Overview
What is Common Wealth Inc?
Common Wealth Inc is a nonprofit organization committed to fostering economic development and job creation in the local community. Their primary objective is to offer education, technical assistance, and support services to help establish and expand democratically-owned and managed enterprises. This mission aims to empower individuals and contribute positively to the economy. The organization's activities include providing resources and guidance to aid in the growth of these enterprises, ultimately promoting a thriving local community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 75% (Three-Star out of Four Stars)
Common Wealth Inc has achieved a Three-Star rating from Charity Navigator, indicating a decent level of accountability and financial health. This score is based entirely on the Accountability & Finance beacon, which highlights the charity's strong governance practices and efficient financial management. The organization boasts an impressive program expense ratio of 90.77%, suggesting that a significant portion of its funds is directed towards its programs rather than administrative costs.
The charity benefits from a robust independent board, with 83% of its members being independent. This demonstrates a commitment to governance and oversight, as well as adherence to conflict of interest policies, which are crucial in maintaining transparency. Additionally, Common Wealth Inc shows no material diversion of assets, reinforcing its fiscal responsibility.
However, while the organization has received a positive score overall, it is important to note that the rating is solely based on financial metrics, with no additional performance indicators or impact assessments provided. This means potential donors should consider seeking further information about the charity's effectiveness in achieving its mission beyond financial accountability.
This AI summary has been generated from information found on Charity Navigator.
Is Common Wealth Inc legitimate?
Common Wealth Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Common Wealth Inc 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: $44,830
Professional Fundraising Fees: $0
Other Salaries and Wages: $99,801
For more financial information, click here
What is the mission statement of Common Wealth Inc?
CommonWealth Inc is established with the aim to offer educational resources, technical assistance, and support services. The primary objective is to facilitate the development and expansion of democratically-owned and managed enterprises. Furthermore, the organization supports initiatives to generate employment opportunities and contribute to the local economy's prosperity. In essence, CommonWealth Inc serves as a catalyst for fostering enterprise growth and job creation in its community.
Who is the CEO of Common Wealth Inc?
Pat Rosenthal is the Director of Common Wealth Inc.
What is the revenue of Common Wealth Inc?
Common Wealth Inc's revenue in 2022 was $969,736.
Who are the executives of Common Wealth Inc and what are their salaries?
The average compensation at Common Wealth Inc during 2022 was $16,070. There are 9 employees and 12 volunteers at Common Wealth Inc.
Here are 7 key members and their salaries:
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- Other: $0
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- Other: $0
- Compensation: $21,226
- Related: $0
- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $23,607
- Related: $0
- Other: $2,394
Where can I find the form 990 for Common Wealth Inc?
Common Wealth Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Common Wealth Inc
CommonWealth Inc is a nonprofit organization with a mission to offer education, technical assistance, and support services. Their primary goal is to aid in the development and growth of democratically-owned and managed enterprises. By doing so, they aim to stimulate job creation and contribute to the overall enhancement of the local economy. In simpler terms, CommonWealth Inc serves as a resource for businesses that are collectively owned and managed by their members, providing them with the tools and guidance necessary to succeed and contribute positively to their community.
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Impact
October, 2024
Common Wealth Inc has a significant impact on local economies by fostering the development and growth of democratically-owned and managed enterprises. By providing education, technical assistance, and support services, the organization plays a crucial role in empowering communities to create sustainable job opportunities. Through its initiatives, Common Wealth Inc directly supports efforts to strengthen local economies, promote community improvement, and build a more equitable business landscape. Their focus on democratic enterprise not only enhances individual livelihoods but also reinforces community ties and resilience, contributing to a healthier economic environment in Youngstown, Ohio.
This information is meant to be a general summary of Common Wealth Inc. 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: $4,935
- Program Service Revenue: $908,195
- Gross Receipts: $1,007,015
Assets and Liabilities:
- Total Assets: $9,960,606
- Total Liabilities: $224,396
- Net Assets: $9,736,210
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
HOME SALES
Revenue
$780,695
PARTNERSHIP MANAGEMENT
Revenue
$57,265
OTHER PROGRAM INCOME
Revenue
$50,775
DEVELOPMENT FEES
Revenue
$19,460
Organization Details
Founding Year
1986
Phone
(330) 744-2667Principal Officer
Pat Rosenthal
Main Address
1221 ELM STREET, YOUNGSTOWN, OH, 44505
NTEE Category
Code: S30B - Community improvement
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