Overview
What is Forge Inc?
Forge Inc is a nonprofit organization based in Huntsville, Arkansas. The primary focus of Forge Inc is to foster economic growth and revitalization in rural communities and farm-related enterprises across the Ozark region, encompassing Arkansas, Missouri, Oklahoma, and Louisiana. To achieve this goal, they offer financial assistance through loans to small businesses and agricultural enterprises, with a strong commitment to supporting minority entrepreneurs, women, veterans, and low-income borrowers. As of the provided data, Forge Inc has closed 102 loans valued at approximately $3 million, with 58 loans going to minority entrepreneurs, 60 loans to women, 5 loans to veterans, and 56 loans to low-income borrowers. The organization's loan portfolio comprises 396 individual loans totaling around $6.4 million. Additionally, Forge Inc provides educational assistance and training to small businesses and agricultural enterprises to further support their growth and success. With a dedicated workforce of 10 individuals, Forge Inc plays a crucial role in stimulating economic development in rural areas.
Official website here: www.forgefund.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Stars)
Forge Inc has received a Three-Star rating from Charity Navigator, indicating a solid level of accountability and financial health. The organization’s score is derived entirely from its performance in the Accountability & Finance beacon, where it excelled in several key areas such as having a fully independent board and a clean record regarding material diversions of assets.
The charity boasts a strong program expense ratio of 83.64%, which suggests that a significant portion of its funds is directed towards its programs rather than administrative costs. Additionally, Forge Inc has implemented essential policies, including conflict of interest and whistleblower protections, which contribute positively to its governance framework.
However, there are areas for improvement, particularly in its liabilities to assets ratio, which sits at 65%. This indicates a relatively high level of liabilities compared to assets, suggesting potential financial risk that the organization may need to address in the future. Overall, while Forge Inc demonstrates strong governance practices and financial commitment to its mission, it will benefit from improving its financial stability.
This AI summary has been generated from information found on Charity Navigator.
Is Forge Inc legitimate?
Forge Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Forge 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $664,709
For more financial information, click here
Official website here: www.forgefund.org
What is the mission statement of Forge Inc?
Forge Inc is committed to facilitating long-term economic growth and revitalization in rural communities and farm-related enterprises across Arkansas, Missouri, Oklahoma, and Louisiana. Their mission involves providing loans to small businesses and agricultural enterprises in alignment with their exempt function and mission. Additionally, they offer educational assistance and training to these businesses, contributing to their overall growth and success. In 20XX, Forge Inc was recognized as the Arkansas Microlender of the Year, having closed 102 loans worth $3,025,566. A significant portion of these loans went to minority entrepreneurs, women, veterans, and low-income borrowers. The loan portfolio consists of 396 individual loans worth a total of $6,404,060, with loans made both in rural and urban census tracts.
Official website here: www.forgefund.org
Who is the CEO of Forge Inc?
James Morgan is the Director of Forge Inc.
Official website here: www.forgefund.org
What is the revenue of Forge Inc?
Forge Inc's revenue in 2022 was $1,965,897.
Official website here: www.forgefund.org
Who are the executives of Forge Inc and what are their salaries?
The average compensation at Forge Inc during 2022 was $66,471. There are 10 employees at Forge Inc.
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Official website here: www.forgefund.org
Where can I find the form 990 for Forge Inc?
Forge Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.forgefund.org
Learn more at the official website: www.forgefund.org
Mission Statement of Forge Inc
Forge Inc, a nonprofit organization, is dedicated to assisting in the long-term economic growth and revitalization of rural communities and farm-related enterprises in the Ozark region, encompassing Arkansas, Missouri, Oklahoma, and Louisiana. Its primary mission is to support these sectors, fostering sustainable development and promoting the success of small businesses and agricultural enterprises within this region. To achieve this goal, Forge Inc provides loans to eligible entities in accordance with its exempt function and mission. Furthermore, the organization offers educational assistance and training to small businesses and agricultural enterprises, aiming to empower and equip them with the necessary skills and resources for growth. In its mission, Forge Inc has demonstrated significant impact, having closed 102 loans valued at $3,025,566 and being recognized as the Arkansas Microlender of the Year. This achievement reflects the organization's commitment to supporting minority entrepreneurs, women, veterans, low-income borrowers, and businesses located in both rural and urban census tracts.
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Impact
July, 2024
Forge Inc has made significant strides in assisting in the long-term economic growth and revitalization of rural communities and farm-related enterprises in the Ozark region of Arkansas, Missouri, Oklahoma, and Louisiana. By providing loans to small businesses and agricultural enterprises, Forge has played a crucial role in supporting local entrepreneurs and promoting economic development in these underserved areas.
Forge's impact can be seen in the 102 loans it closed, valued at $3,025,566, which have directly contributed to the growth and sustainability of numerous businesses. Furthermore, the organization's focus on diversity and inclusivity is evident in the distribution of its loans, with 58 loans to minority entrepreneurs, 60 loans to women, 5 loans to veterans, and 56 loans to low-income borrowers. This commitment to supporting a diverse range of borrowers ensures that opportunities for growth and success are accessible to a wide range of individuals in the community.
Additionally, with 30 loans in rural census tracts and 69 loans in urban census tracts, Forge has been able to address the economic needs of a variety of communities within the region. The organization's loan portfolio, comprising 396 individual loans valued at $6,404,060, reflects its dedication to providing vital financial resources to businesses in need.
Overall, Forge Inc's impactful efforts have not only provided crucial financial support to local businesses but have also contributed to the overall economic development and sustainability of rural communities in the Ozark region. Through its mission-driven initiatives, Forge continues to play a vital role in fostering community improvement and driving long-term economic growth in the areas it serves.
This information is meant to be a general summary of Forge 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.
- Investment Income: $363,644
- Gross Receipts: $1,965,897
Assets and Liabilities:
- Total Assets: $11,064,924
- Total Liabilities: $6,654,515
- Net Assets: $4,410,409
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Organization Details
Founding Year
1988
Phone
(479) 738-1585Principal Officer
James Morgan
Main Address
PO BOX 1138, HUNTSVILLE, AR, 727401138
Website
www.forgefund.orgNTEE Category
Code: S320 - Community improvement
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