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Charter Schools Development Corporation

Learn about this cause: What are the reviews? Is it Legit? Do I like the mission? What is the CEO's salary?

EIN: 522063496 ✦ Hanover, MD ✦ Designated as a 501(c)(3)

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Overview

What is Charter Schools Development Corporation?

The Charter Schools Development Corporation is a Maryland-based community development financial institution (CDFI) with a team of fifteen employees. Their mission is to provide financial assistance to public charter schools, helping them acquire and finance educational facilities and related capital improvements. As a CDFI, Charter Schools Development Corporation offers loans, credit enhancements, financing guarantees, facility development, and management support to charter schools, contributing significantly to the building of great public charter schools.


Official website here: www.csdc.org

What are the reviews and ratings of this charity?

Charity Navigator Rating: 73%, earning it a Two-Star out of Four Star rating.

Charter Schools Development Corporation has received a Two-Star rating from Charity Navigator, indicating some concerns regarding its accountability and governance practices. While the organization has a solid program expense ratio of 72.92% and maintains good oversight of its financial statements, it notably lacks independent board members and has not effectively implemented several governance policies, such as a whistleblower policy or a document retention policy.

The organization does excel in certain areas, such as reporting financial information transparently and having a strong audit and oversight committee. However, the absence of independent board members and shortcomings in governance practices can raise questions about its overall management and decision-making processes. This lack of independent oversight may limit the organization’s effectiveness in addressing potential conflicts of interest.

Overall, while Charter Schools Development Corporation demonstrates some financial strengths and transparency in certain areas, it must improve its governance framework to enhance accountability and build trust with stakeholders. Addressing these issues could lead to better ratings and increased community support in the future.


This AI summary has been generated from information found on Charity Navigator.

Is Charter Schools Development Corporation legitimate?

Charter Schools Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Charter Schools Development 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: $2,122,079
Professional Fundraising Fees: $0
Other Salaries and Wages: $313,511

For more financial information, click here


Official website here: www.csdc.org

What is the mission statement of Charter Schools Development Corporation?

The Charter Schools Development Corporation functions as a Community Development Financial Institution (CDFI), dedicated to aiding public charter schools in procuring and financing educational facilities and related capital improvements. Through various financial instruments such as loans, credit enhancements, and financing guarantees, this organization supports charter schools in their facility development and management. In essence, the Charter Schools Development Corporation serves as a key player in facilitating the growth and improvement of public charter schools across the educational landscape.


Official website here: www.csdc.org

Who is the CEO of Charter Schools Development Corporation?

Michelle Prosperi is the Chair-Incoming of Charter Schools Development Corporation. The CEO's salary of Charter Schools Development Corporation is $128,083 and their total compensation is $141,365.


Official website here: www.csdc.org

What is the revenue of Charter Schools Development Corporation?

Charter Schools Development Corporation's revenue in 2022 was $12,551,339.


Official website here: www.csdc.org

Who are the executives of Charter Schools Development Corporation and what are their salaries?

The average compensation at Charter Schools Development Corporation during 2022 was $162,373. There are 15 employees at Charter Schools Development Corporation.


Here are 16 key members and their salaries (Charter Schools Development Corporation's CEO's salary is $128,083 and their total compensation is $141,365):


Michael Curran (Chair-Incoming)
  • Compensation: $28,000
  • Related: $0
  • Other: $0
Tom Nida (Chair-Outgoing)
  • Compensation: $11,000
  • Related: $0
  • Other: $0
Ember Reichgott Junge (Vice Chair)
  • Compensation: $10,000
  • Related: $0
  • Other: $0
Jim Goenner (Director & Treasurer)
  • Compensation: $17,000
  • Related: $0
  • Other: $0
Lanette Dailey-Reese (Director & Secretary)
  • Compensation: $17,000
  • Related: $0
  • Other: $0
Jay Hromatka (Director)
  • Compensation: $12,500
  • Related: $0
  • Other: $0
Leo Valdez (Director)
  • Compensation: $13,500
  • Related: $0
  • Other: $0
Christina Ryan Digiulian (Director)
  • Compensation: $18,500
  • Related: $0
  • Other: $0
Alvin Dubin (President/Ceo (Outgoing))
  • Compensation: $345,308
  • Related: $0
  • Other: $20,590
Laura Fiemann (Chief Development Officer)
  • Compensation: $315,017
  • Related: $0
  • Other: $42,311
Annette High (Vp Of Accounting)
  • Compensation: $190,082
  • Related: $0
  • Other: $48,266
Michelle Prosperi (Chief Operating Officer)
  • Compensation: $337,908
  • Related: $0
  • Other: $56,087
Rebecca Secrest (Senior Vice President)
  • Compensation: $219,350
  • Related: $0
  • Other: $27,251
Mark Zeizel (Vice President)
  • Compensation: $205,587
  • Related: $0
  • Other: $45,458
Alan Washington (President/Ceo (Incoming))
  • Compensation: $128,083
  • Related: $0
  • Other: $13,282
Shanta Bacon (Senior Project Accountant)
  • Compensation: $106,084
  • Related: $0
  • Other: $35,735


