Overview
What is New Hanover County Financing Corporation?
The New Hanover County Financing Corporation is a nonprofit organization located in Wilmington, North Carolina, at 230 Government Center Drive, Suite 165. Their primary mission is to aid New Hanover County in executing its governmental responsibilities by facilitating the issuance of debt for the procurement and development of public improvements. This includes the acquisition and construction of essential public infrastructure.
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 37%, Zero-Star out of Four Star rating.
The New Hanover County Financing Corporation has received a low score of 37% from Charity Navigator, indicating significant concerns regarding its accountability and financial practices. The rating highlights a total lack of independent board members, which raises questions about governance and oversight. Additionally, the organization has not provided financial statements, which are crucial for transparency.
The organization does have a positive aspect, being free from any material diversion of assets. However, several essential policies and practices are missing, including conflict of interest and whistleblower policies, which are important for maintaining ethical standards. The absence of a publicly accessible tax form also contributes to the lack of transparency.
Overall, the New Hanover County Financing Corporation's zero-star rating reflects a pressing need for improvements in its governance and financial reporting practices. Stakeholders and potential donors may want to consider these issues carefully before engaging with the organization.
This AI summary has been generated from information found on Charity Navigator.
Is New Hanover County Financing Corporation legitimate?
New Hanover County Financing Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Hanover County Financing 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of New Hanover County Financing Corporation?
The New Hanover County Financing Corporation plays a crucial role in supporting New Hanover County's governmental functions. Through the issuance of debt, the corporation enables the acquisition and construction of essential public improvements. By facilitating access to financing, the corporation contributes significantly to the county's ability to carry out its responsibilities and maintain the necessary infrastructure for its community. The debt issuance strategy enables the county to fund projects that would otherwise be financially burdensome, ensuring that governmental functions continue smoothly. The corporation's mission is centered around financial assistance, empowering local governments to prioritize and execute projects that serve the greater public good.
Who is the CEO of New Hanover County Financing Corporation?
Bill Rivenbark is the President of New Hanover County Financing Corporation.
What is the revenue of New Hanover County Financing Corporation?
New Hanover County Financing Corporation's revenue in 2023 was $22,396,634.
Who are the executives of New Hanover County Financing Corporation and what are their salaries?
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $300,535
- Other: $0
- Compensation: $0
- Related: $182,038
- Other: $0
- Compensation: $0
- Related: $46,031
- Other: $0
Where can I find the form 990 for New Hanover County Financing Corporation?
New Hanover County Financing Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of New Hanover County Financing Corporation
The New Hanover County Financing Corporation plays a crucial role in helping New Hanover County fulfill its governmental duties. By issuing debt, this corporation facilitates the acquisition and construction of essential public improvements within the county.
In simple terms, the New Hanover County Financing Corporation serves as a financing arm for the county, enabling it to fund key infrastructure projects. Through the issuance of debt, the corporation provides the necessary financial resources, allowing New Hanover County to carry out its mission effectively and benefit its community.
The corporation's mission is multifaceted. It primarily focuses on assisting New Hanover County in acquiring and constructing public improvements using debt financing. The debt issued is used to fund various projects that enhance the overall infrastructure and promote the county's growth and development.
By assuming this financial role, the New Hanover County Financing Corporation plays a vital part in ensuring the county can maintain and upgrade its public facilities, providing better services to its residents. As a result, the corporation contributes significantly to New Hanover County's ongoing efforts to meet the needs of its community and create a thriving environment for its residents.
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Impact
October, 2024
New Hanover County Financing Corporation plays a crucial role in supporting the governmental functions of New Hanover County by facilitating the issuance of debt. This financial mechanism enables the county to acquire and construct essential public improvements, which are vital for community development and infrastructure enhancement. By streamlining the funding process for these projects, the Corporation ensures that public services and facilities are effectively developed, ultimately benefiting the residents of Wilmington and the surrounding areas. This impact is evident in the improvements made to public infrastructure, which can enhance quality of life, promote economic growth, and foster a more vibrant community.
This information is meant to be a general summary of New Hanover County Financing 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 2023.
- Gross Receipts: $22,396,634
Assets and Liabilities:
- Total Assets: $181,912,087
- Total Liabilities: $181,912,087
- Net Assets: $0
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Organization Details
Founding Year
1997
Phone
(910) 798-7187Principal Officer
Bill Rivenbark
Main Address
230 Government Center Drive St165, Wilmington, NC, 28403
NTEE Category
Code: W110 - Public benefit
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