a conflict of interest policy in place. However, there are notable gaps in its policies, including the absence of a whistleblower policy and a document retention and destruction policy. These shortcomings suggest that while the organization is on solid financial ground, it could benefit from improving its governance practices.
Overall, the Corktown Community Development Fund is a commendable organization with a strong financial footing and a dedicated focus on its programs. Addressing the missing policies could further enhance its accountability and reputation in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Corktown Community Development Fund legitimate?
Corktown Community Development Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Corktown Community Development Fund 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: $16,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.guidestar.org
What is the mission statement of Corktown Community Development Fund?
The Corktown Community Development Fund is committed to revitalizing economically struggling communities, with a particular focus on the Western area of Detroit, known as Corktown. To achieve this, the organization offers lending at reduced rates and flexible terms to eligible individuals and small businesses. In addition, they provide educational resources to borrowers, such as home ownership classes, business plan preparation courses, and debt elimination classes, in collaboration with local organizations. The purpose of these educational programs is to empower and support individuals and businesses in the community.
Official website here: www.guidestar.org
Who is the CEO of Corktown Community Development Fund?
Ronald Cooley is the Treasurer/Se of Corktown Community Development Fund.
Official website here: www.guidestar.org
What is the revenue of Corktown Community Development Fund?
Corktown Community Development Fund's revenue in 2022 was $14,310.
Official website here: www.guidestar.org
Who are the executives of Corktown Community Development Fund and what are their salaries?
Here are 3 key members and their salaries:
- Compensation: $12,000
- Related: $0
- Other: $0
- Compensation: $4,000
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.guidestar.org
Where can I find the form 990 for Corktown Community Development Fund?
Corktown Community Development Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.guidestar.org
Learn more at the official website: www.guidestar.org
Mission Statement of Corktown Community Development Fund
Corktown Community Development Fund is an organization dedicated to revitalizing economically distressed communities, with a particular focus on the Western area of Detroit, Michigan, known as Corktown. Its mission is multifaceted. Primarily, the organization provides lending opportunities at reduced rates and flexible terms to eligible individuals and small businesses within the community. This financial aid is intended to stimulate economic growth and development.
Beyond financial assistance, Corktown Community Development Fund also offers educational programs to borrowers. These educational offerings include home ownership classes, business plan preparation courses, and debt elimination classes, all in collaboration with various local organizations. By providing these educational resources, the organization aims to empower its borrowers with the knowledge and skills necessary to succeed financially and contribute positively to their communities. Through its lending and education initiatives, Corktown Community Development Fund seeks to revitalize economically distressed communities and foster sustainable economic growth.
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Impact
August, 2024
The Corktown Community Development Fund's impact can be seen in the revitalization of economically distressed communities, particularly in the western area of Detroit known as Corktown. By providing lending to eligible individuals and small businesses at reduced rates and flexible terms, the organization is enabling economic growth and stability in the community. Moreover, their provision of educational programs such as home ownership classes, business plan preparation courses, and debt elimination classes in partnership with local organizations is empowering individuals to enhance their financial well-being and contribute to the overall improvement of the neighborhood. Through these initiatives, the Corktown Community Development Fund is playing a key role in fostering community improvement and promoting economic development in Detroit.
This information is meant to be a general summary of Corktown Community Development Fund. 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: $14,310
- Gross Receipts: $14,310
Assets and Liabilities:
- Total Assets: $2,343,750
- Total Liabilities: $0
- Net Assets: $2,343,750
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST
Revenue
$14,310
Organization Details
Founding Year
2006
Phone
(313) 963-9891Principal Officer
Ronald Cooley
Main Address
2122 MICHIGAN AVENUE, DETROIT, MI, 48216
Website
www.guidestar.orgNTEE Category
Code: S31 - Community improvement
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