Overview
What is Coachella Valley Economic Partnership?
Coachella Valley Economic Partnership (CVEP) is a nonprofit organization situated in Palm Springs, California. Their primary mission is to foster economic development within the Coachella Valley region. This is accomplished through educational programs and marketing efforts to attract businesses, bringing together various partners such as local businesses, city governments, tribal governments, and regional organizations. One of CVEP's notable projects is the Palm Springs Innovation Hub (IHub), a state-designated business incubator funded by the City of Palm Springs and Wells Fargo. The IHub focuses on early-stage businesses in fields like renewable energy, health and medicine, and digital technology. Additionally, CVEP supports innovators and entrepreneurs at various stages of business development, managing the IHub, the Business Services Center, and organizing professional training events. With a workforce of 6 employees, CVEP plays a vital role in the growth and prosperity of the Coachella Valley's year-round economy.
Official website here: www.cvep.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement, Two-Star out of Four Stars (68%)
The Coachella Valley Economic Partnership has received a "Needs Improvement" rating from Charity Navigator, indicating areas that require attention despite some commendable practices. The organization boasts an impressive Program Expense Ratio of 84.89%, demonstrating a strong commitment to its programs, while also achieving a perfect score in areas relating to feedback collection and usage, as well as equity strategies.
However, there are significant concerns regarding accountability and finance, reflected in a low score of 62. The organization faces challenges with its liabilities to assets ratio, which stands at 117.86%, indicating potential financial instability. Additionally, the absence of a whistleblower policy raises concerns about internal transparency and employee protection.
Overall, while the Coachella Valley Economic Partnership exhibits strong community engagement and effective program management, it must address its financial policies and governance structures to enhance its accountability and overall effectiveness as a nonprofit organization.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about Coachella Valley Economic Partnership?
88% of reviewers recommend the Coachella Valley Economic Partnership based on 21 reviews on Facebook. Here is a summary of their thoughts:
There is a strong sentiment towards the importance of local art and culture, with many users advocating for initiatives that support and preserve community traditions, such as #RoboLights. Reviewers emphasize the need for solutions to be found that prioritize art as a crucial aspect of community identity and celebration.
Overall, there's a sense that the organization is viewed as an integral part of the local community’s artistic heritage, with supporters eager to see continued efforts in promoting and protecting such initiatives. The call for collaboration and problem-solving suggests that many believe there is potential for transformative impact through cultural engagement.
This AI summary has been generated from reviews found on Facebook.
Is Coachella Valley Economic Partnership legitimate?
Coachella Valley Economic Partnership is a legitimate nonprofit organization registered as a 501(c)(3) entity. Coachella Valley Economic Partnership 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: $559,675
For more financial information, click here
Official website here: www.cvep.com
What is the mission statement of Coachella Valley Economic Partnership?
The Coachella Valley Economic Partnership's mission is centered around fostering economic development in its region. This is achieved by serving innovators and entrepreneurs at various stages of their business ventures, from incubation to daily operations. The organization manages resources such as the Palm Springs iHub and provides a schedule of professional training events. To promote economic growth, CVEP brings together regional partners, including businesses, local governments, and tourism boards, to create a conducive environment for year-round business prosperity. The Palm Springs Innovation Hub, a business incubator managed by CVEP, focuses on early-stage businesses in sectors like renewable energy, healthcare, and digital technology, offering programs to mitigate startup risks and enhance growth prospects.
Official website here: www.cvep.com
Who is the CEO of Coachella Valley Economic Partnership?
Joe Wallace is the Chair of Coachella Valley Economic Partnership.
Official website here: www.cvep.com
What is the revenue of Coachella Valley Economic Partnership?
Coachella Valley Economic Partnership's revenue in 2022 was $1,129,303.
Official website here: www.cvep.com
Who are the executives of Coachella Valley Economic Partnership and what are their salaries?
The average compensation at Coachella Valley Economic Partnership during 2022 was $93,279. There are 6 employees at Coachella Valley Economic Partnership.
Here are 5 key members and their salaries:
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Official website here: www.cvep.com
Where can I find the form 990 for Coachella Valley Economic Partnership?
Coachella Valley Economic Partnership's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.cvep.com
Learn more at the official website: www.cvep.com
Mission Statement of Coachella Valley Economic Partnership
Coachella Valley Economic Partnership (CVEP) is dedicated to fostering economic development within the Coachella Valley region. The organization serves as a catalyst for innovators and entrepreneurs at various stages of business development, from incubation to launch to daily operations. CVEP manages the Palm Springs iHub, a business services center, and organizes a robust schedule of professional training events.
At the heart of CVEP's mission is the belief that education and marketing are key to attracting businesses to the region. By bringing together the Coachella Valley's partners, including businesses of all sizes, local governments, tribal governments, and the Greater Palm Springs Convention & Visitors Bureau, CVEP aims to create a thriving year-round economy. One of the ways they achieve this is through the Palm Springs Innovation Hub (iHub), a state-designated business incubator funded by the City of Palm Springs and Wells Fargo. The iHub focuses on early-stage businesses in the fields of renewable energy, health and medicine, and digital technology, offering resources to mitigate risks and increase the probability of success.
In summary, Coachella Valley Economic Partnership is an organization that is committed to boosting the economic growth of the Coachella Valley. They achieve this by providing education, marketing, and resources to businesses at different stages of development, while also collaborating with various partners to create a conducive environment for year-round prosperity.
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Impact
October, 2024
The Coachella Valley Economic Partnership (CVEP) fosters economic development in the region by implementing educational programs and marketing initiatives designed to attract businesses. By uniting various stakeholders—including businesses of all sizes, the nine cities, unincorporated areas, tribal governments, and regional authorities—CVEP works to create a vibrant environment conducive to year-round economic prosperity.
One of CVEP's significant contributions is the management of the Palm Springs Innovation Hub (IHUB), a state-designated business incubator supported by the City of Palm Springs and Wells Fargo. The IHUB specifically nurtures early-stage ventures in renewable energy, health and medicine, and digital technology, offering essential resources to help these businesses thrive. Additionally, the Palm Springs Accelerator Campus, part of the IHUB, is designed to reduce startup risks, enhancing the chances of success and growth for emerging enterprises.
Beyond incubating businesses, CVEP serves innovators and entrepreneurs at every stage, from incubation to launch to daily operation. By organizing a robust schedule of professional training events and providing access to various business services, CVEP equips local businesses with the knowledge and tools necessary for sustainable growth. Overall, CVEP plays a critical role in shaping a prosperous economic landscape in the Coachella Valley.
This information is meant to be a general summary of Coachella Valley Economic Partnership. 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.
- Program Service Revenue: $443,262
- Gross Receipts: $1,129,303
Assets and Liabilities:
- Total Assets: $638,398
- Total Liabilities: $584,617
- Net Assets: $53,781
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$195,762
MANGEMENT INCOME
Revenue
$175,000
SUMMIT INCOME
Revenue
$72,500
Organization Details
Founding Year
1994
Phone
(760) 340-1575Principal Officer
Joe Wallace
Main Address
3111 E TAHQUITZ CANYON WAY, PALM SPRINGS, CA, 92262
Website
www.cvep.comNTEE Category
Code: S31 - Community improvement
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