Overview
What is Brainerd Lakes Area Development Corp?
Brainerd Lakes Area Development Corp is a nonprofit organization situated in Brainerd, Minnesota. Its primary focus is on stimulating economic growth in the area by attracting new industries and supporting existing ones. This involves engaging in general economic development activities, such as workforce development. With a small team of four individuals, the organization's mission is multifaceted, encompassing the attraction and retention of industries, as well as contributing to overall economic development efforts in Brainerd and its surrounding areas.
Official website here: www.growbrainerdlakes.org/
What are the reviews and ratings of this charity?
Charity Navigator Rating: 92% (Four-Star out of Four Star rating)
Brainerd Lakes Area Development Corp has earned a strong Four-Star rating from Charity Navigator, reflecting a high level of accountability and financial health. The rating is based entirely on its Accountability & Finance score, which stands at an impressive 92%. This score indicates that the organization maintains sound financial practices and is committed to transparency.
The nonprofit demonstrates several organizational strengths, including having a fully independent board of directors, which enhances its governance. It has also achieved a high program expense ratio of 81.81%, indicating that a significant portion of its funds is directed toward its mission-related activities. Additionally, the organization has solid policies in place regarding document retention, financial reviews, and the prevention of material diversion of assets.
However, one noted limitation is the absence of a whistleblower policy, which could be a potential area for improvement in governance practices. Overall, the Brainerd Lakes Area Development Corp showcases strong financial management and accountability while still having opportunities to enhance its operational policies.
This AI summary has been generated from information found on Charity Navigator.
Is Brainerd Lakes Area Development Corp legitimate?
Brainerd Lakes Area Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Brainerd Lakes Area Development Corp 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: $111,538
Professional Fundraising Fees: $0
Other Salaries and Wages: $225,407
For more financial information, click here
Official website here: www.growbrainerdlakes.org/
What is the mission statement of Brainerd Lakes Area Development Corp?
The Brainerd Lakes Area Development Corp is focused on promoting economic growth and development. Its mission encompasses attracting new industries and supporting the retention of existing ones in the specified area. Additionally, the corporation engages in general economic development activities, particularly in the realm of workforce development. The organization's goal is to contribute positively to the local economy by fostering a conducive environment for businesses to thrive.
Official website here: www.growbrainerdlakes.org/
Who is the CEO of Brainerd Lakes Area Development Corp?
Jim Haakonson is the Past President of Brainerd Lakes Area Development Corp.
Official website here: www.growbrainerdlakes.org/
What is the revenue of Brainerd Lakes Area Development Corp?
Brainerd Lakes Area Development Corp's revenue in 2022 was $593,859.
Official website here: www.growbrainerdlakes.org/
Who are the executives of Brainerd Lakes Area Development Corp and what are their salaries?
The average compensation at Brainerd Lakes Area Development Corp during 2022 was $84,236. There are 4 employees and 15 volunteers at Brainerd Lakes Area Development Corp.
Here are 10 key members and their salaries:
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- Compensation: $108,384
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- Other: $3,154
Official website here: www.growbrainerdlakes.org/
Where can I find the form 990 for Brainerd Lakes Area Development Corp?
Brainerd Lakes Area Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.growbrainerdlakes.org/
Learn more at the official website: www.growbrainerdlakes.org/
Mission Statement of Brainerd Lakes Area Development Corp
Brainerd Lakes Area Development Corp, as a key player in economic development, is dedicated to attracting new industries and supporting the retention of existing ones within its operational area. The organization's primary mission is to contribute to general economic growth, focusing on workforce development in Brainerd and its surrounding regions. By engaging in these activities, Brainerd Lakes Area Development Corp aims to stimulate economic growth and ensure the area remains an attractive location for both new businesses and established industries.
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Impact
July, 2024
Brainerd Lakes Area Development Corp plays a crucial role in driving economic growth and development in the Brainerd area by attracting new industry, retaining present industry, and supporting workforce development initiatives. Their efforts are focused on enhancing the business environment and creating opportunities for both businesses and residents in the region. Through their activities, they contribute to the overall improvement and prosperity of the community, making a tangible impact on the local economy and quality of life.
This information is meant to be a general summary of Brainerd Lakes Area Development Corp. 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: $39,457
- Program Service Revenue: $189,450
- Gross Receipts: $594,137
Assets and Liabilities:
- Total Assets: $2,443,437
- Total Liabilities: $79,345
- Net Assets: $2,364,092
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
FEES FOR SERVICE
Revenue
$189,450
Organization Details
Founding Year
1985
Phone
(218) 828-0096Principal Officer
Jim Haakonson
Main Address
224 WEST WASHINGTON STREET, BRAINERD, MN, 56401
Website
www.growbrainerdlakes.org/NTEE Category
Code: S40Z - Community improvement
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