Overview
What is Commonwise Education Inc?
Commonwise Education Inc is a nonprofit organization located in the Bronx, New York, with a team of 25 individuals. Their primary mission involves providing online education and training in areas such as entrepreneurship, management, sustainability, organizational development, and innovation, catering to social enterprises, employee-owned businesses, and cooperatively owned ventures. Through their initiative, the Bronx Cooperative Development Initiative (BCDI), they collaborate with local businesses and institutions to foster shared wealth and ownership among Bronx residents, leveraging a framework of economic democracy. By doing so, they aim to collectively address economic, social, and environmental challenges within the borough. Additionally, Commonwise Education Inc supports high school students and educators by deepening their understanding of economic democracy and facilitating opportunities for learning and action in their schools.
Official website here: www.bcdi.nyc
What are the reviews and ratings of this charity?
Charity Navigator Rating: 89%, Three-Star out of Four Star rating.
Commonwise Education Inc has received a commendable score of 89%, reflecting strong accountability and financial practices. The rating is derived solely from a comprehensive assessment of its accountability metrics, achieving a perfect score in key areas such as board independence and financial auditing. This indicates transparency and a commitment to ethical governance, which are critical for donor confidence.
The organization boasts a fully independent board, comprising nine members, and maintains a robust framework for financial management, evidenced by a low liabilities-to-assets ratio and a high percentage of program expenses allocated to its mission. Furthermore, it adheres to best practices by having essential policies in place, such as conflict of interest and whistleblower policies, which underscores its commitment to accountability.
However, it is important to note that Commonwise Education Inc lacks documentation for its record retention and destruction policy, which slightly detracts from its overall score. While this does not significantly impact its financial health or operational effectiveness, it highlights an area for improvement to enhance their governance framework. Overall, the organization demonstrates solid practices that foster trust among stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Commonwise Education Inc legitimate?
Commonwise Education Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Commonwise Education 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: $98,046
Professional Fundraising Fees: $0
Other Salaries and Wages: $504,844
For more financial information, click here
Official website here: www.bcdi.nyc
What is the mission statement of Commonwise Education Inc?
Commonwise Education Inc's mission is centered around providing online education and training in various areas such as entrepreneurship, management, sustainability, organizational development, and innovation. The primary focus is on social enterprise and community development businesses, as well as employee and cooperatively owned businesses. The goal is to enhance the success and viability of these businesses through the offered services.
Official website here: www.bcdi.nyc
Who is the CEO of Commonwise Education Inc?
Sandra Lobo is the Executive Dir. of Commonwise Education Inc.
Official website here: www.bcdi.nyc
What is the revenue of Commonwise Education Inc?
Commonwise Education Inc's revenue in 2022 was $1,208,790.
Official website here: www.bcdi.nyc
Who are the executives of Commonwise Education Inc and what are their salaries?
The average compensation at Commonwise Education Inc during 2022 was $24,116. There are 25 employees and 47 volunteers at Commonwise Education Inc.
Here are 10 key members and their salaries:
- Compensation: $90,000
- Related: $0
- Other: $8,046
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
Official website here: www.bcdi.nyc
Where can I find the form 990 for Commonwise Education Inc?
Commonwise Education Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.bcdi.nyc
Learn more at the official website: www.bcdi.nyc
Mission Statement of Commonwise Education Inc
Commonwise Education Inc, as a nonprofit organization, is committed to providing online education and training in various domains. The focus areas include entrepreneurship, management, sustainability, organizational development, and innovation. This initiative is specifically tailored for social enterprises, community development businesses, employee-owned businesses, and cooperatively owned businesses. The primary objective of these services is to enhance the success and viability of these businesses.
By offering these comprehensive training programs, Commonwise Education Inc aims to equip these businesses with the necessary skills and knowledge to thrive. This nonprofit organization believes that by strengthening these businesses, it can contribute to broader societal change and promote economic equity. By fostering the growth of these businesses, Commonwise Education Inc is helping to create a more equitable distribution of wealth and decision-making power among the communities it serves.
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Impact
July, 2024
Commonwise Education Inc, through the Bronx Cooperative Development Initiative (BCDI), plays a vital role in coordinating the people, businesses, and institutions in the Bronx to advance shared wealth and ownership. This initiative empowers low-income people of color by involving them in decision-making processes at every stage, fostering economic democracy within the community.
In 2022, Commonwise Education Inc supported the development of Bronxwide community planning and business infrastructure for economic democracy. Their efforts included co-leading a Bronxwide community planning coalition, convening and assisting Bronx anchor purchasers and small businesses through the BronXchange, and educating community leaders on models for fostering shared ownership and wealth in the region. The organization also co-led a coalition of community, faith, and labor organizations to create a comprehensive Bronxwide economic development plan grounded in racial justice and economic democracy.
Through various initiatives, Commonwise Education Inc has successfully connected minority-owned small businesses with contracts that have boosted their revenues. The organization's visibility campaign for Black-led businesses and cooperatives garnered media attention, highlighting the importance of these enterprises in promoting race and gender equity.
Additionally, Commonwise Education Inc's work in education and training has benefited high school students and educators from Bronx high schools, deepening their understanding of economic democracy. This educational component has allowed students and educators to identify ways to incorporate learning and action around democratic community development within their schools.
Overall, Commonwise Education Inc's impact extends beyond traditional education and training services, actively contributing to the economic empowerment and collective ownership of the Bronx community.
This information is meant to be a general summary of Commonwise Education 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: $5,379
- Program Service Revenue: $47,861
- Gross Receipts: $1,208,790
Assets and Liabilities:
- Total Assets: $804,695
- Total Liabilities: $37,564
- Net Assets: $767,131
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Consulting Fees
Revenue
$24,761
Rent
Revenue
$23,100
Organization Details
Founding Year
2011
Phone
(718) 304-0041Principal Officer
Sandra Lobo
Main Address
2431 Morris Avenue, Bronx, NY, 10468
Website
www.bcdi.nycNTEE Category
Code: S43 - Community improvement
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