Overview
What is Lawrence Economic Development Corporation?
The Lawrence Economic Development Corporation, based in South Point, Ohio (PO Box 488), is a dedicated nonprofit organization. Its primary mission is to foster economic growth in the City of Ironton and Lawrence County. Acting as a facilitator, they provide assistance to business enterprises, aiming to propel overall economic development in the region. During the recent fiscal year, they organized or sponsored 22 small business workshops, supported 162 active clients, and facilitated over 80 contracts, including 79 prime contracts and 3 subcontract awards.
Official website here: www.lawrencecountyohio.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 48% (Zero-Star out of Four Star rating)
The Lawrence Economic Development Corporation has received a low rating from Charity Navigator, indicating significant concerns regarding its financial accountability and transparency. While the organization has a fully independent board and strong oversight mechanisms, several critical policies, such as a whistleblower policy and document retention policy, are missing. These gaps suggest potential vulnerabilities in governance and oversight.
In terms of financial performance, the organization has a concerning liabilities-to-assets ratio of 18.47% and a program expense ratio of only 34.53%. These figures reflect inefficiencies in resource allocation, which may hinder its ability to deliver on its mission effectively. While it demonstrates some strengths in governance, the overall financial health and operational transparency raise questions about the organization's sustainability.
Despite its independent board structure and the absence of material asset diversions, the nonprofit's shortcomings in essential policies and financial management warrant caution for potential donors and stakeholders. Addressing these issues will be critical for improving its rating and fostering trust within the community it serves.
This AI summary has been generated from information found on Charity Navigator.
Is Lawrence Economic Development Corporation legitimate?
Lawrence Economic Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lawrence Economic 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: $520,222
Professional Fundraising Fees: $0
Other Salaries and Wages: $462,870
For more financial information, click here
Official website here: www.lawrencecountyohio.org
What is the mission statement of Lawrence Economic Development Corporation?
The Lawrence Economic Development Corporation is committed to fostering economic growth in its jurisdiction. Acting as a facilitator, it provides governmental assistance to local businesses and works towards promoting overall economic development. Its mission is geared towards enhancing the economic landscape, benefiting both businesses and the community as a whole. During the recent fiscal year, the corporation sponsored or participated in 22 small business workshops, assisting over 160 active clients. The corporation also played a significant role in securing over 80 contracts, including 79 prime contracts and 3 subcontract awards.
Official website here: www.lawrencecountyohio.org
Who is the CEO of Lawrence Economic Development Corporation?
Bill Dingus is the Executive Director of Lawrence Economic Development Corporation.
Official website here: www.lawrencecountyohio.org
What is the revenue of Lawrence Economic Development Corporation?
Lawrence Economic Development Corporation's revenue in 2022 was $5,238,055.
Official website here: www.lawrencecountyohio.org
Who are the executives of Lawrence Economic Development Corporation and what are their salaries?
There 25 volunteers at Lawrence Economic Development Corporation.
Here are 26 key members and their salaries:
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Official website here: www.lawrencecountyohio.org
Where can I find the form 990 for Lawrence Economic Development Corporation?
Lawrence Economic Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.lawrencecountyohio.org
Learn more at the official website: www.lawrencecountyohio.org
Mission Statement of Lawrence Economic Development Corporation
Lawrence Economic Development Corporation, in its mission, is committed to fostering economic growth in its jurisdiction. Acting as a designated agent, this organization provides governmental assistance to businesses, aiming to promote enterprise development. Its primary objective is to contribute to the overall economic development of the area, striving to create a conducive environment for businesses to thrive. The corporation's activities encompass supporting local businesses, offering workshops, and facilitating the award of contracts to help these enterprises grow and succeed.
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Impact
October, 2024
The Lawrence Economic Development Corporation plays a crucial role in enhancing economic growth in the City of Ironton and Lawrence County, Ohio. Through its initiatives, it serves as the designated agent for governmental assistance to businesses, promoting a thriving economic environment.
One of the key programs under its umbrella is the Southern Ohio APEX Accelerators (formerly known as the Procurement Technical Assistance Center). In the fiscal year 2021-2022, this initiative conducted 22 small business workshops, providing valuable training and resources to empower local entrepreneurs. With over 162 active clients, the program supported significant business engagement, resulting in the awarding of more than 80 contracts, including 79 prime contracts and 3 subcontracts.
By facilitating these workshops and providing direct assistance, the Lawrence Economic Development Corporation effectively fosters community improvement and strengthens the economic landscape of the region. Through its efforts, it not only enhances opportunities for local businesses but also contributes to the overall prosperity of Lawrence County.
This information is meant to be a general summary of Lawrence Economic 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: $169,110
- Program Service Revenue: $406,258
- Gross Receipts: $5,238,055
Assets and Liabilities:
- Total Assets: $62,690,942
- Total Liabilities: $11,584,760
- Net Assets: $51,106,182
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Motel Tax
Revenue
$261,734
Program Service Income
Revenue
$144,524
Organization Details
Founding Year
1984
Phone
(740) 377-4550Principal Officer
Bill Dingus
Main Address
PO Box 488, South Point, OH, 456800488
Website
www.lawrencecountyohio.orgNTEE Category
Code: S30 - Community improvement
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