Overview
What is Latino Economic Development Center?
The Latino Economic Development Center, located at 804 Margaret Street, Saint Paul, Minnesota 55106, is a dedicated nonprofit organization. Their primary mission is to foster economic growth for the Latino community across Minnesota. Through their Business Development Program, they offer extensive technical assistance to over 600 small businesses and entrepreneurs, including those owned by immigrants and individuals from underrepresented racial and ethnic groups. This support totals over 2,500 hours of guidance. The center aims to promote sustainable communities by providing a supportive structure and necessary tools. With a team of 31 dedicated employees, the Latino Economic Development Center is committed to transforming the community by creating economic opportunities for the Latino population in Minnesota.
Official website here: www.ledcmn.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 93% - Four-Star out of Four Stars
The Latino Economic Development Center has received a commendable Four-Star rating from Charity Navigator, reflecting strong accountability and financial health. The organization scored exceptionally well in several key areas, including having a fully independent board and a solid financial oversight structure, which indicates a high level of transparency and governance.
The center excels in its program efficiency, allocating over 92% of its expenses directly to its programs. This suggests a strong focus on fulfilling its mission and making a significant impact in the community it serves. Additionally, the organization demonstrates a robust working capital ratio, allowing it to sustain its operations effectively.
However, the fundraising efficiency ratio is relatively low, indicating potential room for improvement in its fundraising strategies. Despite this, the overall financial health and accountability metrics position the Latino Economic Development Center as a reliable and impactful nonprofit organization.
This AI summary has been generated from information found on Charity Navigator.
Is Latino Economic Development Center legitimate?
Latino Economic Development Center is a legitimate nonprofit organization registered as a 501(c)(3) entity. Latino Economic Development Center 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: $200,906
Professional Fundraising Fees: $0
Other Salaries and Wages: $917,444
For more financial information, click here
Official website here: www.ledcmn.org
What is the mission statement of Latino Economic Development Center?
The Latino Economic Development Center's mission is centered around transforming communities by fostering economic opportunities for Latinos across Minnesota. They accomplish this by offering a supportive structure and necessary resources, enabling the establishment of sustainable communities. The organization's Business Development Program is instrumental in this mission, providing technical assistance to over 600 small businesses and entrepreneurs, primarily owned by Latinos, immigrants, and individuals from underrepresented communities, for a cumulative total of over 2,500 hours.
Official website here: www.ledcmn.org
Who is the CEO of Latino Economic Development Center?
Henry Jimenez is the Chair of Latino Economic Development Center.
Official website here: www.ledcmn.org
What is the revenue of Latino Economic Development Center?
Latino Economic Development Center's revenue in 2022 was $4,726,530.
Official website here: www.ledcmn.org
Who are the executives of Latino Economic Development Center and what are their salaries?
The average compensation at Latino Economic Development Center during 2022 was $36,076. There are 31 employees and 10 volunteers at Latino Economic Development Center.
Here are 14 key members and their salaries:
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- Compensation: $178,953
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- Other: $21,953
Official website here: www.ledcmn.org
Where can I find the form 990 for Latino Economic Development Center?
Latino Economic Development Center's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.ledcmn.org
Learn more at the official website: www.ledcmn.org
Mission Statement of Latino Economic Development Center
The Latino Economic Development Center, abbreviated as LEDC, is dedicated to transforming its community by creating sustainable economic opportunities for Latinos throughout Minnesota. Their mission is multifaceted, encompassing the provision of a supportive structure, resources, and tools to foster the growth of Latino-owned, immigrant-owned, and BIPOC-owned small businesses and entrepreneurs. The center achieves this by offering technical assistance to over 600 such businesses, providing them with more than 2,500 hours of support. This mission aims to foster a thriving economic landscape for the Latino community in Minnesota, contributing to the overall transformation of the community.
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Impact
July, 2024
Latino Economic Development Center has a significant impact on the economic opportunities for Latinos throughout Minnesota. Their Business Development Program consultants have provided over 2,500 hours of technical assistance to more than 600 Latino-owned, immigrant-owned, and BIPOC-owned small businesses and entrepreneurs. By supporting these enterprises, LEDC is playing a crucial role in fostering economic growth and sustainability within the Latino community across the state of Minnesota.
This information is meant to be a general summary of Latino Economic Development Center. 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: $148,810
- Program Service Revenue: $120,605
- Gross Receipts: $4,731,238
Assets and Liabilities:
- Total Assets: $11,425,396
- Total Liabilities: $4,942,297
- Net Assets: $6,483,099
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Program Fees
Revenue
$120,605
Organization Details
Founding Year
2003
Phone
(612) 724-5332Principal Officer
Henry Jimenez
Main Address
804 Margaret Street, Saint Paul, MN, 55106
Website
www.ledcmn.orgNTEE Category
Code: L99 - Housing
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