Overview
What is Two Harbors Development Fund Inc?
Two Harbors Development Fund Inc is a nonprofit organization situated in Two Harbors, Minnesota. Their primary mission is to stimulate economic growth within and surrounding the city by offering loans or financial aid to businesses that struggle to secure financing through conventional means. They cover their operational expenses, including legal fees and miscellaneous costs, through the interest income generated from these loans. The fund serves as a crucial resource, aiding local businesses in their growth and development, thereby contributing to the city's overall economic prosperity.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 80% (Three-Star out of Four Star rating)
Two Harbors Development Fund Inc has been evaluated with a Three-Star rating on Charity Navigator, reflecting an overall score of 80%. This rating is primarily based on their Accountability & Finance score, which indicates strong governance and financial health. The organization demonstrated excellent practices, including a fully independent board and no material diversion of assets, which are critical for transparency and trustworthiness.
The independent board composition is noteworthy, with all ten members being independent, contributing to the organization's strong governance structure. They also effectively maintain accountability through documented board meeting minutes and a conflict of interest policy. Furthermore, their financial metrics are impressive, notably with a liability-to-assets ratio of 0.00% and a program expense ratio of 100.00%, indicating that all of their expenses are directed towards their programs.
While the score reflects well on their financial and accountability practices, it is important to consider that the rating is derived solely from one beacon score. Future evaluations that include additional aspects, such as impact and outcomes, could provide a more comprehensive view of the organization's effectiveness in fulfilling its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Two Harbors Development Fund Inc legitimate?
Two Harbors Development Fund Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Two Harbors Development Fund 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Two Harbors Development Fund Inc?
Two Harbors Development Fund Inc's mission is centered around promoting economic development within and surrounding a particular city. They achieve this by providing loans or financial aid to businesses that struggle to secure adequate financing through conventional means. This initiative aims to stimulate economic growth and development within the specified area. The organization incurs legal and professional fees, as well as miscellaneous expenses related to collecting interest income on the loans, in support of this mission.
What is the revenue of Two Harbors Development Fund Inc?
Two Harbors Development Fund Inc's revenue in 2023 was $16,923.
Who are the executives of Two Harbors Development Fund Inc and what are their salaries?
Here are 4 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
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- Other: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Two Harbors Development Fund Inc?
Two Harbors Development Fund Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Two Harbors Development Fund Inc
Two Harbors Development Fund Inc is committed to promoting economic development within its vicinity by offering loans or financial aid to businesses that struggle to secure adequate financing through other means. By providing such financial assistance, the organization aims to stimulate economic growth within the surrounding area. It's important to note that Two Harbors Development Fund Inc incurs legal and professional fees, as well as miscellaneous expenses, in the process of collecting interest income on the loans it provides, all with the intention of furthering economic development.
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Impact
October, 2024
Two Harbors Development Fund Inc significantly impacts economic development in and around the city of Two Harbors, Minnesota. Its primary focus is to provide loans and financial aid to businesses that struggle to secure necessary funding through traditional financing channels. By facilitating access to capital, the organization not only supports existing businesses but also fosters new ventures, thereby enhancing job creation and economic growth in the region.
The fund's efforts contribute to a more robust local economy by empowering entrepreneurs and small businesses that might otherwise face significant hurdles. This support leads to increased business activity, improved community infrastructure, and overall betterment of the economic landscape in Two Harbors and its surrounding areas. Furthermore, the organization's work in providing financial resources helps to stimulate investment, encourage innovation, and promote sustainable development within the community. Through these initiatives, Two Harbors Development Fund Inc plays a crucial role in shaping a resilient and thriving economic environment.
This information is meant to be a general summary of Two Harbors Development Fund 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 2023.
- Program Service Revenue: $16,923
- Gross Receipts: $16,923
Assets and Liabilities:
- Total Assets: $907,373
- Total Liabilities: $0
- Net Assets: $907,373
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON LENDING
Revenue
$16,923
Organization Details
Founding Year
1986
Principal Officer
Darrin Young
NTEE Category
Code: W20 - Public benefit
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