Overview
What is Economic And Community Development Institute?
The Economic and Community Development Institute (ECDI) is a nonprofit organization based in Columbus, Ohio. ECDI specializes in offering small business loans to entrepreneurs who face challenges in securing financing from traditional financial institutions. With a significant clientele consisting of women, minorities, and low-moderate income individuals, ECDI disbursed 333 loans totaling over $13.3 million during fiscal year 2022. By providing accessible capital and complementary small business development services, ECDI empowers disadvantaged entrepreneurs to build and expand their businesses, ultimately integrating them into the economic mainstream. The mission of ECDI is to invest in people and create measurable and lasting social and economic change.
Official website here: www.ecdi.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% - Three-Star out of Four Star Rating
The Economic and Community Development Institute has received an 81% rating from Charity Navigator, which reflects a solid performance in the area of Accountability and Finance. This score is derived entirely from a single beacon focused on financial management practices, indicating a strong commitment to responsible stewardship of funds. The organization has maintained a transparency level that is beneficial for donors, with essential documents and policies publicly available.
Strengths of the organization include an independent board structure, where 85% of its members are independent, and a robust Program Expense Ratio of 85.47%, signifying that the majority of funds are directed toward its programs. Additionally, the organization has demonstrated effective governance practices, with policies in place for conflicts of interest, whistleblower protection, and document retention, all of which contribute to its accountability.
While the organization exhibits strength in financial practices and governance, potential donors may want to consider that the rating reflects only financial accountability and does not provide insights into program effectiveness or long-term impact. Nonetheless, the high accountability rating positions the Economic and Community Development Institute as a trustworthy option for those looking to support community development initiatives.
This AI summary has been generated from information found on Charity Navigator.
Is Economic And Community Development Institute legitimate?
Economic And Community Development Institute is a legitimate nonprofit organization registered as a 501(c)(3) entity. Economic And Community Development Institute 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: $657,443
Professional Fundraising Fees: $0
Other Salaries and Wages: $4,214,669
For more financial information, click here
Official website here: www.ecdi.org
What is the mission statement of Economic And Community Development Institute?
The Economic and Community Development Institute (ECDI) is dedicated to making a measurable and lasting social and economic impact by investing in individuals. Through a multi-tiered approach, ECDI provides affordable capital and business development services to disadvantaged low-income and low-wealth entrepreneurs, enabling them to launch and expand their businesses and become part of the economic mainstream. ECDI's mission is accomplished through small business lending, offering loans ranging from $750 to $500,000 to entrepreneurs who face barriers in obtaining capital from traditional financial institutions. With a clientele consisting largely of women, minorities, and low-moderate income individuals, ECDI disbursed 333 loans worth over $13.3 million during fiscal year 2022.
Official website here: www.ecdi.org
Who is the CEO of Economic And Community Development Institute?
Inna Kinney is the Ceo of Economic And Community Development Institute. The CEO's salary of Economic And Community Development Institute is $341,460 and their total compensation is $349,621.
Official website here: www.ecdi.org
What is the revenue of Economic And Community Development Institute?
Economic And Community Development Institute's revenue in 2022 was $19,971,101.
Official website here: www.ecdi.org
Who are the executives of Economic And Community Development Institute and what are their salaries?
The average compensation at Economic And Community Development Institute during 2022 was $57,319. There are 85 employees and 64 volunteers at Economic And Community Development Institute.
Here are 18 key members and their salaries (Economic And Community Development Institute's CEO's salary is $341,460 and their total compensation is $349,621):
- Compensation: $341,460
- Related: $0
- Other: $8,161
- Compensation: $311,359
- Related: $0
- Other: $4,735
- Compensation: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $105,259
- Related: $0
- Other: $4,735
- Compensation: $111,200
- Related: $0
- Other: $3,857
- Compensation: $112,391
- Related: $0
- Other: $5,959
- Compensation: $101,556
- Related: $0
- Other: $5,005
- Compensation: $102,535
- Related: $0
- Other: $5,298
Official website here: www.ecdi.org
Where can I find the form 990 for Economic And Community Development Institute?
Economic And Community Development Institute's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.ecdi.org
Learn more at the official website: www.ecdi.org
Mission Statement of Economic And Community Development Institute
The Economic and Community Development Institute (ECDI) is a mission-driven organization dedicated to investing in people to bring about measurable and lasting social and economic change. By combining responsible, affordable small business loans with comprehensive development services, ECDI empowers disadvantaged low-income, low-wealth entrepreneurs, allowing them to create and expand their businesses and join the economic mainstream.
ECDI's diverse clientele consists largely of women, minorities, and low-moderate income individuals, who often face barriers in obtaining capital from traditional financial institutions. In fiscal year 2022, ECDI disbursed 333 loans totaling over $13.3 million, providing vital funding to these entrepreneurs. With a multitiered approach, ECDI's services go beyond just financing, offering valuable business development assistance to ensure the long-term success of the businesses it supports. This holistic approach enables ECDI to make a significant impact on individuals and their communities, fostering economic growth and self-sufficiency.
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Impact
October, 2024
The Economic And Community Development Institute (ECDI) has a significant impact on the lives of disadvantaged low-income and low-wealth entrepreneurs. By providing access to affordable capital and comprehensive small business development services, ECDI empowers underserved entrepreneurs to launch and grow their businesses, ultimately helping them to integrate into the economic mainstream.
In fiscal year 2022, ECDI disbursed 333 loans totaling over $13.3 million, demonstrating its commitment to addressing the funding gaps faced by many entrepreneurs. Notably, a majority of ECDI's clientele are women (52%) and minorities (79%), reflecting its dedication to promoting diversity and inclusion in the business landscape. Additionally, half of the borrowers come from low to moderate-income households, underscoring ECDI's role in supporting those who often encounter barriers to obtaining capital from traditional financial institutions.
Through its multi-tiered approach, ECDI not only facilitates financial access, but also provides wraparound services that enhance business development. This holistic support ensures that entrepreneurs are equipped with the tools and resources needed to thrive, fostering both individual success and broader community improvement. As a result, ECDI plays a crucial role in driving social and economic change within the communities it serves, creating a more equitable environment for entrepreneurship and economic growth.
This information is meant to be a general summary of Economic And Community Development Institute. 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: $617
- Program Service Revenue: $2,914,421
- Gross Receipts: $19,971,101
Assets and Liabilities:
- Total Assets: $78,355,876
- Total Liabilities: $65,818,016
- Net Assets: $12,537,860
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST AND CLOSING FEES ON LOAN
Revenue
$2,517,945
MEMBERSHIP, REGISTRATION, REVENUE
Revenue
$360,187
CONTRACTED SERVICES
Revenue
$36,289
Organization Details
Founding Year
1985
Phone
(614) 559-0115Principal Officer
Inna Kinney
Main Address
1655 OLD LEONARD AVENUE, COLUMBUS, OH, 43219
Website
www.ecdi.orgNTEE Category
Code: S30 - Community improvement
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