Overview
What is Louisville Medical Center Development Corporation?
Louisville Medical Center Development Corporation is a nonprofit organization situated in Louisville, Kentucky, specifically at 215 Central Avenue, Suite 212. Their primary mission is to manage and administer Tax Increment Financing (TIF) funds for two significant real estate projects: the Louisville Life and Health Sciences Signature TIF Project and the University of Louisville Research Park Project. By doing so, they contribute to the development and growth of these projects, ultimately benefiting the local community.
What are the reviews and ratings of this charity?
**Louisville Medical Center Development Corporation (EIN: 611320759)**
**Charity Navigator Rating: 94% (Four-Star out of Four Star rating)**
The Louisville Medical Center Development Corporation has achieved an impressive 94% rating from Charity Navigator, which reflects strong performance in accountability and finance. This score, derived from the organization’s commitment to financial health and governance practices, is particularly noteworthy given that it is based solely on the accountability and finance beacon. This indicates high levels of transparency and trustworthiness, essential characteristics for donor confidence.
The organization excels in various governance metrics, boasting 100% independent board members and an impeccable record in financial statements and oversight. With a program expense ratio of 99.51%, it demonstrates a strong focus on direct spending towards its programs rather than administrative costs. This efficiency can boost its credibility among potential donors and stakeholders who prioritize accountability in nonprofit operations.
Unfortunately, there are no user reviews available from GreatNonprofits to provide further insights or personal experiences related to the organization's impact and community engagement. Overall, the high rating suggests that the Louisville Medical Center Development Corporation operates with integrity and effectiveness, positioning it as a reliable entity within the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Louisville Medical Center Development Corporation legitimate?
Louisville Medical Center Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Louisville Medical Center 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.
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What is the mission statement of Louisville Medical Center Development Corporation?
The Louisville Medical Center Development Corporation's primary role is to oversee and manage Tax Increment Financing (TIF) for real estate projects. This organization is specifically tasked with administering TIF for the Louisville Life and Health Sciences Signature TIF Project and the University of Louisville Research Park Project. The purpose of TIF is to stimulate economic development and revitalization in targeted areas by capturing increases in property taxes generated by new investments and using those funds to finance public improvements. By managing TIF, the Louisville Medical Center Development Corporation aims to support the growth and development of these projects.
What is the revenue of Louisville Medical Center Development Corporation?
Louisville Medical Center Development Corporation's revenue in 2024 was $965,599.
Who are the executives of Louisville Medical Center Development Corporation and what are their salaries?
There 12 volunteers at Louisville Medical Center Development Corporation.
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Where can I find the form 990 for Louisville Medical Center Development Corporation?
Louisville Medical Center Development Corporation's most recent form 990 was submitted in 2024 and can be accessed here.
Mission Statement of Louisville Medical Center Development Corporation
Louisville Medical Center Development Corporation is an organization dedicated to managing Tax Increment Financing (TIF) for real estate projects. Its primary purpose is to oversee the financing for significant developments in the fields of life and health sciences. This includes the Louisville Life and Health Sciences Signature TIF Project and the University of Louisville Research Park Project. By administering TIF, Louisville Medical Center Development Corporation plays a crucial role in facilitating the growth and development of these projects, ultimately contributing to the advancement of the life and health sciences sector.
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Impact
July, 2024
Louisville Medical Center Development Corporation's impact revolves around holding and administering tax increment financing (TIF) for real estate projects, particularly focusing on the Louisville Life and Health Sciences Signature TIF Project and University of Louisville Research Park Project. By managing TIF funds, the organization plays a crucial role in supporting the development of the life sciences and health sector in Louisville, Kentucky. This, in turn, contributes to economic growth, job creation, and the advancement of research and innovation in the region. The corporation's work directly benefits the local community by catalyzing investment in key areas that promote health and wellbeing.
This information is meant to be a general summary of Louisville Medical Center 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 2024.
- Investment Income: $59,760
- Gross Receipts: $965,599
Assets and Liabilities:
- Total Assets: $95,269,229
- Total Liabilities: $1,999,179
- Net Assets: $93,270,050
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Organization Details
Founding Year
1997
Principal Officer
Keith Sherman
NTEE Category
Code: E12 - Health
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