Overview
What is Nebraska Economic Development Corporation?
Nebraska Economic Development Corporation, based in Lincoln, Nebraska, serves as a statewide certified development organization. Its primary mission is to foster economic growth and improve social welfare within Nebraska by creating more employment opportunities and expanding businesses. As a certified development corporation under Section 504 of Title V of the Small Business Investment Act of 1958, the corporation incurs processing and servicing expenses to accomplish its goals. The organization employs a team of seven individuals, dedicated to promoting and assisting the growth and development of business concerns, including small businesses, within the state.
Official website here: www.nedcoloans.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 55%, One-Star out of Four Star rating.
The Nebraska Economic Development Corporation has received a low rating, reflecting concerns in its accountability and financial practices. With a score of 55%, the organization struggles particularly with governance, as it has no independent board members and lacks essential policies like conflict of interest and whistleblower protections. This raises questions about its operational transparency and adherence to best practices.
On a more positive note, the organization has demonstrated strong financial oversight, evidenced by a perfect score for its audit and oversight committee. It also maintains a favorable liabilities to assets ratio, indicating that it manages its debts well compared to its assets. However, the overall program expense ratio is low, suggesting that a limited portion of its budget is directed towards its core mission.
Overall, while the Nebraska Economic Development Corporation shows strengths in certain financial areas, significant weaknesses in governance and transparency are notable. Prospective donors and supporters may want to consider these factors when evaluating their involvement with the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Nebraska Economic Development Corporation legitimate?
Nebraska Economic Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Nebraska Economic 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $240,515
Professional Fundraising Fees: $0
Other Salaries and Wages: $800,599
For more financial information, click here
Official website here: www.nedcoloans.org
What is the mission statement of Nebraska Economic Development Corporation?
The Nebraska Economic Development Corporation is committed to boosting Nebraska's economic development and improving social welfare. They achieve this by supporting increased employment opportunities and expanding businesses. Their primary focus is on promoting and assisting the growth and development of various business concerns, including small businesses, in the area. The corporation aims to foster a community where there are more job prospects and a thriving business and industry sector for its citizens.
Official website here: www.nedcoloans.org
Who is the CEO of Nebraska Economic Development Corporation?
Scott Sailors is the Executive Di of Nebraska Economic Development Corporation.
Official website here: www.nedcoloans.org
What is the revenue of Nebraska Economic Development Corporation?
Nebraska Economic Development Corporation's revenue in 2022 was $1,640,595.
Official website here: www.nedcoloans.org
Who are the executives of Nebraska Economic Development Corporation and what are their salaries?
The average compensation at Nebraska Economic Development Corporation during 2022 was $148,731. There are 7 employees at Nebraska Economic Development Corporation.
Here are 13 key members and their salaries:
- Compensation: $240,515
- Related: $0
- Other: $18,479
- Compensation: $144,488
- Related: $0
- Other: $20,102
- Compensation: $168,583
- Related: $0
- Other: $19,217
- Compensation: $110,575
- Related: $0
- Other: $5,313
- Compensation: $147,549
- Related: $0
- Other: $20,326
- Compensation: $21,000
- Related: $0
- Other: $0
- Compensation: $8,000
- Related: $0
- Other: $0
- Compensation: $15,000
- Related: $0
- Other: $0
- Compensation: $16,000
- Related: $0
- Other: $0
- Compensation: $12,000
- Related: $0
- Other: $0
- Compensation: $16,000
- Related: $0
- Other: $0
- Compensation: $16,000
- Related: $0
- Other: $0
- Compensation: $12,000
- Related: $0
- Other: $0
Official website here: www.nedcoloans.org
Where can I find the form 990 for Nebraska Economic Development Corporation?
Nebraska Economic Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.nedcoloans.org
Learn more at the official website: www.nedcoloans.org
Mission Statement of Nebraska Economic Development Corporation
The Nebraska Economic Development Corporation, as a nonprofit organization, is committed to enhancing the economic development and social welfare of Nebraska. It achieves this goal by actively promoting and supporting the growth and expansion of businesses, particularly small businesses, within the region. The corporation's primary objectives are to foster increased employment opportunities and expand business and industry, ultimately benefiting the local citizens. By doing so, the Nebraska Economic Development Corporation contributes significantly to the economic development and well-being of the state and its communities.
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Impact
July, 2024
Nebraska Economic Development Corporation plays a vital role in fostering increased employment opportunities and business expansion in Nebraska. By promoting and assisting the growth of business concerns, including small businesses, the organization contributes to the economic development and social welfare of the state. Through its activities as a certified development corporation, it processes and services expenses to support businesses seeking to grow and create jobs. Overall, the impact of Nebraska Economic Development Corporation is seen in its efforts to boost employment, facilitate business expansion, and enhance the economic vitality of the community.
This information is meant to be a general summary of Nebraska Economic 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 2022.
- Investment Income: $32,673
- Program Service Revenue: $1,607,922
- Gross Receipts: $1,640,595
Assets and Liabilities:
- Total Assets: $5,459,032
- Total Liabilities: $91,686
- Net Assets: $5,367,346
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SERVICING FEES
Revenue
$841,102
PROCESSING FEES
Revenue
$690,573
INTEREST INCOME- LOANS
Revenue
$76,247
Organization Details
Founding Year
1987
Principal Officer
Scott Sailors
Main Address
4445 SOUTH 86TH STREET SUITE 200, LINCOLN, NE, 68526
Website
www.nedcoloans.orgNTEE Category
Code: S20Z - Community improvement
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