Overview
What is Carolinas Virginia Minority Supplier Development Councils Inc?
Carolinas Virginia Minority Supplier Development Councils Inc, based in Charlotte, North Carolina, is a nonprofit organization with a mission to foster economic growth by connecting Minority Business Enterprises (MBEs) with corporations. Over the past year, they have expanded their network by adding 12 new corporate members and 84 new MBEs. In terms of activities, they have hosted three significant events and celebrated their 50th anniversary of community engagement. Furthermore, they have awarded development scholarships to 50 MBEs. With a team of 10 dedicated individuals, this organization plays a crucial role in promoting business opportunities and growth for minority-owned businesses in the Carolinas and Virginia regions.
Official website here: www.cvmsdc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 56%, One-Star out of Four Star Rating
Carolinas Virginia Minority Supplier Development Councils Inc has received a low rating of 56%, indicating concerns regarding its financial management and accountability. While the organization boasts a strong independent board, achieving full marks in board independence and oversight, there are significant weaknesses in its financial ratios. The program expense ratio is notably low at 46.53%, suggesting that less than half of its expenses are directed toward its stated mission.
The nonprofit has demonstrated good governance practices, with policies in place for conflict of interest, whistleblower protection, and document retention. These factors contribute positively to its accountability score, but the overall financial health raises red flags. The liabilities to assets ratio of 6.20% is particularly concerning, as it reflects potential challenges in managing its financial obligations.
Despite these strengths in governance, the failure to post its tax form on the nonprofit's website undermines transparency and is likely a contributing factor to its low rating. Stakeholders and potential donors may want to consider these limitations carefully when evaluating the organization's viability and impact.
This AI summary has been generated from information found on Charity Navigator.
Is Carolinas Virginia Minority Supplier Development Councils Inc legitimate?
Carolinas Virginia Minority Supplier Development Councils Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Carolinas Virginia Minority Supplier Development Councils 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: $459,786
For more financial information, click here
Official website here: www.cvmsdc.org
What is the mission statement of Carolinas Virginia Minority Supplier Development Councils Inc?
The mission of Carolinas Virginia Minority Supplier Development Councils Inc, as stated, is focused on connecting Minority Business Enterprises (MBEs) with corporations to foster economic growth. This organization serves to bridge the gap between these two entities, aiming to drive development and expansion in the business sector. They have achieved this by adding 12 new corporate members and 84 new MBEs to their network. Furthermore, they have organized three major events to facilitate these connections and celebrate milestones, such as their 50th anniversary of community engagement. Additionally, they offer development scholarships to 50 MBEs, providing them with valuable resources to enhance their businesses.
Official website here: www.cvmsdc.org
Who is the CEO of Carolinas Virginia Minority Supplier Development Councils Inc?
S Dallas Simmons is the Treasurer of Carolinas Virginia Minority Supplier Development Councils Inc. The CEO's salary of Carolinas Virginia Minority Supplier Development Councils Inc is $141,539 and their total compensation is $141,539.
Official website here: www.cvmsdc.org
What is the revenue of Carolinas Virginia Minority Supplier Development Councils Inc?
Carolinas Virginia Minority Supplier Development Councils Inc's revenue in 2022 was $1,403,116.
Official website here: www.cvmsdc.org
Who are the executives of Carolinas Virginia Minority Supplier Development Councils Inc and what are their salaries?
The average compensation at Carolinas Virginia Minority Supplier Development Councils Inc during 2022 was $45,979. There are 10 employees and 30 volunteers at Carolinas Virginia Minority Supplier Development Councils Inc.
Here are 25 key members and their salaries (Carolinas Virginia Minority Supplier Development Councils Inc's CEO's salary is $141,539 and their total compensation is $141,539):
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Official website here: www.cvmsdc.org
Where can I find the form 990 for Carolinas Virginia Minority Supplier Development Councils Inc?
Carolinas Virginia Minority Supplier Development Councils Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.cvmsdc.org
Learn more at the official website: www.cvmsdc.org
Mission Statement of Carolinas Virginia Minority Supplier Development Councils Inc
Carolinas Virginia Minority Supplier Development Councils Inc, abbreviated as CVMSDC, is dedicated to connecting Minority Business Enterprises (MBEs) with corporations, aiming to stimulate economic growth. The organization's mission is to serve as a bridge, connecting these two entities, thereby fostering opportunities for growth and development. By fostering these connections, CVMSDC aims to contribute to the overall economic growth of the community.
In pursuit of its mission, CVMSDC has made significant strides. It has added 12 new corporate members, further expanding its network and increasing the opportunities available to MBEs. Additionally, the organization has welcomed 84 new MBEs into its fold, thereby broadening its base and increasing its capacity to drive economic growth. To celebrate its achievements and community engagement, CVMSDC celebrated its 50th anniversary with three major events. Furthermore, in an effort to support the growth and development of MBEs, the council awarded development scholarships to 50 of its members. This investment in education and development is expected to yield significant dividends in the future, as these businesses continue to grow and contribute to the economy.
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Impact
July, 2024
Carolinas Virginia Minority Supplier Development Councils Inc, also known as CVMSDC, has made a significant impact by connecting Minority Business Enterprises (MBEs) and corporations to drive economic growth. In the past year, CVMSDC has added 12 new corporate members and 84 new MBEs, facilitating valuable partnerships that benefit both parties. Additionally, the organization has hosted three major events, including the 50th anniversary celebration of community engagement.
One of the notable initiatives undertaken by CVMSDC is the provision of development scholarships to 50 MBEs, empowering them to enhance their skills and expand their businesses. Through its mission of fostering connections between MBEs and corporations, CVMSDC plays a crucial role in driving economic development and promoting diversity in the business world.
This information is meant to be a general summary of Carolinas Virginia Minority Supplier Development Councils 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: $59
- Program Service Revenue: $881,648
- Gross Receipts: $1,403,116
Assets and Liabilities:
- Total Assets: $1,586,105
- Total Liabilities: $98,408
- Net Assets: $1,487,697
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Organization Details
Founding Year
1977
Phone
(704) 549-1000Principal Officer
S Dallas Simmons
Main Address
9319 Robert D Snyder Rd Portal Bldg, Charlotte, NC, 28223
Website
www.cvmsdc.orgNTEE Category
Code: S430 - Community improvement
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