Overview
What is Georgia Environmental Loan Acquisition Corporation Gelac?
The Georgia Environmental Loan Acquisition Corporation, abbreviated as Gelac, is a nonprofit organization situated in Atlanta, Georgia. Established with the primary goal of purchasing loans from its parent company, the Georgia Environmental Finance Authority, Gelac then issues tax-exempt bonds secured by the repayment of these loans. The corporation's activities primarily revolve around servicing these tax-exempt loans, which it acquired during its initial operational years. This service involves managing billing processes and receiving payments. Gelac's operations are funded through the interest earned from these loan issuances and investment income derived from these receipts.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 75% (Three-Star out of Four Stars)
Georgia Environmental Loan Acquisition Corporation (Gelac) has received a Three-Star rating from Charity Navigator, indicating a solid level of accountability and financial health. The rating is based entirely on their Accountability & Finance score, which stands at 75%. A significant highlight of their operations is the presence of a fully independent board, reflecting strong governance practices.
The organization has demonstrated commendable transparency, as evidenced by their full points in financial audits and the absence of material diversion of assets. They also maintain proper documentation of board meeting minutes, which contributes to their accountability standards. Additionally, Gelac boasts an impressive program expense ratio of 100%, indicating that all funds are allocated towards their mission-driven activities.
While the overall score is positive, it is important for potential donors and stakeholders to consider areas for growth beyond financial metrics. A more comprehensive evaluation of their program outcomes and impact could provide a better understanding of the organization's effectiveness in achieving its environmental goals.
This AI summary has been generated from information found on Charity Navigator.
Is Georgia Environmental Loan Acquisition Corporation Gelac legitimate?
Georgia Environmental Loan Acquisition Corporation Gelac is a legitimate nonprofit organization registered as a 501(c)(3) entity. Georgia Environmental Loan Acquisition Corporation Gelac 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
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What is the mission statement of Georgia Environmental Loan Acquisition Corporation Gelac?
Georgia Environmental Loan Acquisition Corporation Gelac's mission primarily revolves around servicing loans it acquired during its initial years of operation. The organization's activities encompass billing its customers and receiving their payments. Established to purchase loans from its parent company, the Georgia Environmental Finance Authority, Gelac issues tax-exempt bonds secured by the repayment of these loans. Its operational activities are funded through the interest earned from these bond issuances and investment income derived from these receipts.
Who is the CEO of Georgia Environmental Loan Acquisition Corporation Gelac?
Hunter Hill is the President of Georgia Environmental Loan Acquisition Corporation Gelac.
What is the revenue of Georgia Environmental Loan Acquisition Corporation Gelac?
Georgia Environmental Loan Acquisition Corporation Gelac's revenue in 2023 was $3,089,755.
Who are the executives of Georgia Environmental Loan Acquisition Corporation Gelac and what are their salaries?
There 7 volunteers at Georgia Environmental Loan Acquisition Corporation Gelac.
Here are 4 key members and their salaries:
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
Where can I find the form 990 for Georgia Environmental Loan Acquisition Corporation Gelac?
Georgia Environmental Loan Acquisition Corporation Gelac's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Georgia Environmental Loan Acquisition Corporation Gelac
Georgia Environmental Loan Acquisition Corporation Gelac's primary mission involves servicing loans that it acquired during its initial operational years. This organization, established to purchase loans from its parent company, Georgia Environmental Finance Authority, aims to issue tax-exempt bonds secured by the repayment of these loans. The corporation's activities are centered around managing these acquired loans, which includes billing customers and receiving payments. By undertaking these tasks, Gelac plays a crucial role in facilitating the repayment of environmental loans, thereby contributing to the overall financial sustainability of its operations.
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Impact
October, 2024
Georgia Environmental Loan Acquisition Corporation (Gelac) plays a vital role in supporting environmental initiatives through the management and servicing of tax-exempt loans. By acquiring loans from its parent company, the Georgia Environmental Finance Authority, Gelac enables the issuance of tax-exempt bonds, which are crucial for financing various environmental projects.
The organization focuses on servicing these loans, including important tasks like billing customers and managing payment collections. As a result, Gelac not only facilitates access to financial resources for environmental initiatives but also contributes to the sustainability of these projects by ensuring that repayments are managed effectively. This operational framework allows for continued investment in public benefit activities, helping to promote environmental stewardship within the state of Georgia. Overall, Gelac's impact extends beyond financial management; it fosters the growth of environmentally responsible development and supports the well-being of communities through better management of public resources.
This information is meant to be a general summary of Georgia Environmental Loan Acquisition Corporation Gelac. 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 2023.
- Investment Income: $2,524,397
- Program Service Revenue: $551,389
- Gross Receipts: $3,089,755
Assets and Liabilities:
- Total Assets: $86,055,536
- Total Liabilities: $21,174
- Net Assets: $86,034,362
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Interst on loans recei
Revenue
$551,389
Organization Details
Founding Year
2010
Phone
(404) 584-1139Principal Officer
Hunter Hill
Main Address
47 Trinity Avenue SW Ste 5th FL, Atlanta, GA, 30334
NTEE Category
Code: W99 - Public benefit
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