Overview
What is Norton Development Corp?
Norton Development Corp is a community-focused organization situated in Norton, Kansas. Their primary mission is to facilitate the provision of grant and loan funds to businesses with the objective of enhancing rural development. By offering financial assistance, they aim to stimulate growth and improve the economic landscape within rural areas. The organization operates as a nonprofit entity, dedicating its resources to this noble cause.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 20%
Norton Development Corp has received a Zero-Star out of Four Star rating from Charity Navigator, indicating significant concerns regarding its accountability and financial practices. The organization scored only 20%, primarily due to a lack of independent board members and missing essential governance policies, such as conflict of interest and whistleblower policies. This raises questions about the organization's transparency and adherence to best practices in nonprofit management.
Despite some positive aspects, such as no material diversion of assets and the availability of board meeting minutes, the overall financial health is concerning. The organization's program expense ratio is alarmingly low at 1.10%, suggesting that only a minimal portion of its expenses is directed towards its programs. Additionally, its liabilities to assets ratio of 61.21% indicates potential financial stress.
Overall, the low rating reflects serious deficiencies in governance and financial management, which could impact the trust of stakeholders and potential donors. Prospective supporters should exercise caution and seek further information before engaging with Norton Development Corp.
This AI summary has been generated from information found on Charity Navigator.
Is Norton Development Corp legitimate?
Norton Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Norton Development Corp 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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What is the mission statement of Norton Development Corp?
Norton Development Corp serves as a community organization, providing grant and loan financing to businesses with the goal of enhancing rural development. Their mission is to facilitate economic growth and improvement in rural areas by supporting local businesses. Through this financial assistance, they aim to foster sustainable development and stimulate economic activity in underserved communities. By providing businesses with the necessary funds, Norton Development Corp contributes to the overall development and prosperity of rural regions.
Who is the CEO of Norton Development Corp?
Lindsay Peterson is the Director of Norton Development Corp.
What is the revenue of Norton Development Corp?
Norton Development Corp's revenue in 2022 was $1,607.
Who are the executives of Norton Development Corp and what are their salaries?
Here are 13 key members and their salaries:
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Where can I find the form 990 for Norton Development Corp?
Norton Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Norton Development Corp
Norton Development Corp serves as a community organization, dedicated to facilitating the provision of grant and loan funds to businesses. Their primary mission is to contribute to rural development by offering financial support. This community organization operates with the goal of improving the economic landscape in rural areas by aiding businesses with necessary funds. By doing so, they aim to foster growth and development in these regions, ultimately enhancing the overall quality of life for the communities involved.
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Impact
August, 2024
Norton Development Corp plays a crucial role in fostering rural development by providing grant and loan money to businesses. The impact of this initiative is significant, as it helps improve the economic vitality and overall well-being of rural communities. By supporting businesses in these areas, Norton Development Corp contributes to job creation, infrastructure enhancement, and community development, ultimately aiming to strengthen the fabric of rural areas and drive sustainable growth.
This information is meant to be a general summary of Norton Development Corp. 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: $1,081
- Gross Receipts: $1,607
Assets and Liabilities:
- Total Assets: $160,561
- Total Liabilities: $98,283
- Net Assets: $62,278
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Organization Details
Founding Year
1994
Phone
(785) 877-3341Principal Officer
Lindsay Peterson
Main Address
PO Box 560, Norton, KS, 67654
NTEE Category
Code: S31N - Community improvement
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