Overview
What is Naugatuck Economic Development Corporation?
The Naugatuck Economic Development Corporation, based in Naugatuck, Connecticut, is a dedicated nonprofit organization aimed at fostering economic growth and improving public welfare within the borough. Their mission encompasses promoting and supporting business and industry development, encouraging public and private partnerships, coordinating planning and development, leveraging resources, and providing technical assistance to local businesses. The corporation also plays a significant role in revitalizing downtown Naugatuck and engaging in various community development activities. With a small team of two employees, they strive to contribute positively to the borough's economic development.
Official website here: www.naugatuckedc.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 83% (Three-Star out of Four Star rating)
The Naugatuck Economic Development Corporation has received a solid rating of 83%, reflecting its strong performance in accountability and finance. This score is derived entirely from a thorough assessment of its financial practices, indicating that the organization exhibits a high level of responsibility in managing its resources.
One of the major strengths highlighted in the rating is the board's composition, with 100% independent members, which enhances objectivity in governance. Additionally, the organization demonstrates excellent practices in document retention and meeting transparency, contributing to its overall accountability. The program expense ratio is particularly noteworthy, as it indicates that all of its expenses are dedicated to its programs, showcasing a commitment to its mission.
While the rating is commendable, it is important for potential donors and stakeholders to consider that the assessment is based solely on financial accountability. Other areas such as program effectiveness or community impact are not covered in this rating, which could provide a more comprehensive view of the organization's overall performance.
This AI summary has been generated from information found on Charity Navigator.
Is Naugatuck Economic Development Corporation legitimate?
Naugatuck Economic Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Naugatuck 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: $75,300
Professional Fundraising Fees: $0
Other Salaries and Wages: $20,077
For more financial information, click here
Official website here: www.naugatuckedc.com
What is the mission statement of Naugatuck Economic Development Corporation?
The Naugatuck Economic Development Corporation's mission is centered around promoting economic development in its respective region. This is accomplished by encouraging public and private partnerships, coordinating planning and development, leveraging resources, providing leadership for economic and development activities, revitalizing downtown areas, offering technical support to local businesses, and engaging in various community development activities. The organization's primary goal is to advance the economic well-being of its community, working towards a prosperous and thriving local economy.
Official website here: www.naugatuckedc.com
Who is the CEO of Naugatuck Economic Development Corporation?
Ron Pugliese is the Secretary of Naugatuck Economic Development Corporation. The CEO's salary of Naugatuck Economic Development Corporation is $75,300 and their total compensation is $75,300.
Official website here: www.naugatuckedc.com
What is the revenue of Naugatuck Economic Development Corporation?
Naugatuck Economic Development Corporation's revenue in 2023 was $127,680.
Official website here: www.naugatuckedc.com
Who are the executives of Naugatuck Economic Development Corporation and what are their salaries?
The average compensation at Naugatuck Economic Development Corporation during 2023 was $47,688. There are 2 employees and 20 volunteers at Naugatuck Economic Development Corporation.
Here are 21 key members and their salaries (Naugatuck Economic Development Corporation's CEO's salary is $75,300 and their total compensation is $75,300):
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Official website here: www.naugatuckedc.com
Where can I find the form 990 for Naugatuck Economic Development Corporation?
Naugatuck Economic Development Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.naugatuckedc.com
Learn more at the official website: www.naugatuckedc.com
Mission Statement of Naugatuck Economic Development Corporation
The Naugatuck Economic Development Corporation, a municipal organization based in Connecticut, is dedicated to advancing the economic development and public welfare of its community. Its mission is to promote business and industry growth within the borough, encouraging public and private partnerships, coordinating planning and development, leveraging resources, and providing leadership for economic and development activities. The corporation is also instrumental in revitalizing downtown Naugatuck, offering technical support to local businesses, and engaging in various community development activities. Essentially, the Naugatuck Economic Development Corporation aims to foster economic growth and improve the overall well-being of its community by supporting and nurturing businesses.
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Impact
October, 2024
The Naugatuck Economic Development Corporation plays a pivotal role in enhancing the economic landscape of Naugatuck, Connecticut. By promoting and assisting the growth of local businesses and industries, it significantly advances the economic development and public welfare of the borough.
The organization fosters public and private partnerships, which are essential for coordinated planning and development initiatives. This collaborative approach allows for the effective leveraging of resources, ensuring that both financial and human capital are utilized optimally to benefit the community.
One of its crucial focuses is the revitalization of downtown Naugatuck, which not only improves the aesthetic appeal of the area but also attracts businesses and tourists, boosting the local economy. Additionally, the Corporation provides technical support to local businesses, equipping them with the tools and knowledge needed to thrive in a competitive environment. Through leadership in economic activities and community development, it creates a robust framework for sustainable growth in Naugatuck, ultimately contributing to a more vibrant and economically stable community.
This information is meant to be a general summary of Naugatuck 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 2023.
- Gross Receipts: $127,680
Assets and Liabilities:
- Total Assets: $29,187
- Total Liabilities: $5,219
- Net Assets: $23,968
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Organization Details
Founding Year
2002
Phone
(203) 723-4411Principal Officer
Ron Pugliese
Main Address
270 CHURCH STREET, NAUGATUCK, CT, 06770
Website
www.naugatuckedc.comNTEE Category
Code: S30 - Community improvement
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