Overview
What is North & East Lubbock Community Development Corp?
North & East Lubbock Community Development Corp, based in Lubbock, Texas, is a nonprofit organization with a focus on economic development in the north and east areas of the city. They achieve this by creating and facilitating opportunities, promoting growth, and offering specialized assistance to disadvantaged citizens. Their primary activities include providing homebuyer education and housing and credit counseling, with the aim of helping new clients secure mortgage loans and become first-time homeowners. The organization's initiatives have positively impacted the local tax base by adding taxable value. As of the provided information, they have a small team of two employees.
Official website here: www.nelcdc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 1 Star (50%)
The North & East Lubbock Community Development Corp has received a low rating of 1 star from Charity Navigator, indicating significant concerns regarding its financial accountability. The overall score of 50% is solely calculated from its Accountability & Finance metrics, suggesting that while some governance aspects are strong, the overall financial management appears to be lacking, particularly in the program expense ratio and the liabilities to assets ratio.
Despite achieving full points in areas like having a majority of independent board members and a material diversion of assets score of none, the organization's program expense ratio is notably low at 19.34%. This raises questions about how effectively resources are being utilized to support its mission. Additionally, the organization has failed to post its tax form on its website, which is a critical transparency measure that contributes to its overall low score.
While the organization demonstrates strengths in governance policies and independent oversight, the financial metrics indicate potential challenges in sustainability and operational effectiveness. Stakeholders may want to consider these factors carefully when evaluating the organization's capacity to fulfill its mission effectively.
This AI summary has been generated from information found on Charity Navigator.
Is North & East Lubbock Community Development Corp legitimate?
North & East Lubbock Community Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. North & East Lubbock Community Development Corp 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: $0
For more financial information, click here
Official website here: www.nelcdc.org
What is the mission statement of North & East Lubbock Community Development Corp?
The North & East Lubbock Community Development Corp's mission is centered around fostering economic development. The organization strives to create, facilitate, and promote economic growth, particularly in the north and east regions of an unspecified location. Additionally, they have special programs aimed at aiding disadvantaged citizens, with a specific focus on economically uplifting the west Texas area. The organization's efforts have resulted in providing homebuyer education and housing and credit counseling services, which have enabled new clients to secure mortgage loans and become first-time homeowners. These initiatives have also led to an increase in taxable value, positively impacting the local tax base.
Official website here: www.nelcdc.org
Who is the CEO of North & East Lubbock Community Development Corp?
Crosby Morton is the Principal Officer of North & East Lubbock Community Development Corp.
Official website here: www.nelcdc.org
What is the revenue of North & East Lubbock Community Development Corp?
North & East Lubbock Community Development Corp's revenue in 2021 was $77,237.
Official website here: www.nelcdc.org
Who are the executives of North & East Lubbock Community Development Corp and what are their salaries?
There are 2 employees at North & East Lubbock Community Development Corp.
Here are 6 key members and their salaries:
- Compensation: $5,971
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- Other: $0
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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
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.nelcdc.org
Where can I find the form 990 for North & East Lubbock Community Development Corp?
North & East Lubbock Community Development Corp's most recent form 990 was submitted in 2021 and can be accessed here.
Official website here: www.nelcdc.org
Learn more at the official website: www.nelcdc.org
Mission Statement of North & East Lubbock Community Development Corp
The North & East Lubbock Community Development Corp is dedicated to driving economic growth in its specified areas. This mission extends beyond mere economic development; the organization also has a special focus on assisting disadvantaged citizens, with a particular emphasis on promoting economic advancement in north and east Lubbock, Texas. Through its initiatives, the organization aims to make a tangible impact on the local community.
One of the ways North & East Lubbock Community Development Corp achieves its mission is by providing comprehensive housing and credit counseling services. These programs empower individuals, enabling them to qualify for mortgage loans and transition into first-time homeowners. The CDC's HUD-approved group education workshops on financial literacy and homebuyer education play a crucial role in this process, equipping participants with the necessary knowledge to navigate the homebuying process. As a result of these efforts, new homebuyers are able to secure mortgage loans and move into their new homes.
Moreover, the housing counseling and affordable housing projects undertaken by North & East Lubbock Community Development Corp contribute to the local tax base by increasing its taxable value. This growth not only benefits the organization but also has a positive ripple effect on the broader community, contributing to a healthier and more vibrant local economy.
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Impact
August, 2024
The impact of the North & East Lubbock Community Development Corp is evident in the economic development it has facilitated in north and east Lubbock, Texas. Through their programs, households have been empowered through homebuyer education and housing and credit counseling. This has resulted in new clients qualifying for mortgage loans and becoming first-time homebuyers. Additionally, new homebuyers have been able to close on their mortgage loans after attending the CDC's HUD-approved group education workshops on financial literacy and homebuyer education. The organization's work in housing counseling and affordable housing projects has also added taxable value to the local tax base, contributing to the overall economic growth of the community.
This information is meant to be a general summary of North & East Lubbock Community Development Corp. 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 2021.
- Gross Receipts: $77,237
Assets and Liabilities:
- Total Assets: $670,399
- Total Liabilities: $4,695
- Net Assets: $665,704
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Organization Details
Founding Year
2004
Phone
(806) 747-6570Principal Officer
Crosby Morton
Main Address
PO Box 3893, Lubbock, TX, 79452
Website
www.nelcdc.orgNTEE Category
Code: S20 - Community improvement
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