Overview
What is Oakland Development Fund?
The Oakland Development Fund is a dedicated nonprofit organization situated in Pittsburgh, Pennsylvania, specifically at 294 Semple Street, 15213. Its primary objective is to promote and support the Oakland Planning and Development Corporation (OPDC), an exempt organization, in its mission to combat community deterioration, eliminate blight, lessen neighborhood tensions, and further revitalize the Oakland section of Pittsburgh, Pennsylvania. In the course of the year, Oakland Development Fund extended a loan of $309,447 to OPDC without charging interest. A portion of this loan, amounting to $184,724, was repaid as principal payments, which is reflected in Oakland Development Fund's financial position as notes receivable.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 54% (One-Star out of Four Stars)
The Oakland Development Fund has received a low rating of 54%, indicating significant concerns regarding its financial accountability and overall performance. While the organization boasts a fully independent board and strong governance policies, including a conflict of interest policy and whistleblower protections, its financial ratios raise red flags. The fund has a high liabilities to assets ratio of 80.76%, suggesting potential financial instability, and it reports a program expense ratio of 0.00%, which may imply a lack of spending on mission-related activities.
Despite the strengths in governance structure, such as an independent board and proper documentation protocols, the lack of program expenses indicates that funds may not be effectively utilized for intended programs or services. This absence of spending on programs is critical, as it can limit the organization's impact in the community it serves.
Overall, the Oakland Development Fund's performance highlights the importance of financial health and the effective use of resources in nonprofit organizations. Prospective donors and stakeholders should carefully consider these limitations when evaluating the fund's viability and commitment to its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Oakland Development Fund legitimate?
Oakland Development Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Oakland Development Fund 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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What is the mission statement of Oakland Development Fund?
The Oakland Development Fund's mission is focused on promoting and supporting the objectives of the Oakland Planning and Development Corporation (OPDC). Its primary goal is to combat community deterioration, eliminate blight, reduce neighborhood tensions, and facilitate the revitalization of a specific area. The fund aims to contribute to the betterment of its community by supporting OPDC's exempt purposes. By providing financial assistance, such as the loan of $309,447 during a certain year at no interest, the Oakland Development Fund plays a crucial role in supporting their partner organization's initiatives.
Who is the CEO of Oakland Development Fund?
Ray Garofalo is the President of Oakland Development Fund.
What is the revenue of Oakland Development Fund?
Oakland Development Fund's revenue in 2022 was $5,167.
Who are the executives of Oakland Development Fund and what are their salaries?
Here are 10 key members and their salaries:
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- Related: $96,019
- Other: $10,821
Where can I find the form 990 for Oakland Development Fund?
Oakland Development Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Oakland Development Fund
Oakland Development Fund is an organization committed to promoting and supporting the Oakland Planning and Development Corporation (OPDC) and its exempt purposes. Their mission is centered around combating community deterioration, eliminating blight, lessening neighborhood tensions, and furthering the revitalization of the Oakland section of Pittsburgh, Pennsylvania. The fund plays a crucial role in supporting OPDC's objectives, contributing financially to their operations and initiatives. By doing so, Oakland Development Fund contributes to the overall improvement of the community, aiming to create a more vibrant and harmonious living environment.
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Impact
August, 2024
The impact of the Oakland Development Fund is evident in its efforts to combat community deterioration, eliminate blight, lessen neighborhood tensions, and further the revitalization of the Oakland section of Pittsburgh, Pennsylvania. Through its support of the Oakland Planning and Development Corporation, the Oakland Development Fund has provided crucial financial assistance totaling $309,447, enabling key projects and initiatives to thrive. This funding, offered at no interest, has significantly contributed to the transformation and enhancement of the community, ultimately leading to a more vibrant and sustainable neighborhood. By investing in the well-being and growth of Oakland, the Oakland Development Fund plays a vital role in fostering positive change and driving community improvement initiatives forward.
This information is meant to be a general summary of Oakland Development Fund. 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: $5,167
- Gross Receipts: $5,167
Assets and Liabilities:
- Total Assets: $1,263,818
- Total Liabilities: $1,017,000
- Net Assets: $246,818
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Organization Details
Founding Year
1986
Phone
(412) 621-7863Principal Officer
Ray Garofalo
Main Address
294 SEMPLE STREET, PITTSBURGH, PA, 15213
NTEE Category
Code: S20Z - Community improvement
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