Overview
What is Renaissance Development Fund?
Renaissance Development Fund is a nonprofit organization situated in Benton Harbor, Michigan, with a mission to drive economic growth in Benton Harbor, St. Joseph, and the surrounding townships of Benton, Lincoln, and Royalton. Their primary objective is to revitalize blighted properties and address environmental contamination in these areas. The organization also sponsors programs to aid disadvantaged communities. In pursuit of this mission, Renaissance Development Fund provides loans to local small businesses, assessing their creditworthiness and financial stability to determine loan collectability. The organization works in collaboration with the Cornerstone Alliance to achieve its objectives.
Is Renaissance Development Fund legitimate?
Renaissance Development Fund is a legitimate nonprofit organization registered as a 501(c)(3) entity. Renaissance Development Fund 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:
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Other Salaries and Wages: $0
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What is the mission statement of Renaissance Development Fund?
The Renaissance Development Fund, in partnership with the Cornerstone Alliance, is committed to fostering economic growth in various urban areas. Their primary objective is to revitalize blighted properties and remediate environmental contamination. Additionally, they sponsor and fund programs aimed at assisting disadvantaged communities. In line with its mission to promote economic development, the fund also provides loans to local small business owners, evaluating their creditworthiness and determining provisions for potential losses.
Who is the CEO of Renaissance Development Fund?
Rob Cleveland is the Vice President/Treasurer of Renaissance Development Fund.
What is the revenue of Renaissance Development Fund?
Renaissance Development Fund's revenue in 2022 was $2,743,175.
Who are the executives of Renaissance Development Fund and what are their salaries?
There 6 volunteers at Renaissance Development Fund.
Here are 7 key members and their salaries:
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Where can I find the form 990 for Renaissance Development Fund?
Renaissance Development Fund's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Renaissance Development Fund
Renaissance Development Fund, as an organization, is dedicated to fostering economic growth in the cities of Benton Harbor and St. Joseph, along with the townships of Benton, Lincoln, and Royalton. In partnership with the Cornerstone Alliance, it works towards the development of these areas, aiming to revitalize blighted properties and remediate environmental contamination. The primary objective of Renaissance Development Fund is to sponsor and fund programs that cater to the disadvantaged residents of these cities.
In addition to its mission to develop and implement economic growth, Renaissance Development Fund provides loans to local small business owners. These loans are evaluated periodically for collectability, taking into account past credit history with customers and their current financial condition. Provisions for losses on notes receivable are determined based on various factors, including loss experience, risks in the loans held, the estimated value of underlying collateral, and current economic conditions. By offering financial support to local businesses, Renaissance Development Fund contributes to the overall economic growth and revitalization of the communities it serves.
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Impact
October, 2024
The Renaissance Development Fund significantly contributes to economic growth and revitalization efforts in Benton Harbor and St. Joseph, along with the townships of Benton, Lincoln, and Royalton. By focusing on the redevelopment of blighted properties and addressing environmental contamination, the Fund plays a crucial role in improving the overall economic landscape of these communities.
Through its programs, the Renaissance Development Fund provides essential financial support in the form of loans to local small business owners, fostering entrepreneurship and job creation. This financial assistance is particularly impactful for disadvantaged individuals, as it helps to stimulate local economies and encourage community engagement.
Partnerships, such as the one with the Cornerstone Alliance, further enhance the Fund's ability to implement comprehensive strategies for economic growth. This collaborative approach not only revitalizes physical spaces but also promotes long-lasting social and economic improvements, ultimately enhancing the quality of life for residents in these areas.
Overall, the Renaissance Development Fund's endeavors facilitate community improvement, making a meaningful difference in the lives of those it serves and laying a foundation for sustainable economic development.
This information is meant to be a general summary of Renaissance Development Fund. 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: $8,484
- Program Service Revenue: $498,043
- Gross Receipts: $2,833,765
Assets and Liabilities:
- Total Assets: $22,142,034
- Total Liabilities: $32,345,602
- Net Assets: -$10,203,568
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST AND FEES
Revenue
$498,043
Organization Details
Founding Year
1997
Phone
(269) 925-6100Principal Officer
Rob Cleveland
Main Address
201 GRAHAM AVENUE, BENTON HARBOR, MI, 49022
NTEE Category
Code: S31J - Community improvement
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