Overview
What is Economic Corporation Of Newport Inc?
Economic Corporation of Newport Inc is a nonprofit organization situated in Newport, New Hampshire, specifically at 15 Sunapee Street. Their primary mission is to foster economic development within the town, encompassing various sectors such as the arts and other growth areas. To accomplish this, they develop a strategic plan aimed at strengthening the local economy and creating a conducive environment for long-term economic growth. This includes supporting job creation opportunities for low to moderate-income individuals in the Newport area, achieved through the recruitment of new businesses.
Official website here: www.newportnh.gov
What are the reviews and ratings of this charity?
Charity Navigator Rating: 76%, Three-Star out of Four Star rating.
The Economic Corporation Of Newport Inc has received a 76% rating from Charity Navigator, indicating a respectable level of accountability and finance management. The score predominantly reflects its strong performance in maintaining an independent board, with 100% of its members being independent. Additionally, the organization demonstrates sound asset management with no material diversion of assets reported.
However, certain areas need improvement, particularly regarding governance policies. The organization lacks a conflict of interest policy, whistleblower policy, and document retention and destruction policy, each of which detracted from its overall score. Despite these limitations, the charity maintains high program expense efficiency, allocating 98.47% of its expenses directly to its programs, which is a positive indicator of its commitment to its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Economic Corporation Of Newport Inc legitimate?
Economic Corporation Of Newport Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Economic Corporation Of Newport 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.
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For more financial information, click here
Official website here: www.newportnh.gov
What is the mission statement of Economic Corporation Of Newport Inc?
The Economic Corporation of Newport Inc aims to establish a strategic blueprint for economic growth in an unspecified location, with a focus on bolstering the local economy over an extended period. This plan includes fostering a conducive environment for businesses to thrive, thereby encouraging economic expansion. One of their key objectives is to create job opportunities for individuals with moderate to low income, which they aim to achieve by attracting new businesses to the area.
Official website here: www.newportnh.gov
What is the revenue of Economic Corporation Of Newport Inc?
Economic Corporation Of Newport Inc's revenue in 2023 was -$120,797.
Official website here: www.newportnh.gov
Who are the executives of Economic Corporation Of Newport Inc and what are their salaries?
There 10 volunteers at Economic Corporation Of Newport Inc.
Here are 10 key members and their salaries:
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Official website here: www.newportnh.gov
Where can I find the form 990 for Economic Corporation Of Newport Inc?
Economic Corporation Of Newport Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.newportnh.gov
Learn more at the official website: www.newportnh.gov
Mission Statement of Economic Corporation Of Newport Inc
Economic Corporation of Newport Inc, in its mission, aims to establish a comprehensive plan for economic development in an unspecified location. This plan serves as the foundation for strengthening the local economy and fostering a conducive environment for prolonged economic growth. Notably, the corporation focuses on creating job opportunities for individuals with moderate to low income, achieved through the recruitment of new businesses in the area.
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Impact
August, 2024
The Economic Corporation Of Newport Inc's impact can be seen in its efforts to develop a plan for economic development in Newport, NH. By supporting economic growth and job creation opportunities for low to moderate income individuals in the area through the recruitment of new businesses, the organization is working towards strengthening the local economy. Additionally, their focus on supporting various areas of development, including the arts, reflects a holistic approach to economic development in Newport. Overall, the Economic Corporation Of Newport Inc is playing a crucial role in promoting a favorable climate for economic growth over an extended period of time in the community.
This information is meant to be a general summary of Economic Corporation Of Newport 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 2023.
- Investment Income: $7,405
- Program Service Revenue: $15,000
- Gross Receipts: $403,073
Assets and Liabilities:
- Total Assets: $2,169,980
- Total Liabilities: $607,334
- Net Assets: $1,562,646
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LEASE REVENUE
Revenue
$15,000
Organization Details
Founding Year
1991
Principal Officer
Mark Pitkin
Website
www.newportnh.govNTEE Category
Code: S30Z - Community improvement
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