Overview
What is Coalfield Development Corporation?
Coalfield Development Corporation is a nonprofit organization based in Wayne, West Virginia. Their mission is to inspire growth, innovation, and community development in Central Appalachia by operating employment-based social enterprises. These enterprises, which include wholly or partially owned businesses, aim to reduce the region's dependence on coal and provide jobs for those who may otherwise struggle to find employment. The organization's successes are measured using a triple bottom line approach, focusing on people, planet, and profit. Coalfield Development Corporation offers personal and academic development programs to help employees thrive. They also engage in community-based revitalization and development for people facing employment barriers. The organization has a workforce of 120 employees, and their revenue from social enterprises enables them to create jobs and increase their financial sustainability. The organization's communities have been economically distressed due to the over-reliance on coal, so creating new businesses is crucial for providing opportunities for their trainees and graduates.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 95% (Four-Star out of Four Stars)
Coalfield Development Corporation has achieved an impressive Four-Star rating on Charity Navigator, reflecting its strong commitment to accountability and financial transparency. The organization boasts a perfect score for having an independent board, ensuring that there are no conflicts of interest. Its financial health is evident through a low liabilities-to-assets ratio and high program expense ratio, indicating that the majority of its funds are directed toward its mission-driven programs.
The organization's culture and community score is also commendable, demonstrating its effectiveness in engaging with the community and fostering a positive organizational culture. The presence of comprehensive policies, such as conflict of interest and whistleblower policies, further enhances its credibility and governance practices. The charity's fundraising efficiency is notably high, indicating effective use of funds raised for operational needs.
While the data showcases Coalfield Development Corporation’s strengths in financial management and governance, ongoing transparency in its operations and impact measurement will be crucial for maintaining and building trust with its stakeholders. Overall, the organization stands out for its robust financial practices and commitment to community engagement.
This AI summary has been generated from information found on Charity Navigator.
Is Coalfield Development Corporation legitimate?
Coalfield Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Coalfield Development 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: $339,724
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,502,387
For more financial information, click here
What is the mission statement of Coalfield Development Corporation?
The Coalfield Development Corporation aims to tackle the issue of generational poverty in rural communities by focusing on four core capabilities: incubating and investing in employment-based social enterprises, facilitating professional, personal, and academic development for individuals facing barriers to employment. The organization's employment-based social enterprises are designed to diversify the economy and reduce dependence on coal. Their enterprises prioritize the well-being of their employees and measure success using a triple bottom line: people, planet, profit. The financial success of these enterprises allows the organization to create jobs and reduce reliance on grants, while also providing opportunities for trainees and graduates to utilize their new skills. Without thriving businesses, their trainees may have limited options to apply their newfound expertise.
Who is the CEO of Coalfield Development Corporation?
Brandon M Dennison is the Executive Di of Coalfield Development Corporation.
What is the revenue of Coalfield Development Corporation?
Coalfield Development Corporation's revenue in 2022 was $14,692,090.
Who are the executives of Coalfield Development Corporation and what are their salaries?
The average compensation at Coalfield Development Corporation during 2022 was $23,684. There are 120 employees and 100 volunteers at Coalfield Development Corporation.
Here are 15 key members and their salaries:
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- Compensation: $65,887
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- Compensation: $73,302
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- Other: $5,966
Where can I find the form 990 for Coalfield Development Corporation?
Coalfield Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Coalfield Development Corporation
Coalfield Development Corporation, a nonprofit organization, is dedicated to inspiring courage, activating creativity, and cultivating communities of opportunity in Central Appalachia. This mission is carried out through three core capabilities: employment-based social enterprise, community-based revitalization, and development for people facing barriers to employment.
The first of these capabilities is the incubation and investing in employment-based social enterprises. Coalfield Development Corporation owns and operates a family of enterprises designed to diversify the regional economy and reduce dependency on coal. These enterprises prioritize the well-being of their employees, with success measured according to a triple bottom line: people, planet, profit. The success of these enterprises enables the organization to create hundreds of jobs, become less grant-dependent, and more financially sustainable. The communities served by Coalfield Development Corporation are severely economically distressed due to over-reliance on the coal industry. Creating new businesses is therefore critical to realizing the organization's vision, providing trainees and graduates with opportunities to put their new training and credentials to use.
Coalfield Development Corporation's second capability is facilitating professional, personal, and academic development for people facing barriers to employment. Through this capability, the organization equips individuals with the skills and resources needed to secure employment and build better lives for themselves and their communities. By focusing on the personal and academic development of employees, Coalfield Development Corporation not only empowers individuals but also contributes to the overall revitalization of the communities it serves.
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Impact
August, 2024
Coalfield Development Corporation's impact can be seen in the transformation it brings to communities in Central Appalachia. By inspiring courage to grow and activating creativity to innovate, the organization is pioneering a new way forward for regions that have long been dependent on coal. Through its employment-based social enterprises, Coalfield Development Corporation is not only diversifying the regional economy but also creating hundreds of jobs and reducing dependency on grants.
The organization's focus on people, planet, and profit is a testament to its commitment to holistic success. By providing personal, professional, and academic development opportunities, Coalfield Development Corporation is breaking the cycle of generational poverty in rural communities. Through community-based revitalization efforts and investing in social enterprises, the organization is creating a path to prosperity for individuals facing barriers to employment.
In a region where economic distress is prevalent due to the decline of the coal industry, Coalfield Development Corporation's work is vital in creating new businesses and opportunities for its trainees and graduates. By offering housing solutions and supporting local communities, the organization is cultivating a future of opportunity and growth in Central Appalachia.
This information is meant to be a general summary of Coalfield Development 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: -$34,636
- Program Service Revenue: $783,312
- Gross Receipts: $14,737,780
Assets and Liabilities:
- Total Assets: $24,532,193
- Total Liabilities: $6,988,598
- Net Assets: $17,543,595
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENT
Revenue
$317,742
SALES
Revenue
$290,203
PROGRAM AND OTHER INCOME
Revenue
$168,979
GAIN ON PROGRAM INVESTMENT
Revenue
$6,388
Organization Details
Founding Year
2008
Phone
(304) 501-4755Principal Officer
Brandon M Dennison
Main Address
PO BOX 1133, WAYNE, WV, 25570
NTEE Category
Code: L99 - Housing
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