Overview
What is Mcdevco Inc?
McDevco Inc, based in Wausau, Wisconsin, is a nonprofit organization primarily focused on facilitating business development and community growth. They achieve this objective by integrating various resources, specifically by administering economic development loans. Their activities involve covering expenses such as interest, legal fees, loan losses, and administrative fees. The revolving loan fund they manage serves as a valuable source of funding for projects that promote job creation, income expansion, local tax base growth, and bank financing enhancement. With a workforce of six individuals, McDevco Inc plays a significant role in contributing to the economic and community development of its region.
Official website here: www.mcdevco.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 77% (Three-Star out of Four Star rating)
Mcdevco Inc has received a Three-Star rating from Charity Navigator, with an overall score of 77%. This rating reflects a strong emphasis on accountability and finance, indicating that the organization maintains a high level of fiscal responsibility. Notably, the charity has a fully independent board with a size of 22 members, contributing to its robust governance structure.
The organization excels in several areas, including having no material diversion of assets and a high program expense ratio of 77.72%, which suggests that a significant portion of its resources is directed towards its programs. Furthermore, Mcdevco Inc has well-documented policies in place, such as a conflict of interest policy and a whistleblower policy, which enhance transparency and trust in its operations.
However, there are some areas for improvement, particularly regarding the liabilities to assets ratio, which stands at 67.28%. This figure indicates that the organization has a higher level of liabilities relative to its assets, which may raise concerns about financial stability in the long term. Overall, while Mcdevco Inc demonstrates strong governance and operational practices, addressing its liabilities could strengthen its financial position.
This AI summary has been generated from information found on Charity Navigator.
Is Mcdevco Inc legitimate?
Mcdevco Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mcdevco 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: $94,009
Professional Fundraising Fees: $0
Other Salaries and Wages: $85,586
For more financial information, click here
Official website here: www.mcdevco.org
What is the mission statement of Mcdevco Inc?
McDevco Inc's mission is centered around investing in business development and fostering community growth. They achieve this by integrating various resources. This mission translates into providing financial assistance for projects, with the aim of creating and retaining private sector jobs, boosting incomes, expanding local tax bases, and leveraging bank financing. They also manage economic development loans, covering expenses such as interest, legal fees, and provision for loan losses.
Official website here: www.mcdevco.org
Who is the CEO of Mcdevco Inc?
Chris Pfender is the President of Mcdevco Inc.
Official website here: www.mcdevco.org
What is the revenue of Mcdevco Inc?
Mcdevco Inc's revenue in 2022 was $695,703.
Official website here: www.mcdevco.org
Who are the executives of Mcdevco Inc and what are their salaries?
The average compensation at Mcdevco Inc during 2022 was $29,932. There are 6 employees and 45 volunteers at Mcdevco Inc.
Here are 28 key members and their salaries:
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- Compensation: $80,625
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- Compensation: $13,384
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- Other: $1,938
Official website here: www.mcdevco.org
Where can I find the form 990 for Mcdevco Inc?
Mcdevco Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mcdevco.org
Learn more at the official website: www.mcdevco.org
Mission Statement of Mcdevco Inc
McDevco Inc, a nonprofit organization, is dedicated to fostering business development and community growth. They achieve this by integrating various resources. The mission of McDevco Inc is to invest in enterprises and contribute to the expansion of local communities. This is achieved by managing economic development loans, which come with associated costs such as interest expenses, legal fees, provisions for loan losses, and administrative fees. The revolving loan fund serves as a flexible financing option for projects that have the potential to create and retain private sector jobs, boost incomes, expand the local tax base, and attract bank financing. By taking on this role, McDevco Inc plays a crucial part in stimulating economic growth and community development.
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Impact
July, 2024
Mcdevco Inc's impact is significant in driving business development and community growth through the integration of resources. By administering economic development loans, including interest expenses, legal fees, provisions for loan losses, and other administrative fees, Mcdevco Inc supports projects that create and retain private sector jobs, increase incomes, expand the local tax base, and leverage bank financing. As a result, the organization plays a crucial role in fostering economic stability, job creation, and overall community improvement in Wausau, WI.
This information is meant to be a general summary of Mcdevco 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: $18,336
- Program Service Revenue: $143,058
- Gross Receipts: $708,288
Assets and Liabilities:
- Total Assets: $4,483,100
- Total Liabilities: $3,382,316
- Net Assets: $1,100,784
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
REVOLVING LOAN ADMIN
Revenue
$143,058
Organization Details
Founding Year
1978
Phone
(715) 298-0084Principal Officer
Chris Pfender
Main Address
100 N 72ND AVENUE, WAUSAU, WI, 54401
Website
www.mcdevco.orgNTEE Category
Code: S30Z - Community improvement
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