Overview
What is Common Capital Inc?
Common Capital Inc is a nonprofit organization based in Springfield, Massachusetts, with a mission to enhance the regional economy. Certified by the U.S. Treasury Department as a Community Development Financial Institution (CDFI), Common Capital Inc provides business loans and technical assistance to help entrepreneurs and organizations establish and grow. This initiative aims to improve income levels, expand job opportunities, and strengthen local communities in Western and Central Massachusetts. Common Capital Inc also serves as a direct access point to alternative financing sources, primarily focusing on economically distressed, low-wealth communities. With a team of five dedicated individuals, they strive to grow and strengthen the regional economy by supporting local businesses and community organizations.
Official website here: www.common-capital.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 96%, Four-Star out of Four Star rating.
Common Capital Inc has received an impressive Four-Star rating from Charity Navigator, indicating a high level of accountability and financial health. The organization achieved a perfect score in several areas, including the independence of its board members and the thoroughness of its financial oversight, showcasing its commitment to transparency and responsible management of funds.
The financial health of Common Capital Inc is also noteworthy, with a program expense ratio of 82.60%, suggesting that a significant portion of its resources is directed towards fulfilling its mission rather than administrative costs. The organization maintains rigorous policies on conflict of interest, whistleblower protections, and document retention, further solidifying its credibility within the nonprofit sector.
However, while the data highlights many strengths, there is no specific feedback addressing areas for improvement or challenges faced by the organization. Overall, Common Capital Inc presents itself as a well-managed nonprofit that prioritizes accountability and effective use of resources.
This AI summary has been generated from information found on Charity Navigator.
Is Common Capital Inc legitimate?
Common Capital Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Common Capital Inc 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: $144,025
Professional Fundraising Fees: $0
Other Salaries and Wages: $291,895
For more financial information, click here
Official website here: www.common-capital.org
What is the mission statement of Common Capital Inc?
Common Capital Inc, being a certified nonprofit Community Development Financial Institution, works towards enhancing the regional economy. Their mission is to strengthen local businesses and community organizations in Western and Central Massachusetts. They accomplish this by offering business loans and providing technical assistance to help entrepreneurs and organizations establish and grow. This ultimately leads to improved income levels, expansion of job opportunities, and the strengthening of local communities. Additionally, Common Capital Inc offers direct access to alternative financing sources, primarily serving economically distressed, low-wealth communities.
Official website here: www.common-capital.org
Who is the CEO of Common Capital Inc?
Raymond Lanza-Weil is the Chair of Common Capital Inc. The CEO's salary of Common Capital Inc is $0 and their total compensation is $140,204.
Official website here: www.common-capital.org
What is the revenue of Common Capital Inc?
Common Capital Inc's revenue in 2021 was $1,556,130.
Official website here: www.common-capital.org
Who are the executives of Common Capital Inc and what are their salaries?
The average compensation at Common Capital Inc during 2021 was $87,184. There are 5 employees and 15 volunteers at Common Capital Inc.
Here are 12 key members and their salaries (Common Capital Inc's CEO's salary is $0 and their total compensation is $140,204):
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $145,465
- Other: $10,161
- 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: $103,220
- Other: $7,279
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $125,863
- Other: $14,341
Official website here: www.common-capital.org
Where can I find the form 990 for Common Capital Inc?
Common Capital Inc's most recent form 990 was submitted in 2021 and can be accessed here.
Official website here: www.common-capital.org
Learn more at the official website: www.common-capital.org
Mission Statement of Common Capital Inc
Common Capital Inc, a nonprofit community development financial institution (CDFI) certified by the U.S. Treasury Department, is dedicated to improving the regional economy. By strengthening local businesses and community organizations in Western and Central Massachusetts, Common Capital Inc aims to grow and fortify the economy. The organization provides business loans and technical assistance to help entrepreneurs and organizations establish and expand, thereby enhancing income levels, expanding job opportunities, and bolstering local communities. Common Capital Inc also offers direct access to alternative financing sources, primarily serving economically distressed, low-wealth communities.
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Impact
October, 2024
Common Capital Inc plays a vital role in enhancing the economic landscape of Western and Central Massachusetts. As a certified Community Development Financial Institution (CDFI), it focuses on empowering local businesses and organizations through targeted business loans and technical assistance. This support not only helps entrepreneurs establish and expand their ventures but also directly contributes to improving income levels and creating job opportunities within economically distressed and low-wealth communities.
By facilitating access to alternative financing sources, Common Capital Inc addresses the unique challenges faced by businesses that may not have access to traditional banking options. In doing so, it strengthens local economies, fosters community resilience, and promotes sustainable development. The organization's efforts are geared towards creating a more equitable economic environment where all community members have the opportunity to thrive, ultimately leading to vibrant, self-sustaining neighborhoods.
This information is meant to be a general summary of Common Capital Inc. 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 2021.
- Investment Income: -$6,334
- Program Service Revenue: $441,102
- Gross Receipts: $1,556,130
Assets and Liabilities:
- Total Assets: $7,690,982
- Total Liabilities: $3,012,751
- Net Assets: $4,678,231
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST INCOME
Revenue
$382,817
LENDING AND PROGRAM FE
Revenue
$58,285
Organization Details
Founding Year
1990
Phone
(413) 233-1680Principal Officer
Raymond Lanza-Weil
Main Address
1780 MAIN STREET, SPRINGFIELD, MA, 01103
Website
www.common-capital.orgNTEE Category
Code: S430 - Community improvement
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