Overview
What is Miami Area Economic Development Service Inc?
Miami Area Economic Development Service Inc is a nonprofit organization situated in Northeastern Oklahoma. Their primary mission is to support the growth and development of existing businesses and assist new ventures in the area. They accomplish this through various economic development and loan programs, including managing funds such as the community development block grant loan administration, Oklahoma local entrepreneur assistance program, USDA rural development, and a microloan program. By offering these resources, Miami Area Economic Development Service Inc aims to stimulate business expansion and creation within their region.
Official website here: www.miami-ok.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 36% (Zero-Star out of Four Star rating)
Miami Area Economic Development Service Inc has received a low rating from Charity Navigator, primarily due to significant shortcomings in accountability and financial metrics. While the organization boasts a fully independent board and has no material diversion of assets, it lacks critical governance policies such as a conflict of interest policy, whistleblower policy, and document retention guidelines. These deficiencies have heavily impacted its overall score, leading to a concerning rating.
On a positive note, user feedback from Great Nonprofits highlights the organization’s valuable contribution to the community. A review from a professional in the field commends the organization for being knowledgeable, courteous, and professional, emphasizing its positive impact on the local area. This suggests that while the organization faces challenges in governance and financial management, it is recognized for its community engagement and support.
In summary, while Miami Area Economic Development Service Inc demonstrates strengths in having an independent board and community contributions, the lack of essential policies and poor financial ratios are significant areas of concern that affect its overall rating. The organization will benefit from addressing these governance issues to enhance its credibility and operational effectiveness.
This AI summary has been generated from information found on Charity Navigator and Great Nonprofits.
Is Miami Area Economic Development Service Inc legitimate?
Miami Area Economic Development Service Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Miami Area Economic Development Service 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: $14,954
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.miami-ok.org
What is the mission statement of Miami Area Economic Development Service Inc?
Miami Area Economic Development Service Inc's mission is centered around providing expansion and location assistance to both established and new businesses in Northeastern Oklahoma. Through its various economic development and local entrepreneur loan fund programs, the organization aims to foster growth within the business community. This is accomplished by administering funds such as the community development block grant loan administration fund, Oklahoma local entrepreneur assistance program administration fund, USDA rural development fund, and microloan program fund. The ultimate goal is to support and facilitate the success of businesses in this region.
Official website here: www.miami-ok.org
Who is the CEO of Miami Area Economic Development Service Inc?
Shannon Duhon is the Director of Miami Area Economic Development Service Inc.
Official website here: www.miami-ok.org
What is the revenue of Miami Area Economic Development Service Inc?
Miami Area Economic Development Service Inc's revenue in 2022 was $34,046.
Official website here: www.miami-ok.org
Who are the executives of Miami Area Economic Development Service Inc and what are their salaries?
The average compensation at Miami Area Economic Development Service Inc during 2022 was $14,954. There is 1 employee at Miami Area Economic Development Service Inc.
Here are 12 key members and their salaries:
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Official website here: www.miami-ok.org
Where can I find the form 990 for Miami Area Economic Development Service Inc?
Miami Area Economic Development Service Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.miami-ok.org
Learn more at the official website: www.miami-ok.org
Mission Statement of Miami Area Economic Development Service Inc
Miami Area Economic Development Service, as a nonprofit organization, is dedicated to offering expansion and location assistance to both existing and new businesses in Northeastern Oklahoma. To accomplish this, the organization manages several financial aid programs, such as the community development block grant loan administration fund, Oklahoma local entrepreneur assistance program administration fund, USDA rural development fund, and the microloan program fund. By utilizing these resources, Miami Area Economic Development Service is able to provide businesses with the necessary financial support to grow and thrive in their respective industries. This commitment to economic development and local entrepreneurship is a crucial part of the organization's mission to foster a strong and prosperous business community in Northeastern Oklahoma.
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Impact
August, 2024
Miami Area Economic Development Service Inc's impact is significant in Northeastern Oklahoma as it actively provides expansion and location assistance to both existing and new businesses in the region. This support is crucial for the economic growth and development of the area. Through its economic development and local entrepreneur loan fund programs, Miami Area Economic Development Service helps businesses thrive and create opportunities for the local community. By managing various funds, including the community development block grant loan administration fund, Oklahoma local entrepreneur assistance program administration fund, USDA rural development fund, and microloan program fund, this organization plays a vital role in fostering entrepreneurship and driving economic progress in Northeastern Oklahoma.
This information is meant to be a general summary of Miami Area Economic Development Service 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: $252
- Program Service Revenue: $14,374
- Gross Receipts: $34,046
Assets and Liabilities:
- Total Assets: $4,410,039
- Total Liabilities: $812,060
- Net Assets: $3,597,979
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN INTEREST
Revenue
$14,374
Organization Details
Founding Year
1985
Phone
(918) 542-8405Principal Officer
Shannon Duhon
Main Address
11 SOUTH MAIN STREET, MIAMI, OK, 743546309
Website
www.miami-ok.orgNTEE Category
Code: S31Z - Community improvement
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