Overview
What is Springfield Business Development Corporation?
The Springfield Business Development Corporation is a nonprofit organization situated in Springfield, Missouri. Its primary focus is to drive economic growth within the region by managing business investment opportunities and attracting new industries. In 2022, the corporation successfully managed several such projects, resulting in 10 competitive opportunities. Their efforts led to the announcement of two project wins, bringing in $13 million in new payroll and $43 million in new capital investment. The organization aims to provide a continuous revenue source for its economic development program, while supporting local businesses and industries, thereby contributing to the region's overall economic prosperity.
Official website here: www.springfieldregion.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 4-Star out of Four Stars (91%)
The Springfield Business Development Corporation has achieved a Four-Star rating from Charity Navigator, indicating a high level of accountability and financial health. Their overall score of 91% is derived entirely from their Accountability & Finance score, reflecting strong practices in these areas. The organization demonstrates a commitment to transparency and governance, highlighted by their fully independent board and robust financial audit practices.
Strengths of the Springfield Business Development Corporation include an excellent program expense ratio of 97.67%, showing that a significant majority of their funds are directed toward programs rather than administrative costs. Additionally, they have established comprehensive policies, including conflict of interest and whistleblower policies, which contribute to their strong governance framework. The absence of any material diversions of assets further underscores their financial integrity.
While the organization scores well overall, their liabilities to assets ratio of 56.29% may suggest a need for cautious financial management moving forward. Nonetheless, the combination of a solid governance structure and a high program expense ratio positions the Springfield Business Development Corporation as a responsible and impactful nonprofit.
This AI summary has been generated from information found on Charity Navigator.
Is Springfield Business Development Corporation legitimate?
Springfield Business Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Springfield Business 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.
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For more financial information, click here
Official website here: www.springfieldregion.com
What is the mission statement of Springfield Business Development Corporation?
The Springfield Business Development Corporation's mission is centered around providing a continuous revenue source for the chamber's economic development program. It actively supports local businesses and industries, striving to attract new ones to the region. The corporation's primary objective is to foster economic growth by managing various development projects and investment opportunities. In 2022, they successfully managed several competitive projects, resulting in significant new payroll and capital investment. These activities contribute to the corporation's role in boosting the regional economy.
Official website here: www.springfieldregion.com
What is the revenue of Springfield Business Development Corporation?
Springfield Business Development Corporation's revenue in 2023 was $926,145.
Official website here: www.springfieldregion.com
Who are the executives of Springfield Business Development Corporation and what are their salaries?
There 25 volunteers at Springfield Business Development Corporation.
Here are 20 key members and their salaries:
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- Other: $62,401
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Official website here: www.springfieldregion.com
Where can I find the form 990 for Springfield Business Development Corporation?
Springfield Business Development Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.springfieldregion.com
Learn more at the official website: www.springfieldregion.com
Mission Statement of Springfield Business Development Corporation
The Springfield Business Development Corporation, in essence, is committed to ensuring a sustained income stream for its economic development program. Its primary objective is to assist local businesses and industries, as well as to attract new ventures to the region. By tackling economic development projects, the corporation played a significant role in managing numerous business investment opportunities and leads in 2022, culminating in ten competitive projects. The team successfully hosted five site visits within the Springfield region and announced the victories of two projects, which resulted in the creation of $13 million in new payroll and $43 million in new capital investment.
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Impact
July, 2024
Springfield Business Development Corporation's impact is evident in its successful management of economic development projects. In 2022, their economic development team facilitated numerous new business investment opportunities, resulting in 10 competitive projects. Additionally, they hosted five project-specific site visits in the Springfield region and secured two project wins. These efforts led to the creation of $13 million in new payroll and $43 million in new capital investment, contributing significantly to the economic growth of the region.
This information is meant to be a general summary of Springfield Business 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 2023.
- Investment Income: $15,328
- Program Service Revenue: $237,942
- Gross Receipts: $926,145
Assets and Liabilities:
- Total Assets: $2,547,401
- Total Liabilities: $1,877,258
- Net Assets: $670,143
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ECONOMIC DEVELOPMENT MANAGEMENT CONTRACT
Revenue
$68,750
ANNUAL MEETING
Revenue
$43,650
INVESTOR EVENTS OUTLOOK SERIES
Revenue
$77,727
REGIONAL PARTNERS SERVICES
Revenue
$40,000
INDUSTRY OUTREACH CONTRACT
Revenue
$3,700
Organization Details
Founding Year
1983
Principal Officer
Gary Schafer
Website
www.springfieldregion.comNTEE Category
Code: S30 - Community improvement
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