Overview
What is Laurel Redevelopment Corporation?
Laurel Redevelopment Corporation is a nonprofit organization situated in Laurel, Delaware. Its primary objective is to revitalize the town's downtown area. To accomplish this mission, the corporation purchases various properties in the downtown sector, invests in their restoration, and leases them to new businesses. This strategic approach aims to stimulate economic growth, attract new ventures, and ultimately enhance the overall appeal of Downtown Laurel. The corporation's activities and purpose can be summarized as an initiative to revitalize the downtown district of Laurel, Delaware, by acquiring, rehabilitating, and leasing properties to new businesses.
Official website here: www.laurelredevelopment.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: Two Stars (69%)
Laurel Redevelopment Corporation has received a Two-Star out of Four Star rating from Charity Navigator, indicating a need for improvement in its accountability and financial practices. While the organization boasts a fully independent board and a solid program expense ratio of 100%, it falls short in several key areas, including the absence of financial statements and critical governance policies such as conflict of interest and whistleblower policies.
The organization's strong points include a high percentage of independent board members and a favorable liabilities-to-assets ratio, which suggests good financial health. However, the lack of essential documentation and transparency in its financial reporting raises concerns about its overall accountability. The absence of published tax forms on their website further diminishes the trustworthiness of their operations.
In summary, while the Laurel Redevelopment Corporation demonstrates commitment through its program expenses and governance structure, significant gaps in transparency and policy documentation highlight areas that require urgent attention for improvement.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about Laurel Redevelopment Corporation?
100% of 7 reviewers on Facebook recommend Laurel Redevelopment Corporation. Here is a summary of their reviews:
The comments reflect a strong endorsement of the organization, with users expressing their support and appreciation for the services it provides. Even those not residing in the area have shown enthusiasm by engaging with the nonprofit's online presence.
Overall, people feel positively about Laurel Redevelopment Corporation, indicating that it is making a valuable impact and resonating well with its community. The high recommendation rate suggests that it effectively meets the needs and expectations of its supporters.
This AI summary has been generated from reviews found on Facebook.
Is Laurel Redevelopment Corporation legitimate?
Laurel Redevelopment Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Laurel Redevelopment 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $74,170
For more financial information, click here
Official website here: www.laurelredevelopment.com
What is the mission statement of Laurel Redevelopment Corporation?
The Laurel Redevelopment Corporation's mission is centered around revitalizing urban areas. They achieve this by acquiring properties in downtown districts, investing in their restoration, and subsequently leasing them to new businesses. The primary objective is to breathe new life into these urban areas, fostering a vibrant and thriving business environment. By doing so, the corporation contributes to the overall enhancement and rejuvenation of the urban landscape.
Official website here: www.laurelredevelopment.com
Who is the CEO of Laurel Redevelopment Corporation?
Barry Morrison is the President of Laurel Redevelopment Corporation.
Official website here: www.laurelredevelopment.com
What is the revenue of Laurel Redevelopment Corporation?
Laurel Redevelopment Corporation's revenue in 2023 was $534,965.
Official website here: www.laurelredevelopment.com
Who are the executives of Laurel Redevelopment Corporation and what are their salaries?
The average compensation at Laurel Redevelopment Corporation during 2023 was $74,170. There is 1 employee and 9 volunteers at Laurel Redevelopment Corporation.
Here are 10 key members and their salaries:
- Compensation: $70,000
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- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
Official website here: www.laurelredevelopment.com
Where can I find the form 990 for Laurel Redevelopment Corporation?
Laurel Redevelopment Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.laurelredevelopment.com
Learn more at the official website: www.laurelredevelopment.com
Mission Statement of Laurel Redevelopment Corporation
Laurel Redevelopment Corporation, a nonprofit organization, is committed to revitalizing the downtown area of a certain location, referred to as Laurel. To accomplish this mission, the corporation acquires multiple properties within the town and invests in their rehabilitation. After completing the renovations, Laurel Redevelopment Corporation rents out these refurbished properties to new businesses. By doing so, the organization aims to breathe new life into the downtown area, ultimately contributing to its overall revitalization. In essence, Laurel Redevelopment Corporation serves as a catalyst for economic growth and community development within the downtown sector of the town.
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Impact
July, 2024
Laurel Redevelopment Corporation's impact is evident in the revitalization of downtown Laurel, DE. Through acquiring multiple properties in the area, rehabilitating them, and renting them out to new businesses, the organization is actively working towards the mission of revitalizing the town. By focusing on community improvement and economic development, Laurel Redevelopment Corporation is playing a crucial role in boosting the local economy, attracting new businesses, and creating a vibrant and thriving downtown area in Laurel, DE.
This information is meant to be a general summary of Laurel Redevelopment 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 2023.
- Investment Income: $35,344
- Gross Receipts: $648,216
Assets and Liabilities:
- Total Assets: $4,073,949
- Total Liabilities: $20,927
- Net Assets: $4,053,022
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Organization Details
Founding Year
1992
Phone
(302) 875-0601Principal Officer
Barry Morrison
Main Address
P O BOX 333, LAUREL, DE, 199560333
Website
www.laurelredevelopment.comNTEE Category
Code: S20 - Community improvement
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