Overview
What is Legacy Redevelopment Corporation?
Legacy Redevelopment Corporation (LRC) is a nonprofit community development financial institution (CDFI) based in Milwaukee, Wisconsin. Their mission is to enhance neighborhood vitality, foster a sustainable and economically diverse community, and build wealth by designing and implementing innovative finance programs in the city. LRC achieves this by providing loan capital and technical assistance to small businesses and non-profit organizations. In 2021, they issued 45 loans exceeding $1.88 million, including direct lending to businesses affected by the pandemic, expansion into the Racine market, and partnerships with foundations. These efforts led to job retention and creation, with over 95% of the loans serving the low to moderate income community. LRC offers one-on-one technical assistance tailored to borrowers' needs, ranging from financial education to succession planning. Their work focuses on minority-owned businesses, contributing to the city's economic growth and development.
Official website here: www.lrcmke.com/
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Stars)
Legacy Redevelopment Corporation has achieved a solid Three-Star rating from Charity Navigator, indicating a strong performance in accountability and finance. The score reflects the organization's commitment to transparency and prudent financial management, with an impressive program expense ratio of 88.12%. This suggests that a significant portion of their resources is directed towards fulfilling their mission rather than administrative costs.
The organization demonstrates robust governance practices, as evidenced by its 100% independent board members and comprehensive policies on conflict of interest and whistleblower protections. Additionally, there is a strong oversight mechanism in place, with a fully operational Audit and Oversight Committee. These strengths contribute to a trustworthy operational framework and enhance the organization's credibility.
However, while Legacy Redevelopment Corporation exhibits many positive attributes, the overall score is based solely on the Accountability & Finance beacon, indicating that other performance metrics could not be evaluated. This limitation suggests that stakeholders may want to explore additional information regarding the organization's programmatic impact and effectiveness in achieving its stated goals.
This AI summary has been generated from information found on Charity Navigator.
Is Legacy Redevelopment Corporation legitimate?
Legacy Redevelopment Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Legacy Redevelopment 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: $123,867
Professional Fundraising Fees: $0
Other Salaries and Wages: $205,019
For more financial information, click here
Official website here: www.lrcmke.com/
What is the mission statement of Legacy Redevelopment Corporation?
Legacy Redevelopment Corporation, a non-profit Community Development Financial Institution (CDFI), is dedicated to enhancing neighborhood vitality and fostering a sustainable and economically diverse community. Their mission is achieved through the design and implementation of innovative finance programs. The organization aims to build wealth by providing loan capital and technical assistance to small businesses and non-profit organizations, with a focus on those in need, primarily the low to moderate income community. In 2021, Legacy Redevelopment Corporation offered 45 loans exceeding $1.88 million, which helped retain and create jobs. They also expanded into new markets, collaborated with other organizations, and offered customized technical assistance to business startups and expansions.
Official website here: www.lrcmke.com/
Who is the CEO of Legacy Redevelopment Corporation?
Terese Caro is the Director of Legacy Redevelopment Corporation. The CEO's salary of Legacy Redevelopment Corporation is $104,067 and their total compensation is $123,867.
Official website here: www.lrcmke.com/
What is the revenue of Legacy Redevelopment Corporation?
Legacy Redevelopment Corporation's revenue in 2022 was $1,699,010.
Official website here: www.lrcmke.com/
Who are the executives of Legacy Redevelopment Corporation and what are their salaries?
The average compensation at Legacy Redevelopment Corporation during 2022 was $46,984. There are 7 employees and 15 volunteers at Legacy Redevelopment Corporation.
Here are 9 key members and their salaries (Legacy Redevelopment Corporation's CEO's salary is $104,067 and their total compensation is $123,867):
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- Compensation: $104,067
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- Other: $19,800
Official website here: www.lrcmke.com/
Where can I find the form 990 for Legacy Redevelopment Corporation?
Legacy Redevelopment Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.lrcmke.com/
Learn more at the official website: www.lrcmke.com/
Mission Statement of Legacy Redevelopment Corporation
Legacy Redevelopment Corporation, a non-profit community development financial institution (CDFI), is dedicated to enhancing neighborhood vitality and fostering a sustainable and economically diverse community. Their mission is to accomplish this by designing and implementing innovative finance programs within the city of Milwaukee. The organization's goal is to build wealth by providing loan capital and technical assistance to businesses and non-profit organizations, aiming to strengthen these entities in areas identified for improvement. In 2021, Legacy Redevelopment Corporation issued 45 loans to small businesses and non-profits, exceeding $1.88 million. Their portfolio included direct lending to businesses impacted by the pandemic, an expansion into the Racine market, a partnership with the Greater Milwaukee Foundation, and new loan deals resulting from the economic recovery post-pandemic. Legacy Redevelopment Corporation also focused on job retention and creation, as well as working with minority-owned businesses as part of their mission. Over 95% of the loans served the low to moderate income community. Additionally, the organization provided one-on-one technical assistance tailored to the needs of business startups and expansions, offering services ranging from financial education to succession planning.
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Impact
October, 2024
Legacy Redevelopment Corporation has a significant impact on the community of Milwaukee by enhancing neighborhood vitality and fostering sustainable, economically diverse communities. Through innovative finance programs, it provides critical loan capital and technical assistance to small businesses and nonprofit organizations, especially those affected by economic disruptions like the pandemic.
In 2021, Legacy Redevelopment Corporation issued 45 loans exceeding $1.88 million, primarily targeting small businesses and minority-owned enterprises. This focus not only supports job retention and creation but also aims to transform loan clients into bankable entities, ensuring their long-term viability and growth. Over 95% of the loans are directed towards low to moderate-income communities, helping to uplift areas that may struggle economically.
Moreover, the organization offers one-on-one technical assistance tailored to the specific needs of borrowers, covering essential topics such as financial education and succession planning. This comprehensive approach equips local businesses with the skills and resources necessary to thrive, contributing to the overall economic health and resilience of the Milwaukee community.
This information is meant to be a general summary of Legacy Redevelopment 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: $408,806
- Program Service Revenue: $49,155
- Gross Receipts: $1,699,010
Assets and Liabilities:
- Total Assets: $10,893,308
- Total Liabilities: $9,436,488
- Net Assets: $1,456,820
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN SERVICE FEES
Revenue
$49,155
Organization Details
Founding Year
2000
Phone
(414) 343-0163Principal Officer
Terese Caro
Main Address
1536 W NORTH AVENUE, MILWAUKEE, WI, 53205
Website
www.lrcmke.com/NTEE Category
Code: L25 - Housing
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