Official website here: www.csdc.org

Where can I find the form 990 for Charter Schools Development Corporation?

Charter Schools Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.


Official website here: www.csdc.org

Learn more at the official website: www.csdc.org

Mission Statement of Charter Schools Development Corporation

Charter Schools Development Corporation (CSDC) is a community development financial institution (CDFI) with a mission to aid public charter schools in procuring and financing educational facilities and related capital improvements. Established to support charter schools in their quest for adequate learning environments, CSDC offers various financial solutions.

In their commitment to improving education, CSDC extends loans, credit enhancements, and financing guarantees to charter schools. Their assistance enables charter schools to secure the necessary funding for facility development and capital improvements. By offering these financial services, CSDC plays a crucial role in ensuring that charter schools have the resources they need to provide quality education to their students.

Additionally, CSDC offers facility development and management support to charter schools. This comprehensive approach to financing and development enables charter schools to focus on their core mission: providing excellent education to their students. By handling the complexities of facility financing and development, CSDC empowers charter schools to dedicate their resources to teaching and learning.

In essence, Charter Schools Development Corporation serves as a dedicated partner to public charter schools. Their financial expertise and commitment to education allow charter schools to overcome the challenges of securing adequate financing and developing facilities, ultimately enabling them to provide the best possible educational experience for their students.

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Impact




October, 2024

Charter Schools Development Corporation (CSDC) plays a vital role in enhancing educational opportunities by financing and building public charter schools. By offering loans, credit enhancements, and financing guarantees, CSDC ensures that schools have the necessary financial resources to acquire and develop their educational facilities.

In addition to financial support, CSDC provides facility development and management assistance, helping charter schools to create safe, welcoming environments conducive to learning. As a Community Development Financial Institution (CDFI), CSDC is dedicated to addressing the unique challenges faced by public charter schools, which often struggle to secure funding for capital projects compared to traditional public schools.

CSDC's impact extends beyond simple financing; it actively contributes to the broader educational landscape by empowering schools to improve their infrastructure and educational offerings. This support enables charter schools to attract and retain students, foster community engagement, and ultimately enhance student outcomes, making a significant contribution to the overall quality of education in the regions they serve.




This information is meant to be a general summary of Charter Schools Development 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.

Revenue
$12,551,339 (2022)
Expenses
$7,899,598 (2022)
Efficiency

Other financial information:

This information is from the most recently submitted tax form from this organization, which was in 2022.

  • Investment Income: -$48,372
  • Program Service Revenue: $4,971,703
  • Gross Receipts: $12,739,939

Assets and Liabilities:

  • Total Assets: $136,626,734
  • Total Liabilities: $61,874,405
  • Net Assets: $74,752,329

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Programs

Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.

INTEREST INCOME - CDFI

Revenue

$2,485,303

RENTAL INCOME

Revenue

$2,036,244

DEVELOPER'S FEES

Revenue

$315,351

LOAN ORIGINATION FEE INCOME

Revenue

$98,727

CREDIT ENHANCEMENT FEES

Revenue

$36,078

Organization Details

Founding Year

1997

Principal Officer

Michelle Prosperi

Main Address

7880 MILESTONE PARKWAY 425, HANOVER, MD, 21076

NTEE Category

Code: B99 - Education

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