Overview
What is Greater Sterling Development Corporation?
Greater Sterling Development Corporation, based in Sterling, Illinois, serves as a catalyst for economic growth in the area. Operating a 50,000 square foot industrial facility, they recruit and assist startup businesses, providing marketing and planning support. The organization also manages real estate for local businesses and offers loans in conjunction with the city's revolving loan fund. In addition, Greater Sterling Development Corporation generously leases one of its buildings to various local non-profit organizations at no cost, contributing an estimated $108,000 in in-kind rent for the current year. Their primary mission is to foster economic growth and job creation in the Sterling area through business expansion, new investment, and retention.
Official website here: www.sterlingdevelopment.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 84%, Three-Star out of Four Star rating.
The Greater Sterling Development Corporation has received an 84% rating, reflecting solid accountability and financial performance. The organization has a fully independent board, which is a positive aspect as it demonstrates good governance. The financial statements are well-reviewed, with a strong program expense ratio of 86.37%, indicating that a significant portion of funds is directed towards its programs.
However, there are notable limitations in their governance policies. The charity lacks essential policies such as a conflict of interest policy, a whistleblower policy, and a document retention policy, which could raise concerns about transparency and accountability. Additionally, their tax form is not posted on their website, which may hinder public access to important financial information.
Overall, while the Greater Sterling Development Corporation performs well in several financial metrics and governance aspects, addressing the missing policies would enhance its credibility and trust among stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Greater Sterling Development Corporation legitimate?
Greater Sterling Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Greater Sterling 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: $120,460
Professional Fundraising Fees: $0
Other Salaries and Wages: $86,007
For more financial information, click here
Official website here: www.sterlingdevelopment.org
What is the mission statement of Greater Sterling Development Corporation?
The Greater Sterling Development Corporation (GSDC) was established with the primary goal of stimulating economic growth and job creation in its area of operation. It achieves this by facilitating business expansion, attracting new investments, and supporting existing businesses. In addition, the organization manages an industrial facility for a city, assisting start-up businesses, and providing loans in conjunction with a city's revolving loan fund. Moreover, GSDC leases its buildings to local non-profit organizations at no cost, contributing significantly to their operations with the in-kind rent.
Official website here: www.sterlingdevelopment.org
What is the revenue of Greater Sterling Development Corporation?
Greater Sterling Development Corporation's revenue in 2024 was $1,078,988.
Official website here: www.sterlingdevelopment.org
Who are the executives of Greater Sterling Development Corporation and what are their salaries?
The average compensation at Greater Sterling Development Corporation during 2024 was $68,822. There are 3 employees and 10 volunteers at Greater Sterling Development Corporation.
Here are 11 key members and their salaries:
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- Compensation: $104,120
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- Other: $11,822
Official website here: www.sterlingdevelopment.org
Where can I find the form 990 for Greater Sterling Development Corporation?
Greater Sterling Development Corporation's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.sterlingdevelopment.org
Learn more at the official website: www.sterlingdevelopment.org
Mission Statement of Greater Sterling Development Corporation
Greater Sterling Development Corporation, abbreviated as GSDC, was established with a mission to stimulate economic growth and job creation within its operational area. This non-profit organization focuses on promoting business expansion, attracting new investments, and supporting existing businesses. By coordinating and streamlining economic development efforts, GSDC aims to drive economic progress in the region.
In addition to its overarching mission, GSDC manages an industrial facility spanning 50,000 square feet in Sterling, Illinois. This facility serves as a hub for nurturing start-up businesses by providing them with essential resources such as recruitment assistance, marketing, and strategic planning. The organization also maintains and leases real estate for local businesses, offering a valuable contribution to the community. Furthermore, GSDC collaborates with the City of Sterling's Revolving Loan Fund to provide loans to budding entrepreneurs, thereby supporting the growth of new ventures.
To extend its support to the community, GSDC leases one of its buildings to various local non-profit organizations at no cost. This in-kind contribution, estimated to be $108,000 for the current year, plays a significant role in enabling these organizations to carry out their respective missions. By offering its facilities and resources, GSDC demonstrates its commitment to fostering a supportive and thriving local community.
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Impact
October, 2024
Greater Sterling Development Corporation significantly impacts economic and job growth in the Sterling area by fostering business expansion, attracting new investments, and supporting local business retention. Their efforts include managing a 50,000 square foot industrial facility, which serves as an incubator for start-up companies, providing essential resources for marketing, planning, and facility use.
The organization recruits and assists new businesses, facilitating their growth and integration into the local economy. By renting and maintaining real estate for local businesses and offering loans through the City of Sterling's revolving loan fund, they create a supportive environment for entrepreneurs to thrive. Additionally, GSDC contributes to the community by leasing one of its buildings to various local non-profit organizations at no cost, totaling an estimated in-kind rent contribution of $108,000 for the current year.
Overall, the Greater Sterling Development Corporation plays a pivotal role in coordinating and streamlining economic development efforts in Sterling, Whiteside County, and surrounding areas, which directly benefits the local community and enhances regional economic vitality.
This information is meant to be a general summary of Greater Sterling 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 2024.
- Investment Income: $4,832
- Program Service Revenue: $746,956
- Gross Receipts: $1,078,988
Assets and Liabilities:
- Total Assets: $10,325,597
- Total Liabilities: $4,862,331
- Net Assets: $5,463,266
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL REVENUE
Revenue
$661,335
MANAGEMENT FEES
Revenue
$53,000
MISCELLANEOUS PROGRAM
Revenue
$32,621
Organization Details
Founding Year
1990
Principal Officer
Heather Sotelo
Website
www.sterlingdevelopment.orgNTEE Category
Code: S31Z - Community improvement
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