Overview
What is Adirondack Economic Development Corp?
Adirondack Economic Development Corp, situated in Saranac Lake, New York, serves as a vital resource for local businesses and municipalities. As a nonprofit organization, their primary mission is to promote and support the growth of sustainable communities in the North Country region. They accomplish this by offering technical assistance to aspiring entrepreneurs and existing small business owners, aiding them in their ventures. Furthermore, Adirondack Economic Development Corp provides consultations to local municipalities, assisting them in planning and executing economic development projects. With a team of six dedicated individuals, they strive to foster a prosperous and sustainable future for their community.
Official website here: www.aedconline.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 87%, Three-Star out of Four Star rating
Adirondack Economic Development Corp has achieved a solid Three-Star rating from Charity Navigator, reflecting an overall score based entirely on its Accountability & Finance metrics. With a score of 87%, the organization demonstrates strong governance practices, including a fully independent board and effective oversight of financial statements. Transparency is bolstered by the presence of various policies, such as conflict of interest and whistleblower protocols.
Strengths of the organization are evident in its high program expense ratio of 94.13%, indicating that a significant portion of its funds is directed towards its mission-related activities. The absence of any material diversion of assets further supports its commitment to financial integrity. Additionally, the organization has a robust auditing process, ensuring accountability in financial reporting.
Despite the positive aspects, the liabilities to assets ratio stands at 62.62%, which may raise some concerns about its financial stability. While it maintains an effective operational structure, ongoing attention to its liability management will be crucial for long-term sustainability. Overall, Adirondack Economic Development Corp is positioned well in terms of accountability, but it should work towards balancing its financial obligations.
This AI summary has been generated from information found on Charity Navigator.
Is Adirondack Economic Development Corp legitimate?
Adirondack Economic Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Adirondack Economic Development Corp 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: $178,720
Professional Fundraising Fees: $0
Other Salaries and Wages: $156,152
For more financial information, click here
Official website here: www.aedconline.com
What is the mission statement of Adirondack Economic Development Corp?
The Adirondack Economic Development Corp's mission is centered around fostering and supporting the growth of sustainable communities in an unspecified region. They achieve this by offering assistance to both aspiring entrepreneurs and existing small business owners. This non-profit organization's primary objective is to promote the development of these communities, contributing to their sustainability and prosperity. In addition to this, they provide technical business assistance to small businesses and offer consultations to local municipalities, aiding them in their economic development planning and projects.
Official website here: www.aedconline.com
Who is the CEO of Adirondack Economic Development Corp?
Heather Couture is the Treasurer of Adirondack Economic Development Corp.
Official website here: www.aedconline.com
What is the revenue of Adirondack Economic Development Corp?
Adirondack Economic Development Corp's revenue in 2022 was $1,080,225.
Official website here: www.aedconline.com
Who are the executives of Adirondack Economic Development Corp and what are their salaries?
The average compensation at Adirondack Economic Development Corp during 2022 was $55,812. There are 6 employees at Adirondack Economic Development Corp.
Here are 17 key members and their salaries:
- Compensation: $99,500
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- Other: $14,450
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- Other: $7,078
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Official website here: www.aedconline.com
Where can I find the form 990 for Adirondack Economic Development Corp?
Adirondack Economic Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.aedconline.com
Learn more at the official website: www.aedconline.com
Mission Statement of Adirondack Economic Development Corp
Adirondack Economic Development Corp, as a nonprofit organization, is dedicated to promoting and sustaining the growth of North Country communities. It achieves this objective by offering assistance to budding entrepreneurs and supporting existing small business owners. By providing technical business guidance and consulting services to local municipalities for economic development planning and projects, the corporation plays a pivotal role in fostering a thriving business environment in these communities.
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Impact
October, 2024
Adirondack Economic Development Corp plays a vital role in enhancing the economic landscape of the North Country by fostering sustainable community growth. By providing technical business assistance, the organization empowers aspiring entrepreneurs and existing small business owners, enabling them to navigate the complexities of starting and running a business.
Their impact extends to local municipalities, where they offer consultations for economic development planning and projects, promoting collaborative efforts that can lead to improved infrastructure and economic vitality. Through these initiatives, Adirondack Economic Development Corp not only supports individual businesses but also contributes to the overall health and sustainability of the North Country communities in Saranac Lake, NY, and beyond.
This information is meant to be a general summary of Adirondack Economic Development Corp. 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: $312
- Program Service Revenue: $101,435
- Gross Receipts: $1,080,225
Assets and Liabilities:
- Total Assets: $2,960,837
- Total Liabilities: $1,854,179
- Net Assets: $1,106,658
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN PORTFOLIO INCOME
Revenue
$70,361
TECHNICAL ASSISTANCE
Revenue
$31,074
Organization Details
Founding Year
1986
Phone
(518) 891-5523Principal Officer
Heather Couture
Main Address
67 MAIN STREET 300, SARANAC LAKE, NY, 12983
Website
www.aedconline.comNTEE Category
Code: S30 - Community improvement
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