Overview
What is Central Oklahoma Business & Job Development?
Central Oklahoma Business & Job Development is a nonprofit organization situated in Drumright, Oklahoma. Their primary mission is to stimulate economic growth in a depressed area by establishing a business incubator system. This system aims to support local entrepreneurs and businesses, contributing to the overall economic development of the region. The organization's activities revolve around the development and operation of a business incubator program, which provides a nurturing environment for new businesses to grow and thrive.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%, Two-Star out of Four Star rating.
Central Oklahoma Business & Job Development has received a Two-Star rating, indicating a fair level of accountability and transparency. The organization excels in some areas, such as having a fully independent board and a strong program expense ratio of 100%. However, their overall score reflects significant weaknesses in governance policies, with missing conflict of interest, whistleblower, and document retention policies.
While the majority of the board members are independent and there are no issues with asset diversion, the lack of key policies and transparency elements is concerning. Additionally, the organization's website is not listed on their tax form, further impacting their transparency score. Addressing these governance gaps could enhance their overall effectiveness and reliability as a nonprofit.
Overall, while Central Oklahoma Business & Job Development demonstrates strong financial practices, improvements in their governance and transparency measures are critical for raising their rating and public trust.
This AI summary has been generated from information found on Charity Navigator.
Is Central Oklahoma Business & Job Development legitimate?
Central Oklahoma Business & Job Development is a legitimate nonprofit organization registered as a 501(c)(3) entity. Central Oklahoma Business & Job Development 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.
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What is the mission statement of Central Oklahoma Business & Job Development?
The mission of Central Oklahoma Business & Job Development is centered around promoting economic development in a disadvantaged area. They achieve this goal by developing a business incubator program. This program is designed to foster the growth of businesses, contributing to the overall economic revitalization of the affected area. The organization's primary focus is on providing a supportive environment for entrepreneurs and businesses, ultimately aiming to stimulate job creation and drive local economic growth.
Who is the CEO of Central Oklahoma Business & Job Development?
Tommy Smith is the Member of Central Oklahoma Business & Job Development.
What is the revenue of Central Oklahoma Business & Job Development?
Central Oklahoma Business & Job Development's revenue in 2021 was $14,666.
Who are the executives of Central Oklahoma Business & Job Development and what are their salaries?
Here are 19 key members and their salaries:
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Where can I find the form 990 for Central Oklahoma Business & Job Development?
Central Oklahoma Business & Job Development's most recent form 990 was submitted in 2021 and can be accessed here.
Mission Statement of Central Oklahoma Business & Job Development
Central Oklahoma Business & Job Development is committed to promoting economic development in underprivileged areas. They achieve this goal by establishing and nurturing a business incubator program. This program serves as a hub for fostering entrepreneurship and business growth, thereby contributing to the economic revitalization of the targeted area. The organization's mission is geared towards providing a supportive environment for budding businesses, assisting them in overcoming initial challenges and setting them on a path towards long-term success. By developing a comprehensive business incubator system, Central Oklahoma Business & Job Development aims to stimulate economic activity, create job opportunities, and ultimately, improve the overall socio-economic condition of the depressed area.
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Impact
October, 2024
Central Oklahoma Business & Job Development plays a vital role in driving economic growth in Drumright and its surrounding areas. By implementing a business incubator program, it fosters entrepreneurship and supports the development of new businesses in a region characterized by economic challenges. This initiative not only helps to create job opportunities but also enhances the local economy by nurturing startups and small enterprises.
The focus on education within the incubator program equips aspiring entrepreneurs with essential skills and knowledge, promoting sustainable business practices. By providing resources and support, Central Oklahoma Business & Job Development empowers individuals to establish and grow their ventures, stimulating community engagement and renewal