Overview
What is Nybdc Local Development Corporation?
The Nybdc Local Development Corporation is a nonprofit organization, based in New York, with a mission to support the growth and prosperity of small businesses within the state. They accomplish this by aiding in the acquisition of real estate, construction, renovation, or other improvements, thereby fostering business success and enhancing the economic well-being of New York. Furthermore, they encourage new businesses and industries to establish themselves in the state and offer financing options to both new and existing ventures. Ultimately, their goal is to create and retain jobs within New York.
What are the reviews and ratings of this charity?
The NYBDC Local Development Corporation is rated with an 82% score on Charity Navigator, earning a Three-Star out of Four Star rating. This score mainly reflects their Accountability & Finance, with a focus on transparency and ethical financial practices. A three-star rating implies a level of competence and trust, though there may be areas for improvement.
Key strengths of NYBDC include a high percentage of independent board members, a complete conflict of interest policy, and thorough documentation standards such as board meeting minutes. The organization also excels in program expense ratio and working capital, indicating a strong focus on mission-driven activities and financial sustainability. However, they lose points on auditing financial statements and fail to post tax forms online, which could affect stakeholder trust.
Despite a solid financial framework, there is room for improvement, particularly in fundraising efficiency. The lack of a score for Impact & Measurement and other non-financial metrics, like Culture & Community, suggests a need for greater transparency in those areas. Without user reviews from GreatNonprofits, further community insights into NYBDC’s operational impact are unavailable.
This AI summary has been generated from information found on Charity Navigator.
Is Nybdc Local Development Corporation legitimate?
Nybdc Local Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Nybdc Local 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,689,991
For more financial information, click here
What is the mission statement of Nybdc Local Development Corporation?
The Nybdc Local Development Corporation's mission is to aid small businesses in acquiring real estate and making necessary improvements, thereby fostering business growth and economic development in the state of New York. The organization also encourages the establishment of new businesses and industries within the state and offers financing options for both new and existing businesses. Moreover, the corporation's objectives include creating and retaining job opportunities within New York.
Who is the CEO of Nybdc Local Development Corporation?
Patrick J Mackrell is the Ceo of Nybdc Local Development Corporation. The CEO's salary of Nybdc Local Development Corporation is $0 and their total compensation is $1,083,829.
What is the revenue of Nybdc Local Development Corporation?
Nybdc Local Development Corporation's revenue in 2022 was $11,401,541.
Who are the executives of Nybdc Local Development Corporation and what are their salaries?
The average compensation at Nybdc Local Development Corporation during 2022 was $112,083. There are 24 employees at Nybdc Local Development Corporation.
Here are 18 key members and their salaries (Nybdc Local Development Corporation's CEO's salary is $0 and their total compensation is $1,083,829):
- Compensation: $0
- Related: $1,083,829
- Other: $0
- Compensation: $1,750
- Related: $0
- Other: $0
- Compensation: $1,000
- Related: $0
- Other: $0
- Compensation: $1,500
- Related: $0
- Other: $0
- Compensation: $1,500
- Related: $0
- Other: $0
- Compensation: $1,500
- Related: $0
- Other: $0
- Compensation: $1,500
- Related: $0
- Other: $0
- Compensation: $1,500
- Related: $0
- Other: $0
- Compensation: $1,000
- Related: $0
- Other: $0
- Compensation: $1,000
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $269,196
- Other: $0
- Compensation: $258,058
- Related: $0
- Other: $0
- Compensation: $76,866
- Related: $0
- Other: $0
- Compensation: $106,085
- Related: $0
- Other: $0
- Compensation: $133,875
- Related: $0
- Other: $0
- Compensation: $0
- Related: $111,968
- Other: $0
- Compensation: $147,534
- Related: $0
- Other: $0
Where can I find the form 990 for Nybdc Local Development Corporation?
Nybdc Local Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Nybdc Local Development Corporation
Nybdc Local Development Corporation is committed to aiding small businesses in their pursuit of real estate acquisition and subsequent improvements, such as construction or renovation. This mission is driven by the organization's goal to stimulate and bolster the business growth and economic well-being of New York State. Nybdc Local Development Corporation also encourages the establishment and expansion of new businesses and industries within the state, providing them with necessary financing. Ultimately, the corporation aims to create and retain jobs within New York, thereby contributing to its overall economic development.
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Impact
October, 2024
Nybdc Local Development Corporation significantly impacts the economic landscape of New York State by facilitating small businesses in acquiring real property and funding construction and renovation projects. This assistance is crucial for nurturing an environment where small businesses can thrive, thereby promoting overall business prosperity.
By encouraging the establishment and growth of new industries, Nybdc plays a vital role in attracting investments and fostering economic development. The organization provides essential financing options to both emerging and established businesses, enabling them to expand operations, innovate, and remain competitive.
Moreover, Nybdc's efforts directly contribute to job creation and retention within the state. As small businesses grow and succeed, they generate employment opportunities, supporting local communities and enhancing the economic welfare of New York as a whole. The collaborative framework that Nybdc provides helps build a robust business ecosystem, ultimately benefiting the broader community and economy.
This information is meant to be a general summary of Nybdc Local 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.
- Program Service Revenue: $3,653,971
- Gross Receipts: $11,401,541
Assets and Liabilities:
- Total Assets: $39,799,179
- Total Liabilities: $19,751,498
- Net Assets: $20,047,681
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME
Revenue
$3,004,835
ORIGINATION FEES
Revenue
$648,836
SUBRECIPIENT AGREEMENT INCOME
Revenue
$300
Organization Details
Founding Year
2009
Phone
(518) 463-2268Principal Officer
Patrick J Mackrell
Main Address
50 BEAVER STREET, ALBANY, NY, 12207
NTEE Category
Code: S30 - Community improvement
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