Overview
What is New York & New Jersey Minority Supplier Development Council Inc?
New York & New Jersey Minority Supplier Development Council Inc is a nonprofit organization committed to assisting economically disadvantaged minority-owned businesses in gaining market access and encouraging corporate purchasing. Their initiatives encompass the creation of an extensive supplier directory, education sessions, networking events, and priority access to marketing expos for their corporate members. The council provides a bi-monthly newsletter and educational seminars, fostering a platform for connection and growth. The organization's mission is to promote cooperation between the business community and minority-owned firms, ultimately aiming to boost their market presence.
Official website here: www.nynjmsdc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 56% (One-Star out of Four Stars)
The New York & New Jersey Minority Supplier Development Council Inc has received a One-Star rating from Charity Navigator, indicating significant concerns in its accountability and financial practices. While the organization boasts a high percentage of independent board members and strong governance policies, its overall financial score is considerably low, reflecting challenges in efficiently allocating resources towards its programs.
Strengths include a well-structured governance framework, evidenced by its majority independent board and adherence to various policies such as conflict of interest and whistleblower protocols. However, the charity's financial management raises red flags, particularly with a low program expense ratio, suggesting that a smaller proportion of its expenditures are directed towards its core mission.
Additionally, the absence of the tax form on its website and a high liabilities-to-assets ratio further highlight potential financial instability. These factors collectively contribute to the low overall rating, indicating that while the organization has solid governance practices, it needs to improve its financial transparency and effectiveness in utilizing funds for its intended programs.
This AI summary has been generated from information found on Charity Navigator.
Is New York & New Jersey Minority Supplier Development Council Inc legitimate?
New York & New Jersey Minority Supplier Development Council Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. New York & New Jersey Minority Supplier Development Council 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $646,595
For more financial information, click here
Official website here: www.nynjmsdc.org
What is the mission statement of New York & New Jersey Minority Supplier Development Council Inc?
The New York & New Jersey Minority Supplier Development Council Inc was established with a mission to aid economically disadvantaged minority-owned businesses by helping them find markets for their products and services. The organization encourages cooperation within the business community, particularly in purchasing these products and services. To fulfill this objective, the council has set up offices to facilitate information exchange among corporate purchasing programs. The Council offers a wide range of services to its members, including a comprehensive directory of certified quality suppliers, bi-monthly newsletters, educational seminars, business card exchanges, and priority access to marketing business expos and other events.
Official website here: www.nynjmsdc.org
Who is the CEO of New York & New Jersey Minority Supplier Development Council Inc?
Terrence Clark is the Chairperson of New York & New Jersey Minority Supplier Development Council Inc. The CEO's salary of New York & New Jersey Minority Supplier Development Council Inc is $200,503 and their total compensation is $200,503.
Official website here: www.nynjmsdc.org
What is the revenue of New York & New Jersey Minority Supplier Development Council Inc?
New York & New Jersey Minority Supplier Development Council Inc's revenue in 2022 was $1,961,473.
Official website here: www.nynjmsdc.org
Who are the executives of New York & New Jersey Minority Supplier Development Council Inc and what are their salaries?
The average compensation at New York & New Jersey Minority Supplier Development Council Inc during 2022 was $92,371. There are 7 employees at New York & New Jersey Minority Supplier Development Council Inc.
Here are 21 key members and their salaries (New York & New Jersey Minority Supplier Development Council Inc's CEO's salary is $200,503 and their total compensation is $200,503):
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Official website here: www.nynjmsdc.org
Where can I find the form 990 for New York & New Jersey Minority Supplier Development Council Inc?
New York & New Jersey Minority Supplier Development Council Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.nynjmsdc.org
Learn more at the official website: www.nynjmsdc.org
Mission Statement of New York & New Jersey Minority Supplier Development Council Inc
The New York & New Jersey Minority Supplier Development Council Inc is a organization dedicated to assisting economically disadvantaged minority-owned businesses in establishing markets for their products and services. It encourages cooperation within the business community for the procurement of these goods and services. To accomplish this objective, the Council has set up offices to facilitate the exchange of information among corporate purchasing programs.
In line with its mission, the organization offers a variety of services to support these minority-owned firms. This includes maintaining a comprehensive directory of certified quality suppliers, providing a bi-monthly newsletter, organizing educational seminars, hosting business card exchanges, and offering priority access to marketing business expos and other services to all corporate members. By doing so, the New York & New Jersey Minority Supplier Development Council Inc aims to help these businesses expand their reach and increase their chances of securing contracts with corporate buyers.
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Impact
October, 2024
The New York & New Jersey Minority Supplier Development Council Inc significantly enhances the economic landscape for minority-owned businesses by facilitating the creation of markets for their products and services. By actively promoting collaboration between the corporate sector and these businesses, the Council encourages companies to incorporate minority suppliers into their purchasing strategies.
Through a comprehensive directory of certified quality suppliers, educational seminars, networking opportunities, and priority access to marketing events, the Council empowers minority firms with essential resources and connections. This support not only aids businesses in gaining visibility but also fosters an environment of economic inclusion and diversification within the broader community. Their initiatives help dismantle barriers faced by economically disadvantaged businesses, ultimately leading to community improvement and growth.
This information is meant to be a general summary of New York & New Jersey Minority Supplier Development Council 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 2022.
- Program Service Revenue: $750,492
- Gross Receipts: $2,024,112
Assets and Liabilities:
- Total Assets: $3,338,430
- Total Liabilities: $1,191,379
- Net Assets: $2,147,051
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
CERTIFICATION AND RECE
Revenue
$750,492
Organization Details
Founding Year
1973
Phone
(212) 502-5663Principal Officer
Terrence Clark
Main Address
65 WEST 36TH STREET 702, NEW YORK, NY, 10018
Website
www.nynjmsdc.orgNTEE Category
Code: S43 - Community improvement
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