Overview
What is St Lawrence County Ida - Local Development Corporation?
St. Lawrence County Ida - Local Development Corporation is a nonprofit organization situated in Canton, New York. Its mission is to stimulate economic growth and business advancement within St. Lawrence County. They accomplish this by managing a revolving loan fund, granting business development funds, and offering affordable energy solutions to eligible local businesses. The corporation's small team of two dedicated individuals works tirelessly to contribute to the region's economic progress.
Official website here: www.slcida.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 84% (Three-Star out of Four Star rating)
St Lawrence County Ida - Local Development Corporation has received a solid Three-Star rating from Charity Navigator, reflecting an overall score of 84%. This rating emphasizes the organization's strong accountability and finance practices, with a notable 95% of its board members being independent. Such governance structures are crucial for maintaining transparency and trust within nonprofit operations.
The organization showcases various strengths, including a fully independent board of 20 members and a commendable score for its policies concerning conflict of interest, whistleblower protection, and document retention. The absence of any material diversion of assets further highlights the integrity of its financial management, evidenced by a low liabilities-to-assets ratio of just 0.07%.
However, the program expense ratio is relatively lower at 59.81%, indicating that a significant portion of the organization's budget may be allocated to administrative costs rather than direct program expenses. While this is not uncommon in the nonprofit sector, it may be an area of improvement for the organization to enhance its mission impact further. Overall, the organization's solid governance and financial accountability are commendable, contributing positively to its reputation.
This AI summary has been generated from information found on Charity Navigator.
Is St Lawrence County Ida - Local Development Corporation legitimate?
St Lawrence County Ida - Local Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. St Lawrence County Ida - Local 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: $76,036
For more financial information, click here
Official website here: www.slcida.com
What is the mission statement of St Lawrence County Ida - Local Development Corporation?
The St Lawrence County Ida - Local Development Corporation aims to foster economic and business growth in its jurisdiction. They achieve this by managing a revolving loan fund, issuing business development grants, and providing affordable energy to eligible local businesses. This organization's mission is geared towards stimulating business development and economic growth in the region, thereby contributing to its overall prosperity. By administering these programs, the corporation aims to support and empower local businesses, thereby contributing to the local economy.
Official website here: www.slcida.com
Who is the CEO of St Lawrence County Ida - Local Development Corporation?
Patrick Kelly is the CEO of St Lawrence County Ida - Local Development Corporation The CEO's salary of St Lawrence County Ida - Local Development Corporation is $14,711 and their total compensation is $145,968.
Official website here: www.slcida.com
What is the revenue of St Lawrence County Ida - Local Development Corporation?
St Lawrence County Ida - Local Development Corporation's revenue in 2023 was $372,645.
Official website here: www.slcida.com
Who are the executives of St Lawrence County Ida - Local Development Corporation and what are their salaries?
The average compensation at St Lawrence County Ida - Local Development Corporation during 2023 was $10,862. There are 7 employees at St Lawrence County Ida - Local Development Corporation.
Here are 9 key members and their salaries (St Lawrence County Ida - Local Development Corporation's CEO's salary is $14,711 and their total compensation is $145,968):
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- Related: $0
- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $14,711
- Related: $131,257
- Other: $0
- Compensation: $5,274
- Related: $69,238
- Other: $0
Official website here: www.slcida.com
Where can I find the form 990 for St Lawrence County Ida - Local Development Corporation?
St Lawrence County Ida - Local Development Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.slcida.com
Learn more at the official website: www.slcida.com
Mission Statement of St Lawrence County Ida - Local Development Corporation
St. Lawrence County Ida - Local Development Corporation is dedicated to fostering economic growth and business development within St. Lawrence County. To accomplish this mission, the organization administers a revolving loan fund, issues business development grants, and provides affordable energy solutions to eligible local businesses. By employing these strategies, St. Lawrence County Ida - Local Development Corporation aims to stimulate job creation, attract new businesses, and enhance the overall economic well-being of the community.
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Impact
October, 2024
The St. Lawrence County Ida - Local Development Corporation significantly impacts economic and business development within St. Lawrence County by facilitating access to essential financial resources. Through the administration of a revolving loan fund, it supports local entrepreneurs and businesses, allowing them to sustain and expand operations. By issuing business development grants, it enhances opportunities for startups and established companies alike, fostering innovation and job creation.
Additionally, the provision of low-cost energy to qualifying businesses reduces operational expenses, making the area more attractive for new investments. This multifaceted approach not only stimulates economic growth but also contributes to community improvement by creating a more robust local economy that supports residents and businesses in achieving their goals. The organization's efforts ultimately enhance the overall quality of life in the region, contributing to a thriving community atmosphere.
This information is meant to be a general summary of St Lawrence County Ida - Local 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 2023.
- Investment Income: $136,372
- Program Service Revenue: $206,273
- Gross Receipts: $372,645
Assets and Liabilities:
- Total Assets: $15,684,023
- Total Liabilities: $11,218
- Net Assets: $15,672,805
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN PROGRAM INCOME
Revenue
$142,973
RENTAL INCOME
Revenue
$59,090
LOAN PROGRAM FEES
Revenue
$2,710
Organization Details
Founding Year
1986
Principal Officer
Patrick Kelly
Website
www.slcida.comNTEE Category
Code: S31 - Community improvement
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