Overview
What is Southeast Kentucky Economic Development Corporation Inc?
Southeast Kentucky Economic Development Corporation Inc, based in Somerset, Kentucky, is a nonprofit organization with a mission to stimulate economic growth and development in the southern Kentucky region. They achieve this by administering loan programs to eligible businesses, supporting new and expanding industries within their service area. With a team of nine dedicated individuals, they work tirelessly to foster economic prosperity and contribute to the region's overall development.
Official website here: www.skedcorp.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 84% (Three-Star out of Four Star rating)
The Southeast Kentucky Economic Development Corporation Inc received an 84% rating from Charity Navigator, indicating a solid performance in accountability and finance. The organization scored particularly well in areas such as having a fully independent board and a strong financial oversight committee, reflecting good governance practices.
Strengths include high marks for program expenses, where 81.63% of expenses are directed towards programs, showcasing a commitment to its mission. The organization also maintains transparency through the availability of its financial statements and board meeting minutes. However, it has noted deficiencies in certain policies, including the absence of a conflict of interest policy and a whistleblower policy, which can impact its overall governance framework.
While the organization demonstrates responsible financial management and strong programmatic focus, the lack of specific policies could be seen as a limitation. Addressing these gaps would enhance its governance and contribute to greater trust among stakeholders. Overall, the nonprofit displays strengths that contribute positively to its mission, despite some areas needing improvement.
This AI summary has been generated from information found on Charity Navigator.
Is Southeast Kentucky Economic Development Corporation Inc legitimate?
Southeast Kentucky Economic Development Corporation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Southeast Kentucky Economic Development Corporation 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: $613,251
For more financial information, click here
Official website here: www.skedcorp.com
What is the mission statement of Southeast Kentucky Economic Development Corporation Inc?
The Southeast Kentucky Economic Development Corporation Inc's mission is centered around promoting economic growth and development in the southern Kentucky region. In pursuit of this objective, the organization administers loan programs to eligible businesses, supporting the establishment of new industries and expansion of existing ones within its service area. This mission aims to contribute positively to the local economy, creating opportunities and fostering development.
Official website here: www.skedcorp.com
Who is the CEO of Southeast Kentucky Economic Development Corporation Inc?
Brett Traver is the President of Southeast Kentucky Economic Development Corporation Inc.
Official website here: www.skedcorp.com
What is the revenue of Southeast Kentucky Economic Development Corporation Inc?
Southeast Kentucky Economic Development Corporation Inc's revenue in 2022 was $3,726,346.
Official website here: www.skedcorp.com
Who are the executives of Southeast Kentucky Economic Development Corporation Inc and what are their salaries?
The average compensation at Southeast Kentucky Economic Development Corporation Inc during 2022 was $68,139. There are 9 employees at Southeast Kentucky Economic Development Corporation Inc.
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- Compensation: $161,216
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- Other: $29,322
- Compensation: $108,563
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- Other: $10,856
Official website here: www.skedcorp.com
Where can I find the form 990 for Southeast Kentucky Economic Development Corporation Inc?
Southeast Kentucky Economic Development Corporation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.skedcorp.com
Learn more at the official website: www.skedcorp.com
Mission Statement of Southeast Kentucky Economic Development Corporation Inc
Southeast Kentucky Economic Development Corporation Inc, in its mission, focuses on facilitating the economic growth and development of the southern Kentucky region. This nonprofit organization actively administers loan programs for qualified businesses, aiding in the establishment of new industries and expansions within its service area. By doing so, it contributes to the overall economic development of the region, ultimately fostering a prosperous and thriving community.
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Impact
July, 2024
The impact of the Southeast Kentucky Economic Development Corporation Inc can be seen in its facilitation of economic growth and development in the southern Kentucky region. By administering loan programs to qualified businesses for new and expanding industries in the service area, the organization plays a crucial role in supporting entrepreneurship and job creation. This directly contributes to the enhancement of the local economy and overall community improvement in Somerset, Kentucky.
This information is meant to be a general summary of Southeast Kentucky Economic Development Corporation 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: $8,982
- Program Service Revenue: $1,087,185
- Gross Receipts: $3,726,346
Assets and Liabilities:
- Total Assets: $28,123,081
- Total Liabilities: $3,959,110
- Net Assets: $24,163,971
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM INCOME
Revenue
$776,143
SOMERSET RAIL PARK INCOME
Revenue
$237,443
OTHER INCCOME
Revenue
$42,801
BAD DEBT RECOVERY
Revenue
$30,798
Organization Details
Founding Year
1986
Phone
(606) 677-6100Principal Officer
Brett Traver
Main Address
2292 SOUTH HIGHWAY 27, SOMERSET, KY, 42501
Website
www.skedcorp.comNTEE Category
Code: S32Z - Community improvement
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