Overview
What is Far South Community Development Corp?
Far South Community Development Corp, located at 837 WEST 115TH STREET, CHICAGO, IL 60643, is a dedicated nonprofit organization. Its primary mission is to promote and encourage the establishment of high-quality retail businesses that cater to the community's needs. To achieve this, they collaborate with private developers, government entities, and other stakeholders. The organization also focuses on fostering new industrial uses and rehabilitating commercial and residential real estate developments. These activities aim to create job opportunities and enhance the overall quality of life for the residents in its service area. With a workforce of 25 employees, Far South CDC is committed to improving its community through strategic planning and partnerships.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Two-Star out of Four Stars (Needs Improvement)
The Far South Community Development Corp has received a Two-Star rating from Charity Navigator, indicating that there are areas needing improvement despite a relatively solid overall score of 70%. The organization demonstrates strong governance with a majority of independent board members and excellent oversight of financial statements, which speaks to its commitment to accountability.
However, the organization faces challenges particularly in the Program Expense Ratio, scoring only 13 out of 25 points in this area. This suggests that a significant portion of its budget may not be directed towards program expenses, which could impact its overall effectiveness in delivering services to the community. While it maintains a low liabilities to assets ratio of 26.42%, indicating good financial health, the concerns regarding program spending highlight a potential need for strategic reevaluation of resource allocation.
In summary, while Far South Community Development Corp exhibits strong governance practices and financial oversight, there is an opportunity to enhance its impact by improving the proportion of funds spent on direct programs. Stakeholders should consider these factors when assessing the organization's overall effectiveness and mission fulfillment.
This AI summary has been generated from information found on Charity Navigator.
Is Far South Community Development Corp legitimate?
Far South Community Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Far South Community Development Corp 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.
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What is the mission statement of Far South Community Development Corp?
The Far South Community Development Corporation (Far South CDC) works towards improving the community by collaborating with various stakeholders, including private developers and governmental entities. Their primary goal is to establish quality retail businesses that cater to the community's needs, promote new industrial uses, and facilitate new commercial and residential real estate developments. These initiatives aim to create job opportunities and enhance the overall quality of life for the residents and workers within its service area. The organization also focuses on rehabilitating existing properties to contribute positively to the community's growth and development.
Who is the CEO of Far South Community Development Corp?
Abraham Lacy is the Chairman of Far South Community Development Corp.
What is the revenue of Far South Community Development Corp?
Far South Community Development Corp's revenue in 2022 was $0.
Who are the executives of Far South Community Development Corp and what are their salaries?
There are 25 employees at Far South Community Development Corp.
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Where can I find the form 990 for Far South Community Development Corp?
Far South Community Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Far South Community Development Corp
Far South Community Development Corporation, abbreviated as Far South CDC, is committed to driving positive change in its community through collaborative efforts with private developers, governmental entities, and other stakeholders. Their mission is two-fold. Firstly, they aim to facilitate and encourage the growth of high-quality retail businesses that cater to the community's needs. Secondly, they strive to promote new industrial uses and rehabilitate commercial and residential real estate, creating job opportunities and improving the overall quality of life for the people living and working in the area. By fostering these developments, Far South CDC seeks to contribute to a thriving community where everyone can benefit.
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Impact
October, 2024
Far South Community Development Corp plays a pivotal role in enhancing the economic landscape of its service area in Chicago, Illinois. By collaborating with private developers, government entities, and other stakeholders, it focuses on fostering quality retail businesses that address community needs. This initiative helps create new industrial opportunities and rehabilitates both commercial and residential real estate, thereby generating jobs and elevating the overall quality of life for residents and workers. The strategic planning efforts led by Far South CDC contribute significantly to community improvement, ensuring that the development aligns with the aspirations and requirements of local populations.
This information is meant to be a general summary of Far South Community Development Corp. 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.
Assets and Liabilities:
- Total Assets: $4,289,692
- Total Liabilities: $1,020,304
- Net Assets: $3,269,388
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM INCOME
Organization Details
Founding Year
1977
Phone
(773) 830-6275Principal Officer
Abraham Lacy
Main Address
837 WEST 115TH STREET, CHICAGO, IL, 60643
NTEE Category
Code: S31Z - Community improvement
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