Overview
What is The Microdreams Foundation Inc?
The Microdreams Foundation Inc, situated in Newark, New Jersey, is a dedicated nonprofit organization. Its primary mission is to support small, promising microfinance institutions in the developing world, ensuring their financial stability and self-sufficiency. To achieve this goal, the foundation offers direct investments, bilateral loans, and loan guarantees to highly-rated microfinance institutions. By doing so, it ensures that funds continue to reach entrepreneurs in need, contributing to economic growth and development on a global scale.
Official website here: www.microdreams.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 97%, Four-Star out of Four Star rating.
The Microdreams Foundation Inc has achieved an impressive overall score of 97%, which reflects a strong commitment to accountability and financial transparency. This rating is based solely on the Accountability & Finance beacon, indicating that the organization has met high standards in these areas. The foundation's governance is notable, with 83% of its board members being independent, ensuring objective oversight.
Additionally, the organization has demonstrated excellence in financial management, with a program expense ratio of 79.08%. This indicates that a significant portion of its funds is directed toward its programs rather than administrative costs. The foundation has established robust policies for conflict of interest, whistleblower protections, and document retention, all of which contribute to its high ratings in accountability.
While the data highlights many strengths, it primarily focuses on financial aspects and governance. There are no noted limitations or areas of concern in the information provided, showcasing The Microdreams Foundation's dedication to responsible management practices and effective program execution.
This AI summary has been generated from information found on Charity Navigator.
Is The Microdreams Foundation Inc legitimate?
The Microdreams Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Microdreams Foundation 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
Official website here: www.microdreams.org
What is the mission statement of The Microdreams Foundation Inc?
The Microdreams Foundation supports the permanence of small, promising microfinance institutions in developing countries by providing direct investments, bilateral loans, and loan guarantees. This ensures that funds continue to reach entrepreneurs in need, thereby promoting financial self-sufficiency for these institutions. The foundation's mission is to aid these microfinance institutions in achieving stability and sustainability, thereby contributing to economic growth and development in these regions. By providing financial assistance, The Microdreams Foundation aims to empower local entrepreneurs and contribute to poverty alleviation and socio-economic progress in the developing world.
Official website here: www.microdreams.org
Who is the CEO of The Microdreams Foundation Inc?
Politimi Kelekis is the President of The Microdreams Foundation Inc. The CEO's salary of The Microdreams Foundation Inc is $0 and their total compensation is $0.
Official website here: www.microdreams.org
What is the revenue of The Microdreams Foundation Inc?
The Microdreams Foundation Inc's revenue in 2022 was $491,604.
Official website here: www.microdreams.org
Who are the executives of The Microdreams Foundation Inc and what are their salaries?
There 7 volunteers at The Microdreams Foundation Inc.
Here are 7 key members and their salaries (The Microdreams Foundation Inc's CEO's salary is $0 and their total compensation is $0):
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- Other: $0
Official website here: www.microdreams.org
Where can I find the form 990 for The Microdreams Foundation Inc?
The Microdreams Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.microdreams.org
Learn more at the official website: www.microdreams.org
Mission Statement of The Microdreams Foundation Inc
The Microdreams Foundation, a renowned organization, focuses on supporting small, promising microfinance institutions in the developing world. Its mission is to help these institutions achieve financial self-sufficiency. The Foundation achieves this by providing direct investments, bilateral loans, and loan guarantees to highly-rated small microfinance institutions. This strategic approach ensures that funds continue to reach entrepreneurs in need, thereby fostering sustainable growth and development in these communities. By empowering these microfinance institutions, The Microdreams Foundation plays a crucial role in extending financial opportunities to individuals who might otherwise be excluded from traditional banking systems, thereby contributing to economic empowerment and societal progress in the developing world.
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Impact
July, 2024
The Microdreams Foundation Inc directly impacts entrepreneurs in the developing world by providing direct investments, bilateral loans, and loan guarantees to highly rated small microfinance institutions. This support ensures that funding continues to reach entrepreneurs in need, helping to fuel economic growth and empowerment in underserved communities.
This information is meant to be a general summary of The Microdreams Foundation 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: $25
- Program Service Revenue: $125,688
- Gross Receipts: $491,604
Assets and Liabilities:
- Total Assets: $2,048,539
- Total Liabilities: $24,019
- Net Assets: $2,024,520
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN GUARANTEE INTERES
Revenue
$129,456
FOREIGN CURRENCY GAIN
Revenue
-$3,768
Organization Details
Founding Year
2000
Phone
(973) 230-3678Principal Officer
Politimi Kelekis
Main Address
60 PARK PLACE SUITE 520, NEWARK, NJ, 07102
Website
www.microdreams.orgNTEE Category
Code: Q32 - International
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