Overview
What is The Iraq Middle Market Development Foundation?
The Iraq Middle Market Development Foundation (IMMDF) is a nonprofit organization situated in Washington, D.C. Its primary mission is to aid small and medium-sized businesses in Iraq by offering development loans with below-market interest rates and flexible, non-commercial terms. This financial assistance is intended for companies that struggle to secure affordable credit, particularly in regions with high unemployment and low income. By providing these loans, IMMDF aims to stimulate job creation, alleviate poverty, and foster economic growth within the Iraqi community.
Official website here: www.immdf.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 82%, Three-Star out of Four Stars
The Iraq Middle Market Development Foundation has earned a Three-Star rating from Charity Navigator, indicating a solid level of accountability and financial health. The overall score of 82% reflects a strong commitment to transparency, with the organization receiving full marks in several key areas such as independent board composition, conflict of interest policy, and document retention practices. This suggests that the foundation is well-managed and adheres to best practices in governance.
However, the rating highlights a significant concern regarding the foundation's liabilities compared to its assets, scoring 0 out of 15 points in that category. This high ratio could indicate potential financial risks that may affect the organization's long-term sustainability. While the program expense ratio is exceptional at 100%, showing that all funds are directed towards mission-related activities, the financial liabilities should be monitored closely.
Overall, the Iraq Middle Market Development Foundation demonstrates strong accountability and effective governance. Still, potential donors and stakeholders should be aware of the financial liabilities that could impact the organization's future stability.
This AI summary has been generated from information found on Charity Navigator.
Is The Iraq Middle Market Development Foundation legitimate?
The Iraq Middle Market Development Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Iraq Middle Market Development Foundation 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: $255,249
Professional Fundraising Fees: $0
Other Salaries and Wages: $107,173
For more financial information, click here
Official website here: www.immdf.org
What is the mission statement of The Iraq Middle Market Development Foundation?
The Iraq Middle Market Development Foundation (IMMDF) operates with a mission to stimulate development in economically disadvantaged regions by providing loans at below-market interest rates and non-commercial terms to small and medium-sized businesses. This initiative is aimed at creating job opportunities, alleviating poverty, and promoting economic growth. IMMDF extends loans to companies that lack access to affordable credit, focusing on projects that can generate employment and foster economic expansion.
Official website here: www.immdf.org
Who is the CEO of The Iraq Middle Market Development Foundation?
Jorge R Vila is the Chairman of The Iraq Middle Market Development Foundation.
Official website here: www.immdf.org
What is the revenue of The Iraq Middle Market Development Foundation?
The Iraq Middle Market Development Foundation's revenue in 2022 was $14,450.
Official website here: www.immdf.org
Who are the executives of The Iraq Middle Market Development Foundation and what are their salaries?
There 3 volunteers at The Iraq Middle Market Development Foundation.
Here are 6 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $231,052
- Related: $0
- Other: $27,979
Official website here: www.immdf.org
Where can I find the form 990 for The Iraq Middle Market Development Foundation?
The Iraq Middle Market Development Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.immdf.org
Learn more at the official website: www.immdf.org
Mission Statement of The Iraq Middle Market Development Foundation
The Iraq Middle Market Development Foundation, abbreviated as IMMDF, is committed to making a significant impact in the economic landscape of Iraq. Their mission is to extend development loans with interest rates below the market average and non-commercial terms to small and medium-sized businesses in regions of Iraq that are economically disadvantaged and have high unemployment rates. By doing so, the foundation aims to create job opportunities, lessen poverty, and foster economic growth within these communities. IMMDF provides financing to Iraqi small and medium-sized enterprises that struggle to secure affordable credit for projects that promote employment and economic expansion.
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Impact
August, 2024
The Iraq Middle Market Development Foundation has a significant impact by providing capital assistance through development loans at below-market interest rates with non-commercial terms to small and medium-sized businesses in areas of Iraq. These loans aim to support companies that do not have access to credit under affordable interest rates, particularly for projects that generate employment and economic growth. By fostering economic development in regions with low income and high unemployment, the foundation's efforts help create jobs, alleviate poverty, and drive overall economic growth in Iraq.
This information is meant to be a general summary of The Iraq Middle Market Development Foundation. 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: $14,450
- Gross Receipts: $14,450
Assets and Liabilities:
- Total Assets: $1,641,568
- Total Liabilities: $3,443,017
- Net Assets: -$1,801,449
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM INT./LOAN FEES
Revenue
$14,450
Organization Details
Founding Year
2004
Phone
(202) 986-3300Principal Officer
Jorge R Vila
Main Address
DORN KLAMP 2000 P STREET NW 70, WASHINGTON, DC, 20036
Website
www.immdf.orgNTEE Category
Code: Q32 - International
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