Overview
What is 3Core Inc?
3Core Inc, established in 1985, is a private, nonprofit organization situated in Chico, California, serving the rural regions of Butte, Glenn, and Tehama counties and their respective cities. Its primary purpose is to act as an intermediary, channeling public and private investments, to promote a stable and diverse local economy. By leveraging collaborative partnerships, 3Core Inc aims to enhance social, economic, and employment conditions in the area. The organization employs a long-term strategy to address identified community needs, primarily through the active involvement of local private, public, and nonprofit organizations. As a federally recognized Economic Development District (EDD), a state and federally certified Community Development Financial Institution (CDFI), and a licensed lender, 3Core Inc provides financial support to local businesses through its revolving loan fund program. This program is funded through various federal grants, local matching funds, and reinvested interest and loan fees. Additionally, the corporation provides contract services to local government units, aiding in grant project acquisition and administration. During the current fiscal year, 3Core Inc has been instrumental in aiding small businesses in recovery from the economic impact of the COVID-19 pandemic.
Official website here: www.3coreedc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 100%, Four-Star out of Four Star Rating
3Core Inc has achieved an impressive Four-Star rating from Charity Navigator, reflecting its strong focus on accountability and finance. The organization scored 100% in all evaluated areas, indicating a high level of transparency and responsible financial practices. This rating is significant as it showcases the nonprofit's commitment to maintaining integrity in its operations, which enhances donor confidence.
The strengths of 3Core Inc are highlighted by its fully independent board, robust financial oversight, and effective policies, including conflict of interest and whistleblower protections. These aspects demonstrate the charity’s dedication to ethical governance and comprehensive management of its resources. Additionally, with a program expense ratio of 94.20%, the organization ensures that the majority of its funding directly supports its mission-related activities.
While the organization enjoys a strong financial standing with a liabilities to assets ratio of just 11.11%, which is commendable, ongoing monitoring and transparency in operations will be essential for maintaining its stellar rating. Overall, 3Core Inc exemplifies the principles of effective nonprofit management, fostering trust among its supporters and the communities it serves.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about 3Core Inc?
2 reviews have been recorded for 3Core Inc, reflecting an enthusiastic endorsement of the organization. One reviewer highlighted their admiration for the nonprofit, emphasizing its role in empowering individuals to transform their small businesses into successful ventures. This sentiment conveys a deep appreciation for the support provided.
The overarching tone suggests that the organization makes a meaningful impact in the community by fostering growth and success for small businesses. In general, those who have reached out seem genuinely appreciative and satisfied with the services offered, which adds to the organization’s positive image.
This AI summary has been generated from reviews found on Facebook.
Is 3Core Inc legitimate?
3Core Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. 3Core 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: $106,131
Professional Fundraising Fees: $0
Other Salaries and Wages: $424,276
For more financial information, click here
Official website here: www.3coreedc.org
What is the mission statement of 3Core Inc?
3Core Inc's mission is to serve as an intermediary for public and private funds, aiming to foster a stable and diversified local economy. This organization works towards improving social, economic, and employment conditions by implementing a long-term, strategic approach. By partnering with various organizations, 3Core Inc addresses identified community needs, focusing primarily on the regions of Butte, Glenn, and Tehama. The corporation functions as a federally recognized Economic Development District (EDD), a state and federally certified Community Development Financial Institution (CDFI), and a licensed lender, providing financing to local businesses and contract services to local government units. During the current fiscal year, 3Core Inc has been actively aiding small businesses in recovery from the economic effects of the COVID-19 pandemic.
Official website here: www.3coreedc.org
Who is the CEO of 3Core Inc?
Patty Hess is the Executive Director of 3Core Inc.
Official website here: www.3coreedc.org
What is the revenue of 3Core Inc?
3Core Inc's revenue in 2023 was $4,523,229.
Official website here: www.3coreedc.org
Who are the executives of 3Core Inc and what are their salaries?
The average compensation at 3Core Inc during 2023 was $53,041. There are 10 employees and 48 volunteers at 3Core Inc.
Here are 7 key members and their salaries:
- Compensation: $91,831
- Related: $0
- Other: $14,300
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
Official website here: www.3coreedc.org
Where can I find the form 990 for 3Core Inc?
3Core Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.3coreedc.org
Learn more at the official website: www.3coreedc.org
Mission Statement of 3Core Inc
3Core Inc, as a private not-for-profit organization, serves as an intermediary between public and private funds. Its mission is to foster a stable and diversified local economy, aiming to improve social, economic, and employment conditions. The organization implements a long-term strategy to address identified community needs. By collaborating with various partners, including private, public, and nonprofit organizations, 3Core Inc strives to create sustainable solutions that benefit the community.
In essence, 3Core Inc acts as a bridge, connecting resources and investments to address economic challenges. Its approach is strategic and collaborative, involving local governments, businesses, and other organizations to implement long-term plans that address community needs. By serving as an intermediary, the organization plays a crucial role in fostering economic growth and improving social conditions within its service area.
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Impact
July, 2024
3Core Inc serves as a vital intermediary for public and private investments aimed at fostering a stable and diverse local economy in the rural northern California region of Butte, Glenn, and Tehama counties. Through collaborative partnerships, the organization works to improve social, economic, and employment conditions while implementing a sound, long-term strategy to address identified community needs. As a federally recognized Economic Development District and a state and federally certified Community Development Financial Institution, 3Core Inc plays a crucial role in providing financing to local businesses through its revolving loan fund program. Additionally, the organization administers grant programs to support small businesses in recovering from the economic impacts of the COVID-19 pandemic.
In essence, 3Core Inc's impact lies in its ability to facilitate economic growth, create opportunities for local businesses, and contribute to the overall well-being of the communities it serves in Northern California.
This information is meant to be a general summary of 3Core 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 2023.
- Investment Income: $1,092
- Program Service Revenue: $448,991
- Gross Receipts: $4,523,229
Assets and Liabilities:
- Total Assets: $7,669,648
- Total Liabilities: $852,439
- Net Assets: $6,817,209
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Contract revenue
Revenue
$220,003
Loan interest
Revenue
$172,168
Portfolio management
Revenue
$29,246
Refunds & reimbursements
Revenue
$27,574
Organization Details
Founding Year
1985
Phone
(530) 893-8732Principal Officer
Patty Hess
Main Address
2515 Ceanothus Avenue 105, Chico, CA, 95973
Website
www.3coreedc.orgNTEE Category
Code: Z99Z - Unknown
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