Overview
What is Food Co-Op Initiative?
Food Co-Op Initiative is a nonprofit organization situated in Montgomery, Minnesota, with a team of six dedicated individuals. Their primary mission is to support and encourage the development of food cooperatives, aiming to increase their number, success, and sustainability across diverse communities in the U.S. They provide various resources, including training, technical assistance, seed capital, and research, to help new food cooperatives establish and thrive. The organization offers customized training to startups, covering topics such as board development, financial feasibility, site selection, organizing work plans, and more. They co-host conferences, present workshops, and offer one-on-one support to startup organizers. Food Co-Op Initiative also hosts live webinars addressing topical issues for startup organizers, with excellent attendance and recordings available for free on their YouTube channel. Their peer learning network provides a platform for startup cooperatives facing similar organizing issues to learn and share experiences monthly. The organization has produced training and reference guides, as well as hosting web-based classroom training programs for boards of directors and business planning. They collaborate extensively with other development centers and have supported around 100 startups, with over 12 food cooperatives expected to open in the next 18 months.
Official website here: www.fci.coop
What are the reviews and ratings of this charity?
Charity Navigator Rating: 94% (Four-Star out of Four Star rating)
The Food Co-Op Initiative has achieved an impressive 94% rating on Charity Navigator, reflecting its strong accountability and financial practices. With a fully independent board of 12 members and no material diversion of assets, the organization demonstrates a commitment to transparency and ethical governance. The high program expense ratio of 67.73% indicates a significant portion of funds is directed towards its programs, ensuring that most donations support its mission.
Additionally, the organization excels in collecting and utilizing constituent feedback, receiving perfect scores in these areas. This responsiveness suggests that the Food Co-Op Initiative actively engages with the communities it serves and adapts its practices based on their needs. The equity strategies score of 91 out of 100 further highlights its dedication to inclusivity and equitable practices within its operations.
Despite its strengths, the initiative's equity policies and processes received a score of 4 out of 7, indicating there is still room for improvement in this area. Overall, the Food Co-Op Initiative stands out for its effective governance and community engagement, making it a trustworthy choice for potential donors and supporters.
This AI summary has been generated from information found on Charity Navigator.
Is Food Co-Op Initiative legitimate?
Food Co-Op Initiative is a legitimate nonprofit organization registered as a 501(c)(3) entity. Food Co-Op Initiative 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: $132,166
Professional Fundraising Fees: $0
Other Salaries and Wages: $170,455
For more financial information, click here
Official website here: www.fci.coop
What is the mission statement of Food Co-Op Initiative?
The Food Co-Op Initiative's mission is to encourage and support the establishment of new food cooperatives. This initiative aims to increase the number, success, and sustainability of these cooperatives, particularly in diverse communities nationwide. By providing information, training, technical assistance, seed capital, and engaging in research, the Food Co-Op Initiative seeks to pave, maintain, and enhance the development path for these cooperatives. Their ultimate goal is to improve access to healthy food in various communities across the country.
Official website here: www.fci.coop
Who is the CEO of Food Co-Op Initiative?
Faye Mack is the Principal Officer of Food Co-Op Initiative.
Official website here: www.fci.coop
What is the revenue of Food Co-Op Initiative?
Food Co-Op Initiative's revenue in 2022 was $492,562.
Official website here: www.fci.coop
Who are the executives of Food Co-Op Initiative and what are their salaries?
The average compensation at Food Co-Op Initiative during 2022 was $50,437. There are 6 employees and 13 volunteers at Food Co-Op Initiative.
Here are 14 key members and their salaries:
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- Compensation: $128,317
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- Other: $3,849
Official website here: www.fci.coop
Where can I find the form 990 for Food Co-Op Initiative?
Food Co-Op Initiative's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.fci.coop
Learn more at the official website: www.fci.coop
Mission Statement of Food Co-Op Initiative
The Food Co-Op Initiative is committed to fostering the growth and sustainability of food cooperatives in diverse communities nationwide. Its mission is twofold: firstly, it aims to increase the number of successful food cooperatives, and secondly, it strives to ensure their longevity. To accomplish this, the Food Co-Op Initiative provides vital resources such as information, training, technical assistance, and seed capital. By doing so, it helps pave the way for new food cooperatives and supports their development. Furthermore, the organization engages in research to improve and maintain the development path for these cooperatives, ultimately contributing to increased access to healthy food in various communities across the country.
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Impact
July, 2024
Food Co-Op Initiative has had a significant impact on the development of new food cooperatives across the country. By providing customized training to startups, including board development, financial feasibility, site selection, and organizing work plans, they have equipped new co-ops with the necessary tools for success. Additionally, their Up & Coming Conference and webinars have connected startup organizers, facilitating peer learning and collaboration.
Food Co-Op Initiative's support has led to the expected opening of over 12 new co-ops in the next 18 months, demonstrating their tangible contribution to increasing access to healthy food in diverse communities. Their focus on training programs for boards of directors and business planning further strengthens the foundation of these new cooperatives. Overall, Food Co-Op Initiative's efforts have resulted in better outcomes for startup organizers and a more sustainable future for food co-ops across the country.
This information is meant to be a general summary of Food Co-Op Initiative. 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: $288
- Program Service Revenue: $332
- Gross Receipts: $492,562
Assets and Liabilities:
- Total Assets: $300,111
- Total Liabilities: $99,765
- Net Assets: $200,346
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
WORKSHOP REGISTRATIONS
Revenue
$332
Organization Details
Founding Year
2010
Phone
(844) 324-2667Principal Officer
Faye Mack
Main Address
208 INNER DRIVE, MONTGOMERY, MN, 56069
Website
www.fci.coopNTEE Category
Code: K30 - Food
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