Overview
What is Greater Lockport Development Corporation?
Greater Lockport Development Corporation is a nonprofit organization dedicated to boosting economic growth in the city of Lockport. Their primary mission involves offering economic development support to local businesses and expanding job prospects for the local community. By providing assistance, this organization plays a significant role in fostering a thriving and prosperous economy within Lockport's boundaries.
Official website here: www.lockportny.gov/gldc/
What are the reviews and ratings of this charity?
Charity Navigator Rating 85% - Three-Star out of Four Star rating
The Greater Lockport Development Corporation has earned an 85% score from Charity Navigator, reflecting a strong emphasis on accountability and finance. This score highlights the organization’s commitment to transparency and responsible management as evidenced by its fully independent board and comprehensive financial oversight mechanisms.
Strengths of the organization include a high level of accountability, with 100% of its board members being independent and consistent policies in place for conflict of interest and whistleblower protection. Additionally, their program expense ratio is notably high at 93.69%, indicating a significant portion of their resources is directed towards their programs and mission rather than administrative costs.
However, the organization experiences a limitation in its liabilities to assets ratio, which stands at 64.80%. While this is a manageable figure, it implies that a considerable portion of the organization’s assets is tied up in liabilities, which could impact financial flexibility. Overall, the Greater Lockport Development Corporation demonstrates solid financial practices and governance, although attention to long-term asset management may enhance its stability.
This AI summary has been generated from information found on Charity Navigator.
Is Greater Lockport Development Corporation legitimate?
Greater Lockport Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Greater Lockport 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: $120,175
For more financial information, click here
Official website here: www.lockportny.gov/gldc/
What is the mission statement of Greater Lockport Development Corporation?
The Greater Lockport Development Corporation is committed to fostering economic growth in an unspecified city by offering economic development support to local businesses and enhancing employment prospects for the surrounding communities. Their mission is to stimulate economic advancement, providing essential assistance to local businesses and thereby contributing to the creation of job opportunities in the vicinity. The corporation's activities aim to bolster the local economy and improve the overall well-being of the community.
Official website here: www.lockportny.gov/gldc/
Who is the CEO of Greater Lockport Development Corporation?
Brian Smith is the Chairman of Greater Lockport Development Corporation.
Official website here: www.lockportny.gov/gldc/
What is the revenue of Greater Lockport Development Corporation?
Greater Lockport Development Corporation's revenue in 2022 was $1,358,600.
Official website here: www.lockportny.gov/gldc/
Who are the executives of Greater Lockport Development Corporation and what are their salaries?
The average compensation at Greater Lockport Development Corporation during 2022 was $17,168. There are 7 employees and 13 volunteers at Greater Lockport Development Corporation.
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- Compensation: $59,141
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Official website here: www.lockportny.gov/gldc/
Where can I find the form 990 for Greater Lockport Development Corporation?
Greater Lockport Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.lockportny.gov/gldc/
Learn more at the official website: www.lockportny.gov/gldc/
Mission Statement of Greater Lockport Development Corporation
Greater Lockport Development Corporation, a nonprofit organization, is dedicated to promoting economic growth within the city of Lockport. Their mission is to offer economic development support to local businesses and increase employment prospects for the surrounding communities. By providing assistance to local enterprises, this organization contributes to the city's economic development, ultimately aiming to enhance the economic well-being of the area and its inhabitants.
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Impact
October, 2024
Greater Lockport Development Corporation significantly impacts the local economy by facilitating economic development initiatives within the city of Lockport, NY. It plays a crucial role in supporting local businesses through targeted assistance, which in turn helps create and sustain employment opportunities for residents in surrounding communities. This focus on economic growth not only bolsters individual businesses but also enhances the overall quality of life in the area, contributing to community improvement and development.
This information is meant to be a general summary of Greater Lockport 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: $22,784
- Gross Receipts: $2,622,961
Assets and Liabilities:
- Total Assets: $5,304,120
- Total Liabilities: $3,270,510
- Net Assets: $2,033,610
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Organization Details
Founding Year
1981
Phone
(716) 439-6688Principal Officer
Brian Smith
Main Address
ONE LOCKS PLAZA, LOCKPORT, NY, 14094
Website
www.lockportny.gov/gldc/NTEE Category
Code: S31Z - Community improvement
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