Overview
What is North Central Economic Development Association Inc?
North Central Economic Development Association Inc, located in Staples, Minnesota, is a nonprofit organization dedicated to fostering community growth and prosperity. They have received a substantial grant of $1.6 million from the Economic Development Administration (EDA) under the CARES Act to support small businesses and entrepreneurs adversely affected by the coronavirus pandemic in Crow Wing, Cass, Morrison, Todd, and Wadena counties. The association's mission revolves around providing assistance to cultivate new skills and resources, ultimately serving to unite communities and contribute to a thriving economic landscape.
Official website here: www.northcentraleda.org
Is North Central Economic Development Association Inc legitimate?
North Central Economic Development Association Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. North Central Economic Development Association 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: $2,535
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.northcentraleda.org
What is the mission statement of North Central Economic Development Association Inc?
The North Central Economic Development Association Inc's mission is centered around providing assistance to cultivate new skills and resources that foster unity within communities, contributing to a prosperous economy. Their services aim to bridge gaps and offer support to small businesses and entrepreneurs, particularly those impacted by the coronavirus pandemic in certain counties. Through their initiatives, they aim to promote economic growth and community development.
Official website here: www.northcentraleda.org
Who is the CEO of North Central Economic Development Association Inc?
Cheryal Hills is the Chair of North Central Economic Development Association Inc.
Official website here: www.northcentraleda.org
What is the revenue of North Central Economic Development Association Inc?
North Central Economic Development Association Inc's revenue in 2022 was $152,928.
Official website here: www.northcentraleda.org
Who are the executives of North Central Economic Development Association Inc and what are their salaries?
There 16 volunteers at North Central Economic Development Association Inc.
Here are 17 key members and their salaries:
- Compensation: $470
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- Compensation: $285
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- Compensation: $35
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- Compensation: $270
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- Compensation: $370
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- Compensation: $320
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- Related: $500
- Other: $0
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- Compensation: $35
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- Compensation: $250
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- Compensation: $0
- Related: $90,767
- Other: $0
Official website here: www.northcentraleda.org
Where can I find the form 990 for North Central Economic Development Association Inc?
North Central Economic Development Association Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.northcentraleda.org
Learn more at the official website: www.northcentraleda.org
Mission Statement of North Central Economic Development Association Inc
North Central Economic Development Association Inc is committed to its mission of offering assistance to cultivate new skills and resources that foster unity within communities and contribute to a prosperous economy. This mission aims to support the growth and development of small businesses and entrepreneurs, particularly those adversely affected by the coronavirus pandemic. To achieve this, the organization receives financial aid in the form of a grant from the Region Five Development Commission, which it uses to administer revolving loan funds. These funds provide gap financing to help small businesses and entrepreneurs in Crow Wing, Cass, Morrison, Todd, and Wadena Counties overcome financial challenges and continue their operations. Through this mission, North Central Economic Development Association Inc aims to strengthen the economic landscape and improve the overall well-being of the communities it serves.
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Impact
October, 2024
North Central Economic Development Association Inc plays a significant role in fostering economic growth and community resilience in the region. By focusing on cultivating new skills and resources, it effectively strengthens community bonds and promotes a prosperous economy.
One of its key initiatives is the management of a $1.6 million EDA CARES Act Recovery Assistance grant received by the Region Five Development Commission. This funding is directed toward establishing revolving loan funds aimed at providing gap financing to small businesses and entrepreneurs severely impacted by the COVID-19 pandemic in Crow Wing, Cass, Morrison, Todd, and Wadena counties.
Through this support, the organization not only aids in the recovery of local businesses but also contributes to job retention and creation, thereby enhancing overall economic stability. By uniting communities and empowering individuals with the necessary resources and skills, North Central Economic Development Association Inc is a vital catalyst for lasting economic improvement and community development.
This information is meant to be a general summary of North Central Economic Development Association 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: $1,485
- Program Service Revenue: $135,636
- Gross Receipts: $152,928
Assets and Liabilities:
- Total Assets: $2,691,846
- Total Liabilities: $907,123
- Net Assets: $1,784,723
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST REVENUE
Revenue
$87,988
ADMINISTRATIVE REVENUE
Revenue
$29,175
LOAN RECOVERY
Revenue
$16,104
OTHER PROGRAM REVENUE
Revenue
$2,025
ORIGINATION FEES
Revenue
$344
Organization Details
Founding Year
1986
Phone
(218) 894-3233Principal Officer
Cheryal Hills
Main Address
200 1ST STREET NE 2, STAPLES, MN, 56479
Website
www.northcentraleda.orgNTEE Category
Code: S400 - Community improvement
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