Overview
What is True Access Capital Corporation?
True Access Capital Corporation (TACC) is a nonprofit organization situated in Wilmington, Delaware. Their primary focus is to foster economic growth and community development by providing financing and support services to various entities, including small businesses and community-based projects. TACC operates two main programs: the Micro Loan Fund and the Business Growth Fund, which cater to small business enterprises, creating jobs and stimulating growth in emerging markets within Delaware and southeastern Pennsylvania. The third program, the Community Development Loan Fund, supports initiatives such as mixed-use properties, not-for-profit organizations, childcare centers, and community facilities. This fund offers up to $500,000 per obligor with a maximum term of five years. The Community Development Loan Program is designed to address all other lending needs that don't fall under the parameters of the affordable housing or small business lending products. TACC's mission is to empower a diverse base of entrepreneurs and businesses by providing them with access to capital, education, advocacy, and opportunities, thereby contributing to the overall development and thriving of the community.
Official website here: www.trueaccesscapital.org
What are the reviews and ratings of this charity?
Charity Navigator Rating 90%
True Access Capital Corporation has earned a Four-Star out of Four Star rating from Charity Navigator, reflecting a strong performance in accountability and finance with a score of 90%. The rating indicates that the organization effectively manages its resources, ensuring that funds are directed towards its mission. The high score in accountability suggests robust governance practices, including a fully independent board and sound financial oversight.
Strengths of True Access Capital include its high program expense ratio of 94.05%, signaling that a significant majority of its expenditures are allocated towards programs rather than administrative costs. Additionally, the organization has a good track record in having independent board members and an effective audit and oversight committee, which enhances its transparency and accountability.
However, it is worth noting that True Access Capital is missing a whistleblower policy, which could be a potential area for improvement. While their financial practices are strong, addressing this gap could further bolster their governance framework and reinforce their commitment to ethical operations. Overall, the organization demonstrates a commendable level of financial responsibility and governance.
This AI summary has been generated from information found on Charity Navigator.
Is True Access Capital Corporation legitimate?
True Access Capital Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. True Access Capital 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: $171,637
Professional Fundraising Fees: $0
Other Salaries and Wages: $813,650
For more financial information, click here
Official website here: www.trueaccesscapital.org
What is the mission statement of True Access Capital Corporation?
True Access Capital Corporation's mission is to foster a prosperous community by empowering a diverse group of entrepreneurs and businesses. They achieve this by providing access to capital, education, advocacy, and opportunities. The corporation's activities include making loans through various funds such as the Micro Loan Fund, Business Growth Fund, and Community Development Loan Fund. These loans help create jobs and build wealth in emerging markets. The Community Development Loan Fund specifically focuses on providing capital for community-based projects, benefiting not-for-profit organizations, child care centers, and other community facilities. True Access Capital Corporation's objective is to address all other lending needs that do not fall under the parameters of their affordable housing or small business lending products, thereby bringing benefits to a specific community.
Official website here: www.trueaccesscapital.org
Who is the CEO of True Access Capital Corporation?
Vandell Hampton Jr is the Chair of True Access Capital Corporation. The CEO's salary of True Access Capital Corporation is $157,295 and their total compensation is $171,637.
Official website here: www.trueaccesscapital.org
What is the revenue of True Access Capital Corporation?
True Access Capital Corporation's revenue in 2022 was $3,143,323.
Official website here: www.trueaccesscapital.org
Who are the executives of True Access Capital Corporation and what are their salaries?
The average compensation at True Access Capital Corporation during 2022 was $75,791. There are 13 employees and 40 volunteers at True Access Capital Corporation.
Here are 15 key members and their salaries (True Access Capital Corporation's CEO's salary is $157,295 and their total compensation is $171,637):
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- Compensation: $157,295
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- Other: $14,342
- Compensation: $107,000
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- Other: $9,623
Official website here: www.trueaccesscapital.org
Where can I find the form 990 for True Access Capital Corporation?
True Access Capital Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.trueaccesscapital.org
Learn more at the official website: www.trueaccesscapital.org
Mission Statement of True Access Capital Corporation
True Access Capital Corporation, in its mission, strives to foster a prosperous community by empowering a diverse array of entrepreneurs and businesses. They achieve this by providing access to capital, education, advocacy, and opportunities. This organization believes that by empowering these businesses, they can create jobs, stimulate economic growth, and contribute to the well-being of their communities.
True Access Capital Corporation's primary focus is on small businesses, recognizing their critical role in creating employment opportunities and building wealth in emerging markets. They operate two main lending programs for small businesses: the Micro Loan Fund and the Business Growth Fund. These programs provide financing and support services to small enterprise owners, enabling them to grow their operations and contribute to their communities' development.
In addition to its small business lending programs, True Access Capital Corporation also has a Community Development Loan Fund. This fund focuses on providing capital for community-based projects such as mixed-use properties, not-for-profit organizations, childcare centers, and other community facilities. The Community Development Loan Program aims to address all other lending needs that do not fall under the parameters of their affordable housing or small business lending products. By offering these loans, True Access Capital Corporation can contribute positively to a particular community, for instance, by establishing a new childcare center, supporting a healthcare provider, or assisting with the purchase or rehabilitation of office space for a non-profit organization.
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Impact
July, 2024
True Access Capital Corporation's impact is significant as it empowers a diverse base of entrepreneurs and businesses through access to capital, education, advocacy, and opportunity. In 2022, True Access Capital Corporation provided substantial financial support through various loan programs, including the Micro Loan Fund, Business Growth Fund, and Community Development Loan Fund. These loans totaled $6,102,900 and had a direct impact on job creation, wealth building, and community development in Delaware and Southeastern Pennsylvania. By focusing on small business enterprises, community-based projects, and emerging markets, True Access Capital Corporation plays a crucial role in fostering economic growth and sustainability in the region.
This information is meant to be a general summary of True Access Capital 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: -$44,994
- Program Service Revenue: $1,411,258
- Gross Receipts: $3,427,829
Assets and Liabilities:
- Total Assets: $22,058,882
- Total Liabilities: $11,751,599
- Net Assets: $10,307,283
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INTEREST ON LOAN
Revenue
$1,009,267
CONTRACTUAL INCOME
Revenue
$259,254
LOAN FEES
Revenue
$103,345
PROGRAM REVENUE
Revenue
$38,371
RECOVERY INCOME
Revenue
$1,021
Organization Details
Founding Year
1992
Phone
(302) 652-6774Principal Officer
Vandell Hampton Jr
Main Address
100 WEST 10TH STREET 300, WILMINGTON, DE, 19801
Website
www.trueaccesscapital.orgNTEE Category
Code: W60Z - Public benefit
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