Overview
What is Rappahannock Economic Development Corporation?
Rappahannock Economic Development Corporation is a nonprofit organization based within Virginia's commonwealth, dedicated to fostering economic growth and development within the small business community. Their primary mission involves promoting private sector investment in long-term fixed assets, which can enhance productivity, generate or preserve employment opportunities, and boost the local tax base in their operational area. By doing so, the Rappahannock Economic Development Corporation aims to make a positive impact on its community and fulfill the public policy objectives of the Small Business Administration (SBA). In essence, their efforts contribute to empowering the local small business sector to thrive and prosper.
Official website here: www.redco504.org
Is Rappahannock Economic Development Corporation legitimate?
Rappahannock Economic Development Corporation is a legitimate nonprofit organization registered as a 501(c)(4) entity. Rappahannock Economic 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: $215,769
Professional Fundraising Fees: $0
Other Salaries and Wages: $152,722
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Official website here: www.redco504.org
What is the mission statement of Rappahannock Economic Development Corporation?
The Rappahannock Economic Development Corporation is committed to fostering economic development and growth within the Commonwealth of Virginia, specifically for the small business community. Their objective is to encourage and boost private sector investment in long-term fixed assets. This, in turn, increases productivity, creates or retains employment opportunities, and increases the local tax base within their area of operations. Essentially, their mission is to generate a positive economic impact within their community, or to achieve a public policy goal set by the Small Business Administration (SBA).
Official website here: www.redco504.org
Who is the CEO of Rappahannock Economic Development Corporation?
Joe Distefano is the Chair of Rappahannock Economic Development Corporation.
Official website here: www.redco504.org
What is the revenue of Rappahannock Economic Development Corporation?
Rappahannock Economic Development Corporation's revenue in 2022 was $637,675.
Official website here: www.redco504.org
Who are the executives of Rappahannock Economic Development Corporation and what are their salaries?
The average compensation at Rappahannock Economic Development Corporation during 2022 was $122,830. There are 3 employees at Rappahannock Economic Development Corporation.
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Official website here: www.redco504.org
Where can I find the form 990 for Rappahannock Economic Development Corporation?
Rappahannock Economic Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.redco504.org
Learn more at the official website: www.redco504.org
Mission Statement of Rappahannock Economic Development Corporation
The Rappahannock Economic Development Corporation, in its mission, strives to promote economic development and growth within the small business community in Virginia. Its primary objective is to foster private sector investment in long-term fixed assets, thereby enhancing productivity, creating or retaining employment opportunities, and increasing the local tax base in its operational area. In essence, the organization aims to provide a positive economic impact within its community, serving as a catalyst to meet a public policy goal of the Small Business Administration (SBA).
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Impact
October, 2024
The Rappahannock Economic Development Corporation significantly impacts the small business community in Virginia by fostering economic development and growth. By promoting private sector investment in long-term fixed assets, the organization enhances productivity, creates and retains employment opportunities, and bolsters the local tax base. Their initiatives facilitate access to Small Business Administration (SBA) loan programs, enabling small businesses to thrive and contribute to the overall economic vitality of the region. This commitment to development not only strengthens individual businesses but also cultivates a more robust community, driving sustainable economic progress throughout the area.
This information is meant to be a general summary of Rappahannock Economic 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.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $8,117
- Program Service Revenue: $629,558
- Gross Receipts: $637,675
Assets and Liabilities:
- Total Assets: $549,871
- Total Liabilities: $71,836
- Net Assets: $478,035
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SERVICING FEES
Revenue
$348,935
LOAN PROCESSING FEES
Revenue
$227,788
CLOSING ATTORNEY COSTS
Revenue
$52,500
LATE FEES
Revenue
$335
Organization Details
Founding Year
1983
Phone
(540) 373-2897Principal Officer
Joe Distefano
Main Address
710 PRINCESS ANNE STREET SUITE 2, FREDERICKSBURG, VA, 22401
Website
www.redco504.orgNTEE Category
Code: S30 - Community improvement
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