Overview
What is Local Development Corporation Of The Town Of Union?
The Local Development Corporation of the Town of Union is a nonprofit organization situated in Endwell, New York. Its primary objective is to aid in the growth, development, and retention of businesses within the Town of Union, thereby fostering employment opportunities. To accomplish this mission, the corporation offers low-cost financing. This strategic funding supplements loans from primary lenders and supports projects that necessitate additional low-cost financing, either through loans or grants. With a small workforce of two individuals, the corporation plays a crucial role in promoting economic development and job creation in the Town of Union.
Official website here: www.townofunion.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 100% (Four-Star out of Four Stars)
The Local Development Corporation of the Town of Union has achieved an impressive 100% rating, reflecting its commitment to accountability and finance. This rating is derived entirely from a single beacon score, underscoring the organization’s strong financial practices and governance. The charity has a fully independent board, which contributes to its overall transparency and effectiveness.
The organization showcases several strengths, including a high program expense ratio of 92.63%, indicating that a significant majority of its funds are allocated directly to its programs. Additionally, it has implemented robust policies, such as a conflict of interest policy and a whistleblower policy, ensuring ethical practices and accountability within its operations. The financial health of the organization is also notable, with a liabilities to assets ratio of 35.01%, reflecting sound financial management.
No specific limitations or concerns were mentioned in the collected data, highlighting a strong overall performance by the organization. As a result, the Local Development Corporation of the Town of Union stands out as a well-managed nonprofit dedicated to its mission and community impact.
This AI summary has been generated from information found on Charity Navigator.
Is Local Development Corporation Of The Town Of Union legitimate?
Local Development Corporation Of The Town Of Union is a legitimate nonprofit organization registered as a 501(c)(3) entity. Local Development Corporation Of The Town Of Union 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: $68,701
Professional Fundraising Fees: $0
Other Salaries and Wages: $17,071
For more financial information, click here
Official website here: www.townofunion.com
What is the mission statement of Local Development Corporation Of The Town Of Union?
The Local Development Corporation of an unspecified town aims to foster the creation and retention of permanent jobs. They achieve this by supplementing loans provided by prime lenders and offering additional low-cost funding through loans and grants for projects that require such financial assistance. This organization's primary goal is to aid in the growth, development, and employment retention of businesses within the town.
Official website here: www.townofunion.com
Who is the CEO of Local Development Corporation Of The Town Of Union?
Stephen Trichka is the President of Local Development Corporation Of The Town Of Union.
Official website here: www.townofunion.com
What is the revenue of Local Development Corporation Of The Town Of Union?
Local Development Corporation Of The Town Of Union's revenue in 2022 was $149,358.
Official website here: www.townofunion.com
Who are the executives of Local Development Corporation Of The Town Of Union and what are their salaries?
The average compensation at Local Development Corporation Of The Town Of Union during 2022 was $42,886. There are 2 employees at Local Development Corporation Of The Town Of Union.
Here are 8 key members and their salaries:
- Compensation: $68,701
- 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
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- Other: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.townofunion.com
Where can I find the form 990 for Local Development Corporation Of The Town Of Union?
Local Development Corporation Of The Town Of Union's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.townofunion.com
Learn more at the official website: www.townofunion.com
Mission Statement of Local Development Corporation Of The Town Of Union
The Local Development Corporation of the Town of Union is committed to fostering the creation and retention of permanent jobs within its mission. It achieves this by supplementing loans provided by prime lenders and offering additional low-cost funding through both loans and grants. This financial assistance enables projects that require extra financial support, thereby contributing to the growth, development, and job retention within the business sector. The organization's purpose is to aid the overall growth and prosperity of the Town of Union by providing low-cost financing, thereby fostering a conducive business environment.
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Impact
October, 2024
The Local Development Corporation Of The Town Of Union plays a crucial role in stimulating economic growth and job retention within the community. By supplementing prime lender loans, the organization facilitates access to low-cost financing for businesses, enabling them to embark on projects that may have otherwise lacked the necessary funding. This financial support not only aids in the growth and development of local businesses but also helps safeguard existing jobs, creating a stable employment landscape in the area.
Through its programs, the corporation empowers businesses by providing the financial resources needed to innovate, expand, and sustain operations. This directly contributes to the economic vitality of Endwell, NY, fostering an environment where businesses can thrive. The focus on community improvement ensures that the benefits are felt throughout the region, ultimately enhancing the quality of life for residents by promoting job creation and economic stability.
This information is meant to be a general summary of Local Development Corporation Of The Town Of Union. 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.
- Program Service Revenue: $34,461
- Gross Receipts: $149,358
Assets and Liabilities:
- Total Assets: $3,544,533
- Total Liabilities: $1,542,510
- Net Assets: $2,002,023
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM INCOME
Revenue
$34,461
Organization Details
Founding Year
1982
Phone
(607) 786-2945Principal Officer
Stephen Trichka
Main Address
3111 E Main Street, Endwell, NY, 13760
Website
www.townofunion.comNTEE Category
Code: S31 - Community improvement
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