Overview
What is Tennessee Business Development?
Tennessee Business Development is a nonprofit organization dedicated to supporting small businesses in the state. Their primary role is to facilitate financing for these enterprises, offering essential financial assistance to help them grow and succeed. Beyond financing, they also provide management guidance and business plan consultation, ensuring their clients have the necessary tools and knowledge to effectively run their operations.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%, Two-Star out of Four Star rating.
Tennessee Business Development has earned a Two-Star rating from Charity Navigator, indicating a moderate level of performance based solely on its accountability and finance practices. The organization scored 73% in this area, reflecting a strong commitment to transparency and responsible financial management. Notably, it has a 100% independent board, with 85% of its members being independent, which enhances its governance structure.
The organization excels in key metrics, showing no material diversion of assets and maintaining a favorable liabilities to assets ratio of 0.00%. Additionally, it documents board meeting minutes effectively, which contributes positively to its accountability score. Tennessee Business Development demonstrates a high program expense ratio of 86.51%, indicating that a significant portion of its resources is directed towards fulfilling its mission.
However, the overall score suggests that there may be areas for improvement beyond financial practices. While the accountability and finance metrics are commendable, the lack of additional categories to assess overall organizational effectiveness could limit a comprehensive understanding of its impact and performance in relation to its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Tennessee Business Development legitimate?
Tennessee Business Development is a legitimate nonprofit organization registered as a 501(c)(3) entity. Tennessee Business Development 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: $30,500
Professional Fundraising Fees: $0
Other Salaries and Wages: $60,167
For more financial information, click here
What is the mission statement of Tennessee Business Development?
Tennessee Business Development's mission is centered around facilitating small business financing and offering management support. Additionally, the organization provides business plan consultation to its clients, aiming to aid in the growth and success of these small businesses. By doing so, Tennessee Business Development plays a crucial role in fostering entrepreneurship and economic development.
Who is the CEO of Tennessee Business Development?
Jim Thigpen is the Ex. Director of Tennessee Business Development.
What is the revenue of Tennessee Business Development?
Tennessee Business Development's revenue in 2022 was $97,456.
Who are the executives of Tennessee Business Development and what are their salaries?
The average compensation at Tennessee Business Development during 2022 was $30,222. There are 3 employees at Tennessee Business Development.
Here are 7 key members and their salaries:
- Compensation: $30,500
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Tennessee Business Development?
Tennessee Business Development's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Tennessee Business Development
Tennessee Business Development, as its name suggests, plays a crucial role in facilitating small business financing. This nonprofit organization goes beyond just providing financing, offering management support and business plan consultation to its clients as well. By doing so, Tennessee Business Development aims to empower small businesses, helping them navigate the complexities of financing and business management. The ultimate goal is to support these businesses in their growth and success.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
Tennessee Business Development has a significant impact on the local economy by facilitating small business financing and providing essential management support and business plan consultation to its clients. By helping small businesses secure the financing they need, the organization empowers entrepreneurs to launch and expand their operations in the Paris, TN area. This support not only fosters business growth but also stimulates job creation and community improvement.
Through tailored consultations and strategic guidance, Tennessee Business Development enhances the management capabilities of small businesses, equipping them with the tools and knowledge required for long-term success. The organization's commitment to nurturing local enterprises contributes to a more robust economic landscape, promoting sustainable development and resilience within the community. Ultimately, Tennessee Business Development plays a crucial role in supporting entrepreneurship and driving economic vitality in the region.
This information is meant to be a general summary of Tennessee Business Development. 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: $8,955
- Program Service Revenue: $88,501
- Gross Receipts: $97,456
Assets and Liabilities:
- Total Assets: $75,517
- Total Liabilities: $0
- Net Assets: $75,517
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN PACKAGING & SERVICING
Revenue
$88,501
Organization Details
Founding Year
1988
Phone
(731) 644-2638Principal Officer
Jim Thigpen
Main Address
P O BOX 277, PARIS, TN, 38242
NTEE Category
Code: S43 - Community improvement
If you are a representative of Tennessee Business Development and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.