Overview
What is Economic Development And Financing Corporation Inc?
Economic Development and Financing Corporation Inc. is a nonprofit organization situated in Mendocino County and Lake County. Their primary mission is to foster a harmonious blend of financial resources and innovative ideas among entrepreneurs, ultimately leading to sustainable prosperity in both counties. By connecting entrepreneurs with the necessary funds and innovative concepts, this organization aims to contribute positively to the local economy and community development.
Official website here: www.edfc.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 48%, Zero-Star out of Four Star rating.
The Economic Development And Financing Corporation Inc has received a low score of 48%, resulting in a Zero-Star rating. This score indicates significant concerns regarding the organization's accountability and financial health. While the organization boasts a fully independent board and strong audit practices, its overall financial management is questionable, as reflected in low program expense ratios and a concerning liabilities-to-assets ratio.
Strengths noted in the evaluation include a completely independent board and the presence of policies regarding conflicts of interest and asset diversion. However, critical elements such as a whistleblower policy and a document retention and destruction policy are missing, which raises transparency concerns. Additionally, the absence of posted tax forms on the nonprofit's website further underscores the need for improved financial transparency and accountability.
In summary, while the Economic Development And Financing Corporation Inc shows some governance strengths, its financial practices and transparency issues contribute to its low rating. Prospective donors and stakeholders may want to consider these limitations when evaluating the organization's effectiveness and reliability in fulfilling its mission.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about Economic Development And Financing Corporation Inc?
Currently, Economic Development And Financing Corporation Inc has yet to receive a formal rating, but the available reviews indicate a positive experience. Both reviewers share their appreciation for the organization’s professionalism and approachability.
One prominent aspect highlighted is EDFC's innovative thinking, which has impressed those who have collaborated with them. Their support for local businesses, exemplified by their assistance to O'Meara Bros Brewing Company, demonstrates a significant commitment to fostering economic growth in their community.
Overall, the feedback reflects a strong endorsement of the Economic Development And Financing Corporation Inc, suggesting they effectively support their clients and contribute positively to local development initiatives.
This AI summary has been generated from reviews found on Facebook.
Is Economic Development And Financing Corporation Inc legitimate?
Economic Development And Financing Corporation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Economic Development And Financing 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: $116,523
Professional Fundraising Fees: $0
Other Salaries and Wages: $69,247
For more financial information, click here
Official website here: www.edfc.org
What is the mission statement of Economic Development And Financing Corporation Inc?
The Economic Development and Financing Corporation Inc. is dedicated to bridging financial resources and innovative ideas with entrepreneurs, with the ultimate goal of fostering sustainable prosperity in Mendocino County and Lake County. The corporation's mission is to facilitate this connection, aiming to contribute to the economic growth and development of the respective regions. By supporting entrepreneurs, the corporation aspires to create an environment that encourages business expansion and job creation, ultimately contributing to the enhancement of local communities.
Official website here: www.edfc.org
Who is the CEO of Economic Development And Financing Corporation Inc?
John Goldsmith is the Executive Dir. of Economic Development And Financing Corporation Inc.
Official website here: www.edfc.org
What is the revenue of Economic Development And Financing Corporation Inc?
Economic Development And Financing Corporation Inc's revenue in 2022 was $2,194,302.
Official website here: www.edfc.org
Who are the executives of Economic Development And Financing Corporation Inc and what are their salaries?
The average compensation at Economic Development And Financing Corporation Inc during 2022 was $37,154. There are 5 employees at Economic Development And Financing Corporation Inc.
Here are 18 key members and their salaries:
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Official website here: www.edfc.org
Where can I find the form 990 for Economic Development And Financing Corporation Inc?
Economic Development And Financing Corporation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.edfc.org
Learn more at the official website: www.edfc.org
Mission Statement of Economic Development And Financing Corporation Inc
Economic Development and Financing Corporation Inc, as a nonprofit organization, is devoted to bridging the gap between financial resources and entrepreneurial ideas in Mendocino County and Lake County. The corporation's mission is to foster sustainable prosperity in these regions by connecting innovative minds with the necessary capital. By doing so, they aim to catalyze the creation of thriving and resilient businesses, ultimately contributing to the overall economic growth and well-being of both communities.
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Impact
July, 2024
Economic Development And Financing Corporation Inc's impact can be seen in its efforts to connect money and ideas with entrepreneurs in Mendocino County and Lake County. By facilitating the flow of resources and support to local businesses, the organization plays a crucial role in fostering sustainable prosperity in these regions. Through its initiatives and partnerships, Economic Development And Financing Corporation Inc is actively contributing to the economic growth and development of the communities it serves.
This information is meant to be a general summary of Economic Development And Financing 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.
- Program Service Revenue: $279,414
- Gross Receipts: $2,194,302
Assets and Liabilities:
- Total Assets: $6,289,075
- Total Liabilities: $2,446,609
- Net Assets: $3,842,466
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Loan Interest and Fees
Revenue
$279,414
Organization Details
Founding Year
1995
Phone
(707) 234-5705Principal Officer
John Goldsmith
Main Address
208 S Oak St Ste B, Ukiah, CA, 95482
Website
www.edfc.orgNTEE Category
Code: A99Z - Arts
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