Overview
What is Act Albany Community Together Inc?
Act Albany Community Together Inc, based in Albany, Georgia, is a dedicated nonprofit organization that focuses on economic development. Their primary mission is to help aspiring entrepreneurs and small business owners by providing them with affordable access to capital and business development services. To achieve this, they offer loans, serving a total of 23 loans for $1,508,185, which in turn supported the creation or retention of 149 jobs. Notably, 15 of these loans were provided to socially and economically disadvantaged individuals. In addition to loans, Act Albany Community Together Inc also offers technical assistance, providing 283 hours of support to business owners to improve their financial strength, business model, and develop a sustainability and growth plan. Moreover, they grant financial aid to socially and economically disadvantaged individual-owned businesses, awarding 13 such grants for a total of $104,000, with 5 of these grants going to women-owned businesses. Their impactful work is instrumental in building wealth and fostering economic opportunities in the state of Georgia.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 91% (Four-Star out of Four Stars)
Act Albany Community Together Inc has received a high rating of 91%, reflecting strong performance in both accountability and community engagement. The organization excels in financial management, evidenced by a low liabilities to assets ratio and a high program expense ratio, indicating that the majority of its funds are directed towards its mission rather than administrative costs.
The charity also demonstrates impressive fundraising efficiency, with no fundraising costs reported, allowing more resources to be allocated to their programs. Additionally, the culture and community score is notably high at 95, suggesting a positive environment that fosters engagement and support among stakeholders.
While the ratings highlight significant strengths, potential donors and supporters may want to consider the specific programs and their impacts to gain a full understanding of the organization's effectiveness. Overall, Act Albany Community Together Inc appears to be a well-managed nonprofit committed to making a positive impact in its community.
This AI summary has been generated from information found on Charity Navigator.
Is Act Albany Community Together Inc legitimate?
Act Albany Community Together Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Act Albany Community Together 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: $178,014
Professional Fundraising Fees: $0
Other Salaries and Wages: $168,154
For more financial information, click here
What is the mission statement of Act Albany Community Together Inc?
Act Albany Community Together Inc's mission is centered around fostering economic growth and opportunities in Georgia. They achieve this by providing affordable access to capital and business development services to aspiring entrepreneurs and small business owners. The organization's activities include offering economic development loans, which have funded 23 loans amounting to $1,508,185, creating or retaining 149 jobs. They also provide technical assistance to business owners, helping them improve their financial strength, business models, and sustainability plans. Additionally, Act Albany Community Together Inc offers grants to socially and economically disadvantaged individuals' businesses, providing 13 grants totaling $104,000. Their efforts aim to leverage private sector dollars, as they managed to leverage $6,168,850 through their services.
Who is the CEO of Act Albany Community Together Inc?
Thelma Johnson is the Board Chairman of Act Albany Community Together Inc. The CEO's salary of Act Albany Community Together Inc is $115,566 and their total compensation is $115,566.
What is the revenue of Act Albany Community Together Inc?
Act Albany Community Together Inc's revenue in 2022 was $2,115,720.
Who are the executives of Act Albany Community Together Inc and what are their salaries?
The average compensation at Act Albany Community Together Inc during 2022 was $43,271. There are 8 employees at Act Albany Community Together Inc.
Here are 11 key members and their salaries (Act Albany Community Together Inc's CEO's salary is $115,566 and their total compensation is $115,566):
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- Compensation: $115,566
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Where can I find the form 990 for Act Albany Community Together Inc?
Act Albany Community Together Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Act Albany Community Together Inc
Act Albany Community Together Inc, abbreviated as ACT, is committed to fostering economic growth and opportunity in Georgia by offering affordable access to capital and business development services to aspiring entrepreneurs and small business owners. Their mission, in essence, is to build wealth and create a conducive business environment for individuals who may otherwise struggle to secure funding and guidance. By providing economic development loans and business technical assistance, ACT aims to empower these individuals, helping them to establish and grow their businesses, thereby creating or retaining jobs within the community.
In pursuit of their mission, ACT has funded 23 loans totalling $1,508,185, which have directly contributed to the creation or retention of 149 jobs. Furthermore, ACT has shown a particular focus on supporting socially and economically disadvantaged individuals, having funded 15 such loans. Beyond financial assistance, ACT also provides business owners with valuable technical assistance, helping them to improve their business models, enhance their financial strength, and develop sustainable growth plans. This service, which ACT offers for a total of 283 hours, is instrumental in equipping entrepreneurs with the necessary tools to navigate the business landscape successfully.
In addition to providing loans and technical assistance, ACT also offers grants to socially and economically disadvantaged individual-owned businesses. Over the course of their operations, ACT has provided 13 such grants, totaling $104,000, with five of these grants going to women-owned businesses. This holistic approach to supporting small businesses and entrepreneurs underscores Act Albany Community Together Inc's commitment to creating a vibrant and inclusive economic landscape in Georgia.
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Impact
July, 2024
Act Albany Community Together Inc's impact can be seen through the economic opportunities it has facilitated in Georgia. Through its economic development loans and business technical assistance programs, ACT has funded 23 loans amounting to $1,508,185, ultimately creating and retaining 149 jobs. Importantly, 15 of these loans were directed towards socially and economically disadvantaged individuals, furthering ACT's commitment to fostering inclusivity and diversity in entrepreneurship.
Furthermore, ACT has leveraged private sector dollars amounting to $6,168,850, showcasing its ability to attract and utilize external resources for the benefit of the community. The organization has also provided 283 hours of technical assistance to business owners, aiding them in enhancing their business models, financial stability, and long-term growth strategies.
In addition, ACT has awarded 13 grants totaling $104,000 to socially and economically disabled individuals, with a focus on supporting women entrepreneurs. By offering these financial resources and guidance, ACT is actively contributing to the wealth-building and economic development goals of the Albany community in Georgia.
This information is meant to be a general summary of Act Albany Community Together 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.
- Program Service Revenue: $218,336
- Gross Receipts: $2,115,720
Assets and Liabilities:
- Total Assets: $9,272,995
- Total Liabilities: $1,668,399
- Net Assets: $7,604,596
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Organization Details
Founding Year
2000
Phone
(229) 420-4600Principal Officer
Thelma Johnson
Main Address
230 South Jackson Street, Albany, GA, 31701
NTEE Category
Code: S20 - Community improvement
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