Overview
What is Venture North Funding And Development?
Venture North Funding and Development is a nonprofit organization situated in Traverse City, Michigan. Their main objective is to foster economic growth and community development in the Northwest Michigan region. They achieve this by providing funding options, offering technical assistance, and establishing connections for viable businesses, particularly those that fall under low-to-moderate income categories. In 2022, they extended financing to 18 new businesses that might not have otherwise secured loans.
Official website here: www.venturenorthfunding.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96%, Four-Star out of Four Stars
Venture North Funding And Development has earned a high rating of 96%, reflecting strong performance in accountability and finance. The rating is based on a comprehensive assessment that emphasizes the importance of transparent financial practices and effective governance, as indicated by their perfect scores in various metrics such as independent board membership and conflict of interest policies.
The organization boasts a fully independent board, which enhances its credibility and decision-making integrity. With a remarkable program expense ratio of 91.03%, it demonstrates a strong commitment to allocating resources effectively towards its mission. Other noteworthy metrics include a healthy liabilities to assets ratio of 44.52%, indicating sound financial management.
While the data highlights significant organizational strengths, potential donors might consider looking into the specific programs and outcomes associated with their funding activities to fully understand the impact of their contributions. Overall, the financial transparency and governance practices at Venture North suggest it is a reliable nonprofit.
This AI summary has been generated from information found on Charity Navigator.
Is Venture North Funding And Development legitimate?
Venture North Funding And Development is a legitimate nonprofit organization registered as a 501(c)(3) entity. Venture North Funding And Development 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: $303,721
For more financial information, click here
Official website here: www.venturenorthfunding.org
What is the mission statement of Venture North Funding And Development?
Venture North Funding and Development's mission is centered around promoting economic development in its region. To achieve this, the organization offers various support services. It provides funding options for viable businesses, particularly those that may not be eligible for traditional loans. In addition, Venture North offers technical assistance and helps establish connections, thereby contributing to the growth of businesses. The organization also focuses on low-to-moderate income opportunities, demonstrating its commitment to inclusive economic development. In 2022, Venture North disbursed 18 new loans, indicating its active involvement in supporting local businesses.
Official website here: www.venturenorthfunding.org
Who is the CEO of Venture North Funding And Development?
Laura Galbraith is the Director of Venture North Funding And Development.
Official website here: www.venturenorthfunding.org
What is the revenue of Venture North Funding And Development?
Venture North Funding And Development's revenue in 2022 was $1,193,048.
Official website here: www.venturenorthfunding.org
Who are the executives of Venture North Funding And Development and what are their salaries?
There 30 volunteers at Venture North Funding And Development.
Here are 12 key members and their salaries:
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Official website here: www.venturenorthfunding.org
Where can I find the form 990 for Venture North Funding And Development?
Venture North Funding And Development's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.venturenorthfunding.org
Learn more at the official website: www.venturenorthfunding.org
Mission Statement of Venture North Funding And Development
Venture North Funding and Development is dedicated to fostering economic development in the Northwest Michigan region. Their mission is threefold: firstly, they aim to support the region's growth by providing various funding options. Secondly, they offer technical assistance to help businesses navigate the complexities of their industry. Lastly, they build connections for viable businesses, especially those in the low-to-moderate income bracket. In 2022, they demonstrated their commitment to this mission by disbursing 18 new loans to businesses that would otherwise have difficulty securing loans. This proactive approach to economic development and community growth positions Venture North Funding and Development as a valuable resource in the region.
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Impact
July, 2024
Venture North Funding And Development's impact is significant in facilitating economic development in the Northwest Michigan region. They provide access to capital to businesses that may not be able to receive loans otherwise. In 2022, they disbursed 18 new loans, supporting local businesses and fueling economic growth. Through their mission to support the region's economic growth and community development efforts, Venture North Funding And Development plays a vital role in providing funding options, offering technical assistance, and building connections for viable businesses, including opportunities for low-to-moderate income individuals. Their work is essential for the improvement of the community and the overall economic prosperity of the region.
This information is meant to be a general summary of Venture North Funding And Development. 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: $337
- Program Service Revenue: $571,146
- Gross Receipts: $1,193,048
Assets and Liabilities:
- Total Assets: $6,846,913
- Total Liabilities: $3,048,580
- Net Assets: $3,798,333
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN APPLICATION & ADM
Revenue
$456,603
LOAN INTEREST
Revenue
$114,543
Organization Details
Founding Year
1989
Phone
(231) 995-7115Principal Officer
Laura Galbraith
Main Address
202 E GRANDVIEW PARKWAY, TRAVERSE CITY, MI, 49684
Website
www.venturenorthfunding.orgNTEE Category
Code: S30 - Community improvement
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