Overview
What is Leech Lake Financial Services Inc?
Leech Lake Financial Services Inc is a nonprofit organization situated in Cass Lake, Minnesota. Their primary mission is to foster economic development by offering safe and affordable loans to individuals and businesses who typically struggle to secure conventional financing. Additionally, they provide financial training to help their clients improve their financial literacy and make sound financial decisions. With a team of four dedicated employees, Leech Lake Financial Services Inc plays a vital role in empowering its community members to build a stronger financial future.
Official website here: www.llfinancial.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (72%, Two-Star out of Four Star rating)
Leech Lake Financial Services Inc has received a "Needs Improvement" rating from Charity Navigator, indicating that while it performs well in several areas, there are significant concerns in others. The organization boasts a perfect score in Accountability & Finance, with full marks for the independence of its board members and a clean audit with no material diversion of assets reported. However, the overall score reflects weaknesses in transparency and governance practices.
Despite its strengths, the nonprofit has notable limitations. It lacks critical policies such as a whistleblower policy and a document retention and destruction policy, both of which are essential for ensuring accountability and transparency. Additionally, the organization has not posted its tax form on its website, which is a missed opportunity for enhancing public trust and confidence.
The program expense ratio stands at 57.02%, suggesting that a little more than half of its expenses are directed towards program activities. This is a concern as it indicates that a significant portion of funds may be going towards administrative costs rather than direct support of its mission. Overall, while Leech Lake Financial Services Inc demonstrates solid governance metrics, it needs to address these transparency issues to improve its standing and effectiveness in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Leech Lake Financial Services Inc legitimate?
Leech Lake Financial Services Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Leech Lake Financial Services 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: $383,999
For more financial information, click here
Official website here: www.llfinancial.org
What is the mission statement of Leech Lake Financial Services Inc?
Leech Lake Financial Services Inc's mission is centered around promoting economic development. They achieve this by offering safe and affordable loans to individuals and businesses who typically struggle to secure conventional financing. Additionally, the organization provides financial training to help enhance financial literacy and skills, thereby contributing to overall economic growth. The loan programs have provided over 200 loans, extending financial opportunities to a significant number of recipients. The financial training segment is an essential component of their services, empowering individuals and businesses to manage their finances more effectively.
Official website here: www.llfinancial.org
What is the revenue of Leech Lake Financial Services Inc?
Leech Lake Financial Services Inc's revenue in 2023 was $789,469.
Official website here: www.llfinancial.org
Who are the executives of Leech Lake Financial Services Inc and what are their salaries?
The average compensation at Leech Lake Financial Services Inc during 2023 was $64,000. There are 6 employees at Leech Lake Financial Services Inc.
Here are 9 key members and their salaries:
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- Compensation: $90,374
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- Compensation: $88,705
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Official website here: www.llfinancial.org
Where can I find the form 990 for Leech Lake Financial Services Inc?
Leech Lake Financial Services Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.llfinancial.org
Learn more at the official website: www.llfinancial.org
Mission Statement of Leech Lake Financial Services Inc
Leech Lake Financial Services Inc, as a nonprofit organization, is dedicated to fostering economic development in various capacities. Their primary mission is to offer safe and affordable loan options to individuals and businesses who typically struggle to secure conventional loans. This initiative not only aids in financial assistance but also plays a significant role in promoting economic growth within their community.
In addition to providing loans, Leech Lake Financial Services Inc extends its reach by offering financial training programs. These educational resources are designed to equip individuals with essential financial skills, thereby empowering them to manage their finances more effectively. By offering both loans and financial training, the organization seeks to contribute to the overall economic development of its community, ensuring that more individuals and businesses have access to the resources they need to thrive.
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Impact
July, 2024
Leech Lake Financial Services Inc's impact can be seen in its efforts to promote economic development by providing safe, affordable loans and financial training. Through their loan programs, they have been able to provide over 200 loans to individuals and businesses who may not have qualified for traditional loans otherwise. Additionally, the organization's focus on financial training helps empower individuals to make informed financial decisions and improve their financial well-being. Located in Cass Lake, MN, Leech Lake Financial Services Inc is making a tangible difference in promoting economic sustainability and empowerment within their community.
This information is meant to be a general summary of Leech Lake Financial Services 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: $52,639
- Gross Receipts: $789,469
Assets and Liabilities:
- Total Assets: $1,315,355
- Total Liabilities: $642,466
- Net Assets: $672,889
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST INCOME
Revenue
$44,712
FEE INCOME
Revenue
$7,927
Organization Details
Founding Year
2014
Principal Officer
Rob Aitken
Website
www.llfinancial.orgNTEE Category
Code: P20 - Human services
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