Overview
What is Regional Development Funding Corporation?
The Regional Development Funding Corporation, based in Pittsburgh, Pennsylvania, serves as a vital catalyst for economic growth in both Pennsylvania and West Virginia. As a nonprofit organization, their mission is to stimulate development by providing financing for projects that maintain or generate high-quality jobs and contribute to community revitalization. They accomplish this by administering loans through various programs such as the Department of Commerce Economic Development Administration (EDA) program, as well as acting as a certified provider for U.S. Small Business Administration (SBA) "504" loans and "Community Advantage" loans. As of September 30, 2022, the organization had 154 outstanding SBA "504" loans, 29 EDA CARES loans, and 30 Small Business Financing Group (SBFG) loans in progress. With a dedicated workforce of six individuals, the Regional Development Funding Corporation continues to play a crucial role in fostering economic development and job creation in the region.
Official website here: www.rdfc.net
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Star rating)
The Regional Development Funding Corporation has achieved an impressive Four-Star rating from Charity Navigator, reflecting its strong accountability and financial health. With a score of 96%, the organization demonstrates robust governance practices, including a fully independent board and comprehensive oversight measures that foster trust among donors and stakeholders.
The organization excels in financial management, shown by its low liabilities to assets ratio of 1.71% and a high program expense ratio of 84.46%. These metrics indicate that a significant portion of its funding is allocated directly to programs, ensuring that the resources are effectively used to fulfill its mission.
While the data showcases exceptional performance in governance and financial operations, it is crucial for potential donors to consider the organization’s specific mission and impact within its community. Overall, the positive evaluation highlights the Regional Development Funding Corporation as a trustworthy and efficient nonprofit.
This AI summary has been generated from information found on Charity Navigator.
Is Regional Development Funding Corporation legitimate?
Regional Development Funding Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Regional Development Funding Corporation 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: $414,519
Professional Fundraising Fees: $0
Other Salaries and Wages: $161,534
For more financial information, click here
Official website here: www.rdfc.net
What is the mission statement of Regional Development Funding Corporation?
The Regional Development Funding Corporation's mission is centered around fostering economic development. They achieve this by financing projects that not only retain but also create quality jobs. Moreover, these projects contribute to the revitalization of communities. The corporation's activities extend to administering loans through various programs, such as the Department of Commerce Economic Development Administration (EDA) program and the U.S. Small Business Administration (SBA) "504" loans and "Community Advantage" loans. As of September 30, 2022, there were several outstanding loans under these programs.
Official website here: www.rdfc.net
Who is the CEO of Regional Development Funding Corporation?
Rebecca Macblane is the Member of Regional Development Funding Corporation.
Official website here: www.rdfc.net
What is the revenue of Regional Development Funding Corporation?
Regional Development Funding Corporation's revenue in 2022 was $3,181,210.
Official website here: www.rdfc.net
Who are the executives of Regional Development Funding Corporation and what are their salaries?
The average compensation at Regional Development Funding Corporation during 2022 was $96,009. There are 6 employees and 32 volunteers at Regional Development Funding Corporation.
Here are 34 key members and their salaries:
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Official website here: www.rdfc.net
Where can I find the form 990 for Regional Development Funding Corporation?
Regional Development Funding Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.rdfc.net
Learn more at the official website: www.rdfc.net
Mission Statement of Regional Development Funding Corporation
The Regional Development Funding Corporation, a notable entity, is committed to fostering economic development by providing financial support to projects. These projects are intended to retain and create quality jobs, thereby contributing to community revitalization. In simpler terms, the corporation's mission is to stimulate economic growth within communities by investing in projects that generate employment opportunities. The Regional Development Funding Corporation accomplishes this mission through various initiatives, including participating in the Department of Commerce Economic Development Administration (EDA) program and acting as a certified provider of U.S. Small Business (SBA) "504" loans and "Community Advantage" loans. As of September 30, 2022, the corporation had 30 SBA "504" loans, 29 EDA CARES loans, and 154 SBA "504" loans outstanding, demonstrating its ongoing commitment to supporting economic development projects.
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Impact
October, 2024
The Regional Development Funding Corporation plays a significant role in fostering economic development across Pennsylvania and West Virginia. By providing financing for projects that create and retain quality jobs, it directly contributes to community revitalization efforts. Through its administration of various loan programs, including those from the Economic Development Administration and the U.S. Small Business Administration, the organization has facilitated significant investments in local economies.
As of September 30, 2022, the corporation managed a portfolio that included 30 Small Business Finance Group (SBFG) loans, 29 EDA CARES loans, and 154 SBA "504" loans, demonstrating its commitment to supporting small businesses and community development. These loans enable businesses to expand, innovate, and hire new employees, leading to increased economic stability and growth within the communities it serves.
Through its focused efforts in economic financing, the Regional Development Funding Corporation not only aids individual businesses but also enhances overall community well-being, creating a sustainable cycle of employment and development in the region.
This information is meant to be a general summary of Regional Development Funding Corporation. 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: $18,663
- Program Service Revenue: $1,154,038
- Gross Receipts: $3,181,210
Assets and Liabilities:
- Total Assets: $15,281,796
- Total Liabilities: $70,215
- Net Assets: $15,211,581
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN FEES
Revenue
$731,074
LOAN INTEREST
Revenue
$422,964
Organization Details
Founding Year
1978
Phone
(412) 471-1030Principal Officer
Rebecca Macblane
Main Address
3816 SOUTH WATER STREET, PITTSBURGH, PA, 15203
Website
www.rdfc.netNTEE Category
Code: S430 - Community improvement
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