Overview
What is Lakewood Development Corporation?
Lakewood Development Corporation, situated in Lakewood, New Jersey, is a nonprofit organization established by the local township with a mission to foster, encourage, and aid the industrial, commercial, and economic growth within Lakewood's Urban Enterprise Zone. This nonprofit's primary objective is to create jobs and enhance property values in the designated zone. Their initiatives encompass various projects, such as the renovation and repairs of the Strand Theater, the redevelopment of Franklin Street, and a Business Assistance Initiative, which includes Business-to-Business networking events. The corporation aims to strengthen the economic landscape of the Urban Enterprise Zone, contributing positively to the Lakewood community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79% (Three-Star out of Four Stars)
Lakewood Development Corporation has received a Three-Star rating from Charity Navigator, indicating a solid level of accountability and finance management. The score is solely derived from the Accountability & Finance beacon, showcasing the organization’s commitment to maintaining a high standard in these areas for the most recent fiscal year, FY2022.
The organization demonstrates excellent governance practices, with all board members being independent, which contributes to transparency in decision-making. It has successfully implemented a range of policies, including conflict of interest and whistleblower policies, further reflecting its dedication to ethical practices. Additionally, the program expense ratio of 92.13% indicates that a significant majority of its financial resources are allocated towards its programs.
However, while the metrics are strong, the overall rating is limited to just the accountability and finance aspects, and there may be other factors not covered by this rating, such as program effectiveness or community impact. This suggests that while the organization is financially sound, interested donors and stakeholders should consider additional dimensions of its operation when evaluating its overall effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Lakewood Development Corporation legitimate?
Lakewood Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lakewood 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $232,400
For more financial information, click here
What is the mission statement of Lakewood Development Corporation?
The Lakewood Development Corporation, established by the township, is dedicated to fostering, encouraging, and aiding the industrial, commercial, and economic growth within its urban enterprise zone. Their primary goal is to stimulate job creation and enhance property development within this zone. The corporation's activities encompass a range of services, including supporting renovations and repairs at the Strand Theater, facilitating Franklin Street redevelopment, and offering business assistance initiatives, such as business-to-business networking.
What is the revenue of Lakewood Development Corporation?
Lakewood Development Corporation's revenue in 2023 was $2,236,613.
Who are the executives of Lakewood Development Corporation and what are their salaries?
The average compensation at Lakewood Development Corporation during 2023 was $77,467. There are 3 employees at Lakewood Development Corporation.
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Where can I find the form 990 for Lakewood Development Corporation?
Lakewood Development Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Lakewood Development Corporation
Lakewood Development Corporation, established by the Township of Lakewood, is dedicated to fostering, encouraging, and aiding the industrial, commercial, and economic growth within the Lakewood Urban Enterprise Zone. Its primary objective is to stimulate job creation and improve property conditions within the zone. The corporation carries out its mission through various initiatives, such as facilitating renovations and repairs at the Strand Theater, spearheading the Franklin Street Redevelopment project, and offering business assistance through its Business Assistance Initiative and Business-to-Business networking events. Lakewood Development Corporation plays a crucial role in driving development and economic growth within the designated urban enterprise zone.
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Impact
October, 2024
Lakewood Development Corporation plays a pivotal role in enhancing the economic landscape of the Lakewood Urban Enterprise Zone. By focusing on industrial, commercial, and economic development, it actively works to create job opportunities and improve property within the zone. Key initiatives, such as the renovations and repairs of the Strand Theater, contribute not only to preserving cultural landmarks but also to boosting local tourism and community engagement.
The Franklin Street Redevelopment project exemplifies the corporation’s commitment to revitalizing areas within Lakewood, attracting new businesses, and improving overall neighborhood aesthetics. Additionally, the Business Assistance Initiative fosters networking among local businesses, promoting collaboration and resource sharing, which can lead to sustainable growth and economic resilience. Through these efforts, the corporation significantly contributes to building a vibrant economic environment that benefits residents and businesses alike.
This information is meant to be a general summary of Lakewood 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 2023.
- Investment Income: $170,184
- Gross Receipts: $2,236,613
Assets and Liabilities:
- Total Assets: $19,635,710
- Total Liabilities: $5,502
- Net Assets: $19,630,208
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Organization Details
Founding Year
1997
Principal Officer
Abraham Muller
NTEE Category
Code: P02 - Human services
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