Overview
What is Mountain Empire Regional Business Incubator Inc?
Mountain Empire Regional Business Incubator Inc is a nonprofit organization situated in Duffield, Virginia, specifically at PO Box 408. Their primary mission is to operate two small business incubator facilities, catering to the needs of the far southwestern corner of Virginia. By providing these facilities, they aim to support and foster the growth of small businesses in the region, contributing to local economic development.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Two-Star out of Four Star rating, Needs Improvement (73%)
Mountain Empire Regional Business Incubator Inc has received a two-star rating from Charity Navigator, indicating that the organization is in need of improvement. While it scored 100% in Accountability & Finance, showcasing a strong financial management system and the absence of material diversion of assets, certain governance practices have not been fully implemented, which has affected the overall rating.
The organization benefits from an independent board with exemplary scores in areas such as board size and documentation of meeting minutes. Additionally, it maintains a healthy liabilities to assets ratio and a strong program expense ratio, suggesting that a significant portion of its resources is directed toward its mission.
However, critical policies, including conflict of interest, whistleblower, and document retention and destruction policies, are missing. These gaps could pose risks to governance and accountability, ultimately impacting stakeholder trust and operational effectiveness. Addressing these issues may help the organization improve its standing and better fulfill its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Mountain Empire Regional Business Incubator Inc legitimate?
Mountain Empire Regional Business Incubator Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mountain Empire Regional Business Incubator Inc 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: $0
For more financial information, click here
What is the mission statement of Mountain Empire Regional Business Incubator Inc?
Mountain Empire Regional Business Incubator Inc's mission is centered around operating two small business incubator facilities. The primary goal is to serve the far southwestern corner of Virginia, providing a supportive environment for the growth and development of small businesses in the region. By operating these facilities, the organization aims to foster entrepreneurship and contribute to the local economy. The incubator provides resources and opportunities for new businesses, helping them to navigate the challenges of starting and growing a company. The incubator's mission is to contribute to the local business landscape, providing a platform for innovation and economic development.
Who is the CEO of Mountain Empire Regional Business Incubator Inc?
Charles Slemp Jr is the President of Mountain Empire Regional Business Incubator Inc.
What is the revenue of Mountain Empire Regional Business Incubator Inc?
Mountain Empire Regional Business Incubator Inc's revenue in 2022 was $144,150.
Who are the executives of Mountain Empire Regional Business Incubator Inc and what are their salaries?
Here are 11 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Mountain Empire Regional Business Incubator Inc?
Mountain Empire Regional Business Incubator Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Mountain Empire Regional Business Incubator Inc
Mountain Empire Regional Business Incubator Inc is dedicated to serving the far southwestern corner of Virginia by operating two small business incubator facilities. This nonprofit organization's mission is to provide a conducive environment for the growth and development of small businesses. By operating these facilities, Mountain Empire Regional Business Incubator Inc aims to foster entrepreneurship and contribute to the local economy. The incubator centers offer resources, support, and guidance to budding entrepreneurs, helping them turn their business ideas into successful ventures. The organization's mission is instrumental in nurturing and empowering local businesses, thereby contributing to the overall economic development of the region.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
Mountain Empire Regional Business Incubator Inc has a significant impact on the economic landscape of the far southwestern corner of Virginia. By operating two small business incubator facilities, it provides critical support and resources for emerging entrepreneurs and startups in the region. This initiative fosters innovation, job creation, and community development by offering affordable office space, mentorship programs, and access to essential business services.
The incubator facilities serve as a catalyst for community improvement by encouraging local economic growth and reducing unemployment rates. By nurturing startups and small businesses, the organization helps to diversify the local economy and enhance the overall quality of life for residents. Ultimately, Mountain Empire Regional Business Incubator Inc plays a vital role in empowering individuals, strengthening communities, and driving sustainable economic development in the area.
This information is meant to be a general summary of Mountain Empire Regional Business Incubator Inc. 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: $1,235
- Program Service Revenue: $142,726
- Gross Receipts: $144,150
Assets and Liabilities:
- Total Assets: $603,640
- Total Liabilities: $13,278
- Net Assets: $590,362
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
INCUBATOR LEASE INCOME
Revenue
$129,220
INCUBATOR RECOVERED COSTS
Revenue
$13,506
Organization Details
Phone
(276) 431-7226Principal Officer
Charles Slemp Jr
Main Address
PO BOX 408, DUFFIELD, VA, 24244
NTEE Category
Code: S30 - Community improvement
If you are a representative of Mountain Empire Regional Business Incubator Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.