Overview
What is Capitalize Albany Corporation?
Capitalize Albany Corporation, based in Albany, New York, is a nonprofit organization dedicated to fostering economic development within the city. Their core responsibilities include managing the City of Albany Industrial Development Agency and City of Albany Capital Resources Corporation, overseeing small business grant programs on behalf of the city, and spearheading strategic economic development initiatives such as Impact Downtown and the Liberty Park Development. Their mission is to stimulate transformative investment in Albany, making it a thriving and vibrant city, currently employing a team of nine individuals.
Official website here: www.capitalizealbany.com
What are the reviews and ratings of this charity?
Charity Navigator rating: 85% (Three-Star out of Four Star rating)
Capitalize Albany Corporation has received a solid Three-Star rating from Charity Navigator, reflecting a strong performance in accountability and finance. The organization boasts a fully independent board and has been rated highly for its financial oversight, with no material diversion of assets reported. The presence of various essential policies, including a conflict of interest policy and a whistleblower policy, supports a commitment to ethical governance.
The program expense ratio is noted at 58.39%, which suggests that a significant portion of the organization's spending is directed toward its programs. However, this percentage could indicate that there may be room for improvement in how effectively it allocates funds to programmatic activities compared to administrative expenses.
Overall, while the organization demonstrates robust financial health and governance practices, stakeholders may want to monitor its program expense allocation to ensure funds are being utilized effectively for its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Capitalize Albany Corporation legitimate?
Capitalize Albany Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Capitalize Albany 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: $489,634
Professional Fundraising Fees: $0
Other Salaries and Wages: $361,247
For more financial information, click here
Official website here: www.capitalizealbany.com
What is the mission statement of Capitalize Albany Corporation?
Capitalize Albany Corporation's mission is centered around facilitating strategic economic development and stimulating transformative investment within its operational sphere. The organization's primary goal is to make the area a vibrant place for growth and prosperity. To accomplish this, Capitalize Albany Corporation manages the city's industrial development agency and capital resources corporation, administers small business grant programs, and develops and implements strategic economic development initiatives. Examples of such projects include Impact Downtown and the Liberty Park Development.
Official website here: www.capitalizealbany.com
Who is the CEO of Capitalize Albany Corporation?
Michael Castellana is the Chair of Capitalize Albany Corporation.
Official website here: www.capitalizealbany.com
What is the revenue of Capitalize Albany Corporation?
Capitalize Albany Corporation's revenue in 2022 was $4,760,117.
Official website here: www.capitalizealbany.com
Who are the executives of Capitalize Albany Corporation and what are their salaries?
The average compensation at Capitalize Albany Corporation during 2022 was $94,542. There are 9 employees and 13 volunteers at Capitalize Albany Corporation.
Here are 16 key members and their salaries:
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- Compensation: $196,482
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- Compensation: $141,497
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- Other: $44,057
- Compensation: $123,590
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- Other: $41,619
Official website here: www.capitalizealbany.com
Where can I find the form 990 for Capitalize Albany Corporation?
Capitalize Albany Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.capitalizealbany.com
Learn more at the official website: www.capitalizealbany.com
Mission Statement of Capitalize Albany Corporation
Capitalize Albany Corporation, a facilitator of strategic economic development, is committed to stimulating transformative investment within its domain. The mission of this organization is to foster an environment where Albany, New York's capital, thrives as a vibrant and thriving city. Capitalize Albany Corporation accomplishes this by managing the City of Albany Industrial Development Agency and the City of Albany Capital Resources Corporation, providing essential economic development services. Additionally, this corporation administers small business grant programs on behalf of the City of Albany, offering financial support to local businesses. Moreover, Capitalize Albany Corporation initiates and implements strategic economic development initiatives such as Impact Downtown and the Liberty Park Development, aiming to revitalize and strengthen the city's economic landscape.
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Impact
October, 2024
Capitalize Albany Corporation plays a crucial role in fostering economic development and facilitating transformative investment in Albany, New York. By managing the City of Albany Industrial Development Agency and the City of Albany Capital Resources Corporation, they streamline processes that encourage business growth and investment. Their administration of small business grant programs empowers local entrepreneurs, providing vital financial support to stimulate job creation and community vitality.
Additionally, Capitalize Albany Corporation spearheads strategic initiatives like Impact Downtown and the Liberty Park Development, focusing on revitalizing key areas of the city. These projects enhance public spaces, increase accessibility, and promote community engagement, contributing to a vibrant urban environment. Through its comprehensive approach to economic development, Capitalize Albany Corporation significantly impacts the local economy, making the city a more attractive place for residents, businesses, and visitors alike.
This information is meant to be a general summary of Capitalize Albany 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: $70,048
- Program Service Revenue: $59,070
- Gross Receipts: $12,261,431
Assets and Liabilities:
- Total Assets: $22,590,414
- Total Liabilities: $5,402,204
- Net Assets: $17,188,210
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM SERVICE INTEREST
Revenue
$59,070
Organization Details
Founding Year
1979
Phone
(518) 434-2532Principal Officer
Michael Castellana
Main Address
21 LODGE ST, ALBANY, NY, 122072104
Website
www.capitalizealbany.comNTEE Category
Code: S31Z - Community improvement
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