Overview
What is Vestedin?
Vestedin is a nonprofit organization situated in Philadelphia, Pennsylvania. Its primary mission is to promote economic empowerment and generate employment opportunities within the local community, particularly in areas historically underserved by conventional financial institutions. To achieve this goal, Vestedin offers capital, technical assistance, and financial services as innovative solutions. Furthermore, the organization operates a program aimed at high school students, providing insights into financial education, college planning, and career planning. With a staff of 12 dedicated individuals, Vestedin plays a significant role in boosting small businesses and enhancing the local Philadelphia economy.
Official website here: www.vestedin.org.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
Vestedin has achieved an impressive Four-Star rating from Charity Navigator, reflecting a strong commitment to accountability and financial health. The overall score is based entirely on its Accountability & Finance metrics, where it scored 96%. This rating indicates that Vestedin adheres to high standards in financial practices, making it a trustworthy choice for donors.
The organization shows significant strengths, including a fully independent board with a size that meets the best practices for governance. With a program expense ratio of 86.95%, Vestedin demonstrates its dedication to directing the majority of its resources toward its programs. Additionally, it maintains strict policies on conflict of interest and whistleblower protections, which are crucial for organizational integrity.
While the data is overwhelmingly positive, the evaluation primarily focuses on financial metrics and governance. Therefore, potential supporters may wish to seek additional information regarding the organization's program effectiveness and impact to gain a more comprehensive understanding of Vestedin's overall performance in fulfilling its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Vestedin legitimate?
Vestedin is a legitimate nonprofit organization registered as a 501(c)(3) entity. Vestedin 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: $102,019
Professional Fundraising Fees: $0
Other Salaries and Wages: $290,209
For more financial information, click here
Official website here: www.vestedin.org.
What is the mission statement of Vestedin?
Vestedin's mission is centered around promoting economic empowerment for small businesses and the community, thereby increasing employment opportunities. As an innovative response to a historically underserved low-income community, Vestedin provides capital, technical assistance, and financial services. Additionally, the organization operates a program for high school students, offering insights into financial education, college planning, and career planning.
Official website here: www.vestedin.org.
Who is the CEO of Vestedin?
James Burnett is the Executive Director of Vestedin.
Official website here: www.vestedin.org.
What is the revenue of Vestedin?
Vestedin's revenue in 2022 was $1,842,886.
Official website here: www.vestedin.org.
Who are the executives of Vestedin and what are their salaries?
The average compensation at Vestedin during 2022 was $32,686. There are 12 employees and 19 volunteers at Vestedin.
Here are 13 key members and their salaries:
- Compensation: $107,018
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- Other: $28,680
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Official website here: www.vestedin.org.
Where can I find the form 990 for Vestedin?
Vestedin's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.vestedin.org.
Learn more at the official website: www.vestedin.org.
Mission Statement of Vestedin
Vestedin, a notable organization, is committed to facilitating economic empowerment for small businesses and the community in the Philadelphia area, thereby increasing employment opportunities. The mission of Vestedin is multifaceted, encompassing the provision of capital, technical assistance, and financial services. This innovative response caters to a low-income community that has historically been underserved by traditional financial institutions.
Beyond its financial services, Vestedin also operates a program specifically for high school students. This initiative aims to impart financial education, college planning, and career planning, providing valuable insights and knowledge for the younger generation. By doing so, Vestedin is not only supporting the present but also investing in the future, fostering a community that is financially literate and economically empowered.
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Impact
October, 2024
Vestedin plays a crucial role in fostering economic empowerment in the Philadelphia area by targeting small businesses and the broader community. Its initiatives are designed to bridge the gap for a historically underserved population by providing essential resources such as capital, technical assistance, and financial services. This support not only facilitates the growth and sustainability of small businesses but also creates increased employment opportunities within the community.
Additionally, Vestedin addresses the educational needs of local youth through programs focused on financial education, college planning, and career planning. By equipping high school students with knowledge and skills, Vestedin is not only preparing them for future success but also empowering them to make informed decisions that can positively impact their communities.
Overall, Vestedin's multifaceted approach contributes significantly to the economic vitality of Philadelphia, fostering a sustainable ecosystem where both businesses and individuals can thrive.
This information is meant to be a general summary of Vestedin. 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: $288
- Program Service Revenue: $321,682
- Gross Receipts: $1,861,792
Assets and Liabilities:
- Total Assets: $7,760,084
- Total Liabilities: $576,259
- Net Assets: $7,183,825
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INVESTMENT INCOME FROM JOINT VENTURE
Revenue
$209,954
PROGRAM SERVICE REVENUE
Revenue
$79,034
INTEREST INCOME - LOANS
Revenue
$18,877
LOAN FEES
Revenue
$13,817
Organization Details
Founding Year
1996
Phone
(215) 452-0100Principal Officer
James Burnett
Main Address
3675 MARKET STREET, PHILADELPHIA, PA, 19104
Website
www.vestedin.org.NTEE Category
Code: L80 - Housing
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