Overview
What is Buffalo & Erie County Regional Development Corporation?
The Buffalo & Erie County Regional Development Corporation is a nonprofit organization situated in Buffalo, New York. Its primary mission is to stimulate the growth and expansion of existing businesses within Erie County by administering a revolving loan fund. The corporation provides financial assistance to individual companies, serving as a catalyst for their development and investment within the region. This support is intended to encourage economic growth and job creation in targeted areas of Erie County. The corporation also includes a provision for potential uncollectible loans within its program expenses, anticipating possible loan defaults in its lending activities.
Official website here: www.ecidany.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96%, Four-Star out of Four Star rating.
The Buffalo & Erie County Regional Development Corporation has been awarded a Four-Star rating by Charity Navigator, indicating a high level of accountability and financial health. The organization achieved an impressive overall score based solely on its accountability and finance metrics, reflecting strong governance and transparency practices. Notably, all board members are independent, and the organization has no reported material diversion of assets.
Strengths include a solid program expense ratio of 80.54%, meaning a significant portion of its funding is allocated toward its programs. Additionally, the organization maintains comprehensive policies related to conflict of interest, whistleblower protections, and document retention, underscoring a commitment to ethical practices. Furthermore, its financial statements are regularly audited, reinforcing fiscal responsibility.
While the rating is exemplary, potential donors should consider the organization's specific programs and achievements to understand better how their contributions are utilized. Overall, the Buffalo & Erie County Regional Development Corporation demonstrates strong governance and financial management, making it a trustworthy choice for those looking to support regional development efforts.
This AI summary has been generated from information found on Charity Navigator.
Is Buffalo & Erie County Regional Development Corporation legitimate?
Buffalo & Erie County Regional Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Buffalo & Erie County Regional 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
Official website here: www.ecidany.com
What is the mission statement of Buffalo & Erie County Regional Development Corporation?
The Buffalo & Erie County Regional Development Corporation was established with the purpose of encouraging the expansion of existing businesses within specific areas. To achieve this, they set up a revolving loan fund, from which they provide loans to individual companies. The corporation's mission is centered around supporting the growth of these companies, thereby contributing to the economic development of the targeted regions. The provision for potential loan losses within the corporation's budget indicates their commitment to managing financial risks associated with these loans effectively.
Official website here: www.ecidany.com
Who is the CEO of Buffalo & Erie County Regional Development Corporation?
John Cappellino is the Chairwoman of Buffalo & Erie County Regional Development Corporation. The CEO's salary of Buffalo & Erie County Regional Development Corporation is $0 and their total compensation is $229,632.
Official website here: www.ecidany.com
What is the revenue of Buffalo & Erie County Regional Development Corporation?
Buffalo & Erie County Regional Development Corporation's revenue in 2022 was $667,034.
Official website here: www.ecidany.com
Who are the executives of Buffalo & Erie County Regional Development Corporation and what are their salaries?
There 19 volunteers at Buffalo & Erie County Regional Development Corporation.
Here are 23 key members and their salaries (Buffalo & Erie County Regional Development Corporation's CEO's salary is $0 and their total compensation is $229,632):
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $188,804
- Other: $40,828
- Compensation: $0
- Related: $109,602
- Other: $36,645
- Compensation: $0
- Related: $115,030
- Other: $21,900
- Compensation: $0
- Related: $107,955
- Other: $28,913
Official website here: www.ecidany.com
Where can I find the form 990 for Buffalo & Erie County Regional Development Corporation?
Buffalo & Erie County Regional Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.ecidany.com
Learn more at the official website: www.ecidany.com
Mission Statement of Buffalo & Erie County Regional Development Corporation
Buffalo & Erie County Regional Development Corporation was established with the mission to stimulate the growth of existing businesses within Erie County. To achieve this, the corporation established a revolving loan fund, from which it provides financial assistance in the form of loans to individual companies. The primary objective of these loans is to encourage investment and expansion within Erie County, thereby contributing to the economic development of the region. The corporation's budget includes a provision for potential loan losses, which is a management's estimate of potential uncollectible loans among all loans made for promoting company investment or expansion in Erie County.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
July, 2024
Buffalo & Erie County Regional Development Corporation plays a significant role in fostering economic growth and development in Erie County, particularly in Buffalo. Through their revolving loan fund, the corporation provides crucial financial support to existing companies in the area, enabling them to invest in expansion projects and create job opportunities. By facilitating access to capital, the corporation actively contributes to the revitalization of the local economy and the improvement of community infrastructure. Their impact extends beyond mere financial assistance, as they play a pivotal role in encouraging businesses to thrive and contribute to the overall prosperity of Erie County.
This information is meant to be a general summary of Buffalo & Erie County Regional 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: $12,974
- Program Service Revenue: $557,515
- Gross Receipts: $667,034
Assets and Liabilities:
- Total Assets: $22,564,796
- Total Liabilities: $389,910
- Net Assets: $22,174,886
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON LOANS
Revenue
$536,412
LOAN COMMITMENT FEES
Revenue
$18,625
LOAN RECOVERIES
Revenue
$2,478
Organization Details
Founding Year
1979
Phone
(716) 856-6525Principal Officer
John Cappellino
Main Address
95 PERRY STREET 403, BUFFALO, NY, 14203
Website
www.ecidany.comNTEE Category
Code: S400 - Community improvement
If you are a representative of Buffalo & Erie County Regional Development Corporation and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.