Overview
What is University Development Group Inc?
University Development Group Inc, based in Kent, Ohio, is a nonprofit organization established to manage property owned by Kent State University and invest in startup entities. Acting as a conduit, the company facilitates the formation of new businesses, creating jobs and fostering growth in Northeast Ohio. Its mission is to promote academic achievement and enhance education by offering opportunities for students in the business and entrepreneurial fields. University Development Group Inc. also manages lease agreements with the College of Business Administration's Center for Entrepreneurship & Business Innovation Program and the College of Communication, contributing to the revitalization and development of the local area.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%, earning it a Two-Star out of Four Star rating. This rating reflects a moderate level of accountability and financial health for University Development Group Inc. With an Accountability & Finance score of 73, the organization demonstrates strengths in having a fully independent board and no material diversion of assets, indicating a commitment to governance and financial integrity.
Strengths of the organization include a high Program Expense Ratio of 80.25%, suggesting that a significant portion of its funds are directed towards its programs rather than administrative costs. However, the organization has some notable deficiencies. For example, it lacks a whistleblower policy and a document retention and destruction policy, which are critical for ensuring transparency and accountability.
Additionally, the absence of the tax form on its website may hinder accessibility for potential donors seeking to understand the organization’s financial practices. While the organization shows a commitment to certain governance standards, addressing these limitations could enhance its overall operational transparency and trust with stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is University Development Group Inc legitimate?
University Development Group Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. University Development Group 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: $0
For more financial information, click here
What is the mission statement of University Development Group Inc?
University Development Group Inc was established with the purpose of managing property belonging to Kent State University and holding equity interests or licenses in startup entities. Acting as a conduit, the company facilitates the formation of new businesses, creating jobs, and fostering revitalization and growth in Northeast Ohio. Furthermore, the organization promotes academic achievement and enhances education by offering opportunities for students in the business and entrepreneurial fields.
What is the revenue of University Development Group Inc?
University Development Group Inc's revenue in 2022 was $0.
Who are the executives of University Development Group Inc and what are their salaries?
Here are 2 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for University Development Group Inc?
University Development Group Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of University Development Group Inc
University Development Group Inc, established with the mandate to manage property owned by Kent State University, has a multifaceted mission. The organization holds equity interests or licenses in startup entities and serves as a conduit for the formation of new businesses, resulting in job creation and revitalization and growth in Northeast Ohio. Beyond this, University Development Group Inc is committed to promoting academic achievement and enhancing education by providing opportunities for students in the business and entrepreneurial fields. By doing so, the organization contributes to the overall development and prosperity of the community.
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Impact
October, 2024
University Development Group Inc plays a significant role in the economic and educational landscape of Northeast Ohio. By managing properties owned by Kent State University and holding equity interests in emerging startups, the organization acts as a catalyst for new business formation. This not only fosters job creation but also stimulates revitalization and growth in the local economy.
The impact is further amplified through strategic partnerships, such as those with the College of Business Administration's Center for Entrepreneurship & Business Innovation and the College of Communication. These collaborations enhance educational opportunities for students, particularly in business and entrepreneurship, thereby promoting academic achievement.
In essence, University Development Group Inc is integral to enhancing the entrepreneurial ecosystem, providing resources and support for aspiring business leaders, and contributing to the overall community improvement in the region.
This information is meant to be a general summary of University Development Group 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.
Assets and Liabilities:
- Total Assets: $0
- Total Liabilities: $0
- Net Assets: $0
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Organization Details
Founding Year
2008
Principal Officer
Michael Drew
NTEE Category
Code: S50 - Community improvement
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