Overview
What is Northeast Economic Development Inc?
Northeast Economic Development Inc, situated in Norfolk, Nebraska, is a dedicated nonprofit organization. Their primary focus is to foster community and economic development opportunities in Northeast Nebraska. To achieve this, they actively seek various funding sources, such as grants, contributions, and other forms of financial support. One of their significant initiatives involves providing low-interest or no-interest loans, along with forgivable down payment monies, to aid low-income families in purchasing a home or renovating their existing properties. By offering these support services, Northeast Economic Development Inc plays a crucial role in enhancing the living conditions and economic prospects of the community in Northeast Nebraska.
Official website here: www.nenedd.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96%, Four-Star out of Four Star rating.
Northeast Economic Development Inc has achieved an impressive score of 96%, reflecting strong accountability and financial practices. The rating is derived from a single beacon score, with a perfect score in Accountability & Finance, indicating a high level of transparency and responsible management of funds.
The organization demonstrates a robust governance structure, with 100% of its board members being independent, which enhances its credibility. Additionally, it scores full points in financial oversight areas, including the presence of an audit committee and a well-maintained conflict of interest policy. The program expense ratio of 76.04% signifies that a significant majority of its expenses are directed towards its charitable programs.
No significant limitations have been noted in the evaluation data, highlighting the organization's solid practices and commitment to transparency. Overall, Northeast Economic Development Inc stands out as a trustworthy nonprofit dedicated to its mission and effective in its financial management.
This AI summary has been generated from information found on Charity Navigator.
Is Northeast Economic Development Inc legitimate?
Northeast Economic Development Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Northeast Economic Development 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.
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Official website here: www.nenedd.org
What is the mission statement of Northeast Economic Development Inc?
Northeast Economic Development Inc is committed to addressing community and economic development opportunities in a specific region, in this case, Northeast Nebraska. Their mission involves seeking various types of funding, including grants and contributions, to achieve these objectives. In addition to their mission, the organization provides no-interest, low-interest, and forgivable loans to low-income families, serving as down payment money for purchasing a home or for restoring and rehabilitating their existing homes.
Official website here: www.nenedd.org
Who is the CEO of Northeast Economic Development Inc?
Shannon Stuchlik is the Director of Northeast Economic Development Inc.
Official website here: www.nenedd.org
What is the revenue of Northeast Economic Development Inc?
Northeast Economic Development Inc's revenue in 2023 was $775,884.
Official website here: www.nenedd.org
Who are the executives of Northeast Economic Development Inc and what are their salaries?
There 7 volunteers at Northeast Economic Development Inc.
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Official website here: www.nenedd.org
Where can I find the form 990 for Northeast Economic Development Inc?
Northeast Economic Development Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.nenedd.org
Learn more at the official website: www.nenedd.org
Mission Statement of Northeast Economic Development Inc
Northeast Economic Development Inc is a nonprofit organization with a mission to address community and economic development opportunities in northeast Nebraska. The organization seeks various types of funding, including grants, contributions, and loans, to achieve these goals. In line with this mission, Northeast Economic Development Inc provides no-interest, low-interest, and forgivable loans to low-income families to help them purchase a home or restore and rehabilitate their existing homes. By offering such financial assistance, the organization aims to contribute to the overall development of the community.
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Impact
July, 2024
Northeast Economic Development Inc plays a crucial role in addressing community and economic development opportunities in Northeast Nebraska. By providing various financial assistance options, such as no-interest, low-interest, and forgivable loans to low-income families for home purchasing or home restoration and rehabilitation, this organization positively impacts the local community. Through its efforts to secure funds, grants, contributions, and other types of funding, Northeast Economic Development Inc helps improve housing conditions and boost economic growth in Norfolk, NE, and its surrounding areas.
This information is meant to be a general summary of Northeast Economic Development 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.
- Investment Income: $63,290
- Program Service Revenue: $241,588
- Gross Receipts: $775,884
Assets and Liabilities:
- Total Assets: $10,227,527
- Total Liabilities: $949,714
- Net Assets: $9,277,813
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST
Revenue
$203,401
ADMINISTRATION FEES
Revenue
$38,187
Organization Details
Founding Year
2000
Phone
(402) 379-1150Principal Officer
Shannon Stuchlik
Main Address
111 S 1ST STREET, NORFOLK, NE, 68701
Website
www.nenedd.orgNTEE Category
Code: L80 - Housing
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