Overview
What is Saginaw Economic Development Corporation?
The Saginaw Economic Development Corporation is a nonprofit organization situated in Saginaw, Michigan, specifically at 1315 S WASHINGTON AVE. Their primary mission is to foster economic growth within the city by providing financial assistance to new and existing businesses, as well as those looking to expand or diversify their operations. This commitment aims to create and retain job opportunities, thereby strengthening the local economic base in Saginaw. The organization's activities are centered around offering loans to businesses, contributing to the overall development and prosperity of the city.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 80% (Three-Star out of Four Star rating)
The Saginaw Economic Development Corporation has received a solid Three-Star rating from Charity Navigator, reflecting its commitment to accountability and finance, with an overall score of 80%. This score is derived entirely from its Accountability & Finance beacon, showcasing strong governance practices. The organization boasts a fully independent board of 12 members, with no material diversion of assets reported, indicating a high level of fiscal responsibility.
Strengths highlighted in the evaluation include a comprehensive conflict of interest policy and regular documentation of board meeting minutes, both of which enhance transparency. Furthermore, the organization demonstrates exceptional financial health, with a liabilities to assets ratio of just 0.04% and a program expense ratio of 100.00%, suggesting that all funds are effectively utilized for its mission.
While the rating is commendable, it is important for potential donors to consider that the score is based solely on a single beacon score. This means that while the organization excels in accountability and finance, further evaluation of its impact and effectiveness in achieving its mission may be beneficial for a well-rounded understanding of its work.
This AI summary has been generated from information found on Charity Navigator.
Is Saginaw Economic Development Corporation legitimate?
Saginaw Economic Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Saginaw Economic 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Saginaw Economic Development Corporation?
The Saginaw Economic Development Corporation's mission is centered around fostering job growth and economic expansion. It aims to create and retain employment opportunities while diversifying the economic landscape. To accomplish this, the corporation develops economic enterprises and programs by extending loans to new businesses or those looking to expand within the corporation's domain. This financial support is extended to businesses that either currently reside within or are planning to locate within the corporation's area of operation.
Who is the CEO of Saginaw Economic Development Corporation?
Yolanda Jones is the Omb Director of Saginaw Economic Development Corporation.
What is the revenue of Saginaw Economic Development Corporation?
Saginaw Economic Development Corporation's revenue in 2022 was $95,290.
Who are the executives of Saginaw Economic Development Corporation and what are their salaries?
There 11 volunteers at Saginaw Economic Development Corporation.
Here are 13 key members and their salaries:
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- Related: $106,444
- Other: $16,702
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- Other: $24,563
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Where can I find the form 990 for Saginaw Economic Development Corporation?
Saginaw Economic Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Saginaw Economic Development Corporation
The Saginaw Economic Development Corporation, as its name suggests, is an organization with a mission to foster job creation and economic growth. Its primary objective is to expand and diversify the economic base of its city, serving as a catalyst for the development of economic enterprises. To achieve this, the corporation offers financial assistance to new businesses seeking to start up or existing ones aiming to expand or relocate within the city. By providing loans to these ventures, the Saginaw Economic Development Corporation aims to bolster the local economy and contribute to the creation and retention of jobs, ultimately driving the city's economic development.
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Impact
October, 2024
The Saginaw Economic Development Corporation plays a crucial role in fostering economic growth and community improvement in Saginaw, Michigan. By focusing on job creation and retention, the organization works to expand and diversify the city’s economic base. This is achieved through the development of economic enterprises and programs designed to support both startup and existing businesses.
One of the key services offered is access to loans tailored for businesses that either are already established in Saginaw or are looking to set up operations in the area. This financial support is essential for enabling entrepreneurs and business owners to realize their visions, contributing to local employment and economic stability.
The corporation’s efforts not only enhance the business landscape but also have a positive ripple effect on the community, creating opportunities and improving the overall quality of life for residents. By investing in local enterprises, the Saginaw Economic Development Corporation strengthens the city's economy and fosters a robust environment for growth and innovation.
This information is meant to be a general summary of Saginaw Economic 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 2022.
- Program Service Revenue: $56,790
- Gross Receipts: $95,290
Assets and Liabilities:
- Total Assets: $2,433,156
- Total Liabilities: $10
- Net Assets: $2,433,146
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON LOAN REPAY
Revenue
$55,790
FEES AND LOAN REPAYMENTS
Revenue
$1,000
Organization Details
Founding Year
1974
Phone
(989) 759-1395Principal Officer
Yolanda Jones
Main Address
1315 S WASHINGTON AVE, SAGINAW, MI, 48601
NTEE Category
Code: S30 - Community improvement
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