Overview
What is Southern Development Council?
The Southern Development Council is a nonprofit organization situated in Mountain Brook, Alabama (35223). Their primary mission is to foster small business growth and development by aiding these entities in securing the necessary financing. This is accomplished through the utilization of loan programs offered by the United States Small Business Administration (SBA), often referred to as the SBA. The organization, in fact, originates and manages loans for the SBA under their 504 programs. With a team of 12 dedicated professionals, the Southern Development Council plays a crucial role in aiding small businesses in attaining the financing required for growth and job creation.
Official website here: www.sdcinc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 92% (Four-Star out of Four Star Rating)
The Southern Development Council has achieved a high rating of 92%, reflecting strong accountability and finance practices. The organization is fully compliant in key areas such as having a majority of independent board members and maintaining a solid financial oversight structure, which enhances its credibility and trustworthiness.
The council has demonstrated effective management of its resources, evidenced by an impressive program expense ratio of 70.95%, indicating a significant focus on its mission-driven activities. Other positive aspects include a low liabilities to assets ratio of 8.43% and a well-maintained document retention policy, which contribute to overall financial health.
However, a noted limitation is the absence of a whistleblower policy, which scored 0 out of 4 points. While this does not detract significantly from the overall rating, it suggests an area for improvement in ensuring transparency and protection for individuals reporting unethical practices within the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Southern Development Council legitimate?
Southern Development Council is a legitimate nonprofit organization registered as a 501(c)(3) entity. Southern Development Council 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: $350,067
Professional Fundraising Fees: $0
Other Salaries and Wages: $505,809
For more financial information, click here
Official website here: www.sdcinc.org
What is the mission statement of Southern Development Council?
The Southern Development Council's mission is centered around fostering the growth and development of small businesses. They achieve this by providing assistance in obtaining the necessary financing for expansion and job creation. This organization operates by utilizing loan programs offered by the U.S. Small Business Administration (SBA), specifically their 504 programs. They originate and service these loans, playing a crucial role in supporting small businesses in their financial growth journey.
Official website here: www.sdcinc.org
Who is the CEO of Southern Development Council?
Yolanda Merriweather is the President, Ceo of Southern Development Council. The CEO's salary of Southern Development Council is $11,840 and their total compensation is $11,840.
Official website here: www.sdcinc.org
What is the revenue of Southern Development Council?
Southern Development Council's revenue in 2022 was $1,106,394.
Official website here: www.sdcinc.org
Who are the executives of Southern Development Council and what are their salaries?
The average compensation at Southern Development Council during 2022 was $71,323. There are 12 employees at Southern Development Council.
Here are 14 key members and their salaries (Southern Development Council's CEO's salary is $11,840 and their total compensation is $11,840):
- Compensation: $11,840
- Related: $0
- Other: $0
- Compensation: $1,000
- Related: $0
- Other: $0
- Compensation: $250
- Related: $0
- Other: $0
- Compensation: $6,500
- Related: $0
- Other: $0
- Compensation: $7,250
- Related: $0
- Other: $0
- Compensation: $750
- Related: $0
- Other: $0
- Compensation: $6,000
- Related: $0
- Other: $0
- Compensation: $6,500
- Related: $0
- Other: $0
- Compensation: $750
- Related: $0
- Other: $0
- Compensation: $7,500
- Related: $0
- Other: $0
- Compensation: $750
- Related: $0
- Other: $0
- Compensation: $36,308
- Related: $0
- Other: $1,402
- Compensation: $125,745
- Related: $0
- Other: $30,301
- Compensation: $100,450
- Related: $0
- Other: $14,012
Official website here: www.sdcinc.org
Where can I find the form 990 for Southern Development Council?
Southern Development Council's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.sdcinc.org
Learn more at the official website: www.sdcinc.org
Mission Statement of Southern Development Council
The Southern Development Council, a nonprofit organization, is dedicated to fostering the growth and development of small businesses. To achieve this, the council assists these businesses in securing the necessary financing. This financing is crucial in driving the growth and expansion of these businesses, ultimately leading to job creation. The council accomplishes this mission by working with the United States Small Business Administration (SBA) and their loan programs, commonly referred to as the SBA. The Southern Development Council originates and subsequently services loans for the SBA under their 504 programs. This partnership enables small businesses to gain access to financing that might otherwise be unattainable, thereby propelling their growth and development.
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Impact
July, 2024
The Southern Development Council plays a crucial role in promoting small business growth and development by assisting businesses in obtaining the necessary financing to achieve their goals, including job creation. By leveraging loan programs offered by the US Small Business Administration, specifically the SBA 504 programs, the organization helps small businesses access the funds they need to expand and thrive. This support not only benefits individual businesses but also contributes to overall community improvement by fostering economic growth and creating job opportunities.
This information is meant to be a general summary of Southern Development Council. 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: $17,631
- Program Service Revenue: $1,084,831
- Gross Receipts: $1,106,394
Assets and Liabilities:
- Total Assets: $5,076,770
- Total Liabilities: $449,294
- Net Assets: $4,627,476
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN SERVICING FEES
Revenue
$706,101
LOAN PACKAGING FEES
Revenue
$323,975
LOAN INTEREST
Revenue
$54,755
Organization Details
Founding Year
1983
Phone
(800) 499-3034Principal Officer
Yolanda Merriweather
Main Address
200 OFFICE PARK DRIVE 338, MOUNTAIN BROOK, AL, 35223
Website
www.sdcinc.orgNTEE Category
Code: S43 - Community improvement
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