Overview
What is Greater Cincinnati Microenterprise?
Greater Cincinnati Microenterprise, operating under the name Initiative Inc, is a nonprofit organization situated in Cincinnati, Ohio. Their primary mission is to stimulate business growth in low-income communities through initiatives such as training, education, small business loans, and ongoing support programs. By offering these services, they have directly or indirectly created and retained over 155 jobs, with 94 participants completing their Entrepreneurial Training Academy. In response to the pandemic, they also provided relief grants to 126 minority-owned businesses in 2022.
Official website here: www.gcmi.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Stars)
Greater Cincinnati Microenterprise has received a Three-Star rating from Charity Navigator, reflecting an overall score of 81%. This rating is based entirely on its Accountability & Finance metrics, indicating a strong emphasis on transparency and responsible financial management. The charity's commitment to maintaining an independent board and robust governance policies supports its positive standing.
The organization excels in several key areas, including 100% independent board members and no material diversion of assets, which speaks to its integrity and commitment to proper management practices. It also boasts a strong program expense ratio of 85.28%, demonstrating that a significant portion of its spending directly supports its mission. Policies for conflict of interest, whistleblower protections, and document retention further enhance its accountability.
However, while the financial metrics are solid, the rating does not account for other aspects such as program impact or community feedback, which are also important for a comprehensive evaluation of nonprofit effectiveness. Overall, Greater Cincinnati Microenterprise appears to be a well-managed organization focused on serving its community efficiently.
This AI summary has been generated from information found on Charity Navigator.
Is Greater Cincinnati Microenterprise legitimate?
Greater Cincinnati Microenterprise is a legitimate nonprofit organization registered as a 501(c)(3) entity. Greater Cincinnati Microenterprise 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: $86,527
Professional Fundraising Fees: $0
Other Salaries and Wages: $88,053
For more financial information, click here
Official website here: www.gcmi.org
What is the mission statement of Greater Cincinnati Microenterprise?
The mission of Greater Cincinnati Microenterprise is focused on fostering business growth in economically disadvantaged communities. They achieve this by sponsoring and actively participating in business training, education, providing small business loans, and offering ongoing support programs in their area of operation. By doing so, they aim to create and retain employment opportunities, with their loan activities directly contributing to the creation and retention of 20 full and part-time jobs, and retaining over 135 existing positions. Additionally, they offer classroom and technical assistance, and have an Entrepreneurial Training Academy, which has seen 94 graduates. During the pandemic, they also extended relief grants to 126 minority-owned businesses.
Official website here: www.gcmi.org
Who is the CEO of Greater Cincinnati Microenterprise?
Willie Hill Iii is the Executive Director of Greater Cincinnati Microenterprise.
Official website here: www.gcmi.org
What is the revenue of Greater Cincinnati Microenterprise?
Greater Cincinnati Microenterprise's revenue in 2022 was $660,202.
Official website here: www.gcmi.org
Who are the executives of Greater Cincinnati Microenterprise and what are their salaries?
The average compensation at Greater Cincinnati Microenterprise during 2022 was $58,193. There are 3 employees and 19 volunteers at Greater Cincinnati Microenterprise.
Here are 9 key members and their salaries:
- Compensation: $86,527
- Related: $0
- Other: $12,868
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $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
Official website here: www.gcmi.org
Where can I find the form 990 for Greater Cincinnati Microenterprise?
Greater Cincinnati Microenterprise's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.gcmi.org
Learn more at the official website: www.gcmi.org
Mission Statement of Greater Cincinnati Microenterprise
Greater Cincinnati Microenterprise, a nonprofit organization, is committed to fostering business growth and entrepreneurship in underprivileged communities. Their mission is achieved through various initiatives, including sponsoring and participating in business training, education, providing small business loans, and offering ongoing support programs. This nonprofit's primary goal is to promote enterprise development in the greater Cincinnati area, aiming to create and retain jobs, particularly full and part-time positions, within these communities.
In addition to financial support, Greater Cincinnati Microenterprise also offers educational resources. They have an Entrepreneurial Training Academy (ETA) that provides classroom and technical assistance to aspiring entrepreneurs. Through these programs, the nonprofit has assisted 158 individuals, enabling them to develop their business skills and potentially establish or expand their enterprises.
During challenging times, such as the pandemic, Greater Cincinnati Microenterprise demonstrates its dedication by offering relief grants. In 2022, they provided 126 Minority Businesses of Color with much-needed financial assistance, demonstrating their commitment to supporting diverse businesses in the local community. This holistic approach to business development, combining financial aid, education, and ongoing support, enables Greater Cincinnati Microenterprise to make a significant impact in the lives of many in low-income neighborhoods.
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Impact
July, 2024
Greater Cincinnati Microenterprise's impact includes creating and/or retaining 20 full and part-time jobs and preserving over 135 PT/FT jobs through its Microenterprise Loan Program. Additionally, the organization provided 158 clients with classroom and technical assistance, and 94 individuals completed their Entrepreneurial Training Academy. In 2022, GCMI also offered pandemic-related relief grants to 126 Minority Businesses of Color in Cincinnati. These efforts contribute to the promotion of business and enterprise development in low-income neighborhoods, ultimately fostering community improvement in the greater Cincinnati area.
This information is meant to be a general summary of Greater Cincinnati Microenterprise. 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: $6,857
- Program Service Revenue: $265,113
- Gross Receipts: $660,202
Assets and Liabilities:
- Total Assets: $1,078,109
- Total Liabilities: $128,645
- Net Assets: $949,464
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Client Fees
Revenue
$265,113
Organization Details
Founding Year
1998
Principal Officer
Willie Hill Iii
Main Address
1740 Langdon Farm Road, Cincinnati, OH, 45237
Website
www.gcmi.orgNTEE Category
Code: S43 - Community improvement
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