Overview
What is Hammond Development Corporation?
Hammond Development Corporation (HDC) is a nonprofit organization based in Hammond, Indiana, with a mission to revitalize the city and support its economic growth. They achieve this by providing education and assistance to minority and woman-owned business enterprises (WBE/MBEs). One of their key initiatives involves rehabilitating blighted buildings in the downtown area, transforming them into business spaces that are affordable for fledgling businesses. HDC also offers a revolving loan arrangement to support Hammond-based WBE/MBEs. Established to promote broad-based charitable support for Hammond's development and redevelopment, HDC aims to stimulate historical renovation, boost general business development, increase commerce and trade, and contribute to the overall revitalization of the city. With a team of seven dedicated individuals, HDC plays a significant role in revitalizing and fostering business growth in Hammond, Indiana.
Official website here: www.hammonddevelopmentcorp.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 88%, Three-Star out of Four Star rating. The Hammond Development Corporation showcases a solid performance in accountability and finance, highlighted by its high scores in independent board member presence and financial oversight. With 100% of its board being independent and a strong audit committee, the organization demonstrates a commitment to governance and transparency.
Despite these strengths, there are areas for improvement. Notably, the organization lacks a whistleblower policy and a document retention and destruction policy, which are essential for operational integrity. Additionally, the absence of a tax form on its website could hinder transparency and accountability to the public.
Financially, the Hammond Development Corporation shows a healthy liabilities to assets ratio of 11.16% and a commendable program expense ratio of 77.36%, indicating that a significant portion of its expenses is directed towards its programs. Overall, while the organization has a strong foundation, addressing its policy gaps would enhance its credibility further.
This AI summary has been generated from information found on Charity Navigator.
Is Hammond Development Corporation legitimate?
Hammond Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Hammond 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: $67,626
Professional Fundraising Fees: $0
Other Salaries and Wages: $82,727
For more financial information, click here
Official website here: www.hammonddevelopmentcorp.com
What is the mission statement of Hammond Development Corporation?
Hammond Development Corporation, a not-for-profit organization, was established with a broad charitable mission. Its primary aim is to support the development and revitalization of its community. This includes stimulating historical renovation, fostering general business growth, increasing commerce and trade, and promoting the overall revitalization of the city. Additionally, Hammond Development Corporation provides education and assistance to minority and women-owned businesses, as well as rehabilitates buildings in blighted downtown areas to offer business spaces for these enterprises.
Official website here: www.hammonddevelopmentcorp.com
Who is the CEO of Hammond Development Corporation?
Philip Taillon is the Trustee of Hammond Development Corporation.
Official website here: www.hammonddevelopmentcorp.com
What is the revenue of Hammond Development Corporation?
Hammond Development Corporation's revenue in 2021 was $1,032,224.
Official website here: www.hammonddevelopmentcorp.com
Who are the executives of Hammond Development Corporation and what are their salaries?
The average compensation at Hammond Development Corporation during 2021 was $21,479. There are 7 employees at Hammond Development Corporation.
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Official website here: www.hammonddevelopmentcorp.com
Where can I find the form 990 for Hammond Development Corporation?
Hammond Development Corporation's most recent form 990 was submitted in 2021 and can be accessed here.
Official website here: www.hammonddevelopmentcorp.com
Learn more at the official website: www.hammonddevelopmentcorp.com
Mission Statement of Hammond Development Corporation
Hammond Development Corporation, a not-for-profit organization, was established with a broad charitable mission. Its primary objective is to provide support for the development and revitalization of cities, specifically focusing on Hammond. This mission encompasses stimulating historical renovation, fostering general business development, increasing commerce and trade, and generally promoting the revitalization of the city. Moreover, Hammond Development Corporation is dedicated to providing education and assistance to minority and women-owned businesses (WBE/MBEs). This aspect of their mission involves rehabilitating buildings in blighted downtown areas, thereby creating business spaces for these entities. By undertaking these initiatives, Hammond Development Corporation aims to contribute positively to the community, stimulating growth and development in the city.
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Impact
October, 2024
Hammond Development Corporation (HDC) plays a crucial role in revitalizing downtown Hammond, Indiana, by focusing on education and assistance for minority- and women-owned businesses. By acquiring and rehabilitating abandoned and vacant buildings, HDC transforms these spaces into usable business environments that would otherwise be inaccessible to new businesses due to high market prices and renovation costs.
A key initiative of HDC is its Business Builders Program, which supports the city's incubator plan aimed at fostering the growth of local enterprises, particularly those owned by women and minorities. This program features a revolving loan arrangement and various educational opportunities to equip entrepreneurs with the necessary skills and resources for success.
Moreover, HDC aims to attract high-tech internet startups to the area, addressing the need for economic diversification beyond traditional Rust Belt industries. This focus not only stimulates local commerce and trade but also contributes to the overall improvement and revitalization of Hammond’s community, making it a more vibrant place for both existing and new businesses. Through these efforts, Hammond Development Corporation positively impacts the local economy, supports budding entrepreneurs, and contributes significantly to the historical and cultural restoration of the city.
This information is meant to be a general summary of Hammond 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 2021.
- Investment Income: -$9,174
- Program Service Revenue: $448,996
- Gross Receipts: $1,047,159
Assets and Liabilities:
- Total Assets: $1,716,053
- Total Liabilities: $191,649
- Net Assets: $1,524,404
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MANAGEMENT FEES
Revenue
$300,000
EXEMPT FUNCTION RENTAL
Revenue
$148,996
Organization Details
Founding Year
1984
Phone
(219) 853-6399Principal Officer
Philip Taillon
Main Address
5209 HOHMAN AVENUE, HAMMOND, IN, 46320
NTEE Category
Code: S21 - Community improvement
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