Overview
What is Spedd Inc?
Spedd Inc is a nonprofit organization situated in Vandergrift, Pennsylvania, with a specific mission to boost employment opportunities and revitalize deteriorating neighborhoods in Western Pennsylvania. They achieve this by transforming neglected industrial and commercial properties into business incubators and new venture facilities, offering support to small businesses in their growth and job creation. Spedd Inc provides various assistance programs, including management assistance, executive recruitment, below-market leasing structures, business-to-business networking, and procurement of both private and public funding. Currently, they manage ten facilities housing more than fifty business tenants, contributing to the region's job market.
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 93% (Four-Star out of Four Star rating)
Spedd Inc has achieved an impressive Four-Star rating from Charity Navigator, with an overall score of 93%. This rating reflects the organization's strong emphasis on accountability and finance, showcasing its commitment to maintaining high standards in these areas. The score is derived entirely from a single beacon score, emphasizing the significance of accountability and responsible financial management.
The organization excels in several key metrics, including having a fully independent board and an excellent financial audit rating. With no material diversion of assets reported, Spedd Inc demonstrates a commitment to transparency and ethical governance. Additionally, the implementation of policies regarding conflict of interest, whistleblower protection, and document retention reflects a robust operational framework.
However, while Spedd Inc appears to manage its finances well, the data primarily highlights accountability aspects rather than programmatic impact or effectiveness. As such, prospective donors may want to seek additional information on the charity's programs and their outcomes to assess the overall impact of their contributions.
This AI summary has been generated from information found on Charity Navigator.
Is Spedd Inc legitimate?
Spedd Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Spedd 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: $271,669
Professional Fundraising Fees: $0
Other Salaries and Wages: $15,208
For more financial information, click here
What is the mission statement of Spedd Inc?
Spedd Inc's mission is centered around enhancing employment opportunities and revitalizing deteriorating neighborhoods, primarily in western Pennsylvania. They achieve this by rehabilitating neglected industrial and commercial properties, transforming them into business incubators and new venture facilities. These facilities provide support to small businesses, aiding them in their growth and job creation. Spedd Inc offers various programs that provide management assistance, executive recruitment, below-market leasing structures, business-to-business networking, and procurement of both private and public funding. Currently, they operate ten facilities, housing over fifty business tenants.
Who is the CEO of Spedd Inc?
Jerome D Lombardi is the President, C of Spedd Inc.
What is the revenue of Spedd Inc?
Spedd Inc's revenue in 2022 was $4,019,412.
Who are the executives of Spedd Inc and what are their salaries?
The average compensation at Spedd Inc during 2022 was $71,719. There are 4 employees at Spedd Inc.
Here are 3 key members and their salaries:
- Compensation: $194,400
- Related: $0
- Other: $6,059
- Compensation: $55,000
- Related: $0
- Other: $7,689
- Compensation: $22,269
- Related: $0
- Other: $4,991
Where can I find the form 990 for Spedd Inc?
Spedd Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Spedd Inc
Spedd Inc, a nonprofit organization, is committed to enhancing employment opportunities and revitalizing deteriorating neighborhoods in western Pennsylvania. They achieve this mission by rehabilitating neglected industrial and commercial properties, transforming them into business incubators and new venture facilities. These facilities provide a conducive environment for small businesses to grow and create jobs. Spedd Inc's strategic approach includes offering management assistance, executive recruitment, beneficial below-market leasing structures, business-to-business networking, and procurement of both private and public funding. Currently, Spedd Inc operates ten facilities, accommodating over fifty business tenants, thereby contributing significantly to job creation in the region.
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Impact
October, 2024
Spedd Inc. has a profound impact on the economic landscape of Western Pennsylvania, particularly in alleviating the challenges faced by deteriorating neighborhoods. By rehabilitating neglected industrial and commercial properties, Spedd Inc. transforms these spaces into thriving business incubators and new venture facilities. This initiative not only revitalizes the physical environment but also creates essential employment opportunities in the region.
Through its comprehensive support programs, Spedd Inc. assists small businesses in their growth and sustainability. The organization provides management assistance, executive recruitment, and access to beneficial below-market leasing structures. Additionally, it fosters business-to-business networking and helps secure both private and public funding, allowing these businesses to flourish.
Currently operating ten facilities that house over fifty business tenants, Spedd Inc. plays a crucial role in job creation and retention. By empowering entrepreneurs and facilitating their success, the organization contributes significantly to the economic revitalization of Western Pennsylvania, enhancing the overall quality of life in the communities it serves.
This information is meant to be a general summary of Spedd 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.
- Investment Income: $787,636
- Program Service Revenue: $3,131,776
- Gross Receipts: $4,019,412
Assets and Liabilities:
- Total Assets: $27,841,148
- Total Liabilities: $14,257,823
- Net Assets: $13,583,325
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL & PROGRAM SERVICE REVE
Revenue
$2,910,676
CONSULTING
Revenue
$221,100
Organization Details
Founding Year
1967
Phone
(724) 568-4188Principal Officer
Jerome D Lombardi
Main Address
1129 INDUSTRIAL PARK ROAD STE 119, VANDERGRIFT, PA, 15690
NTEE Category
Code: S43Z - Community improvement
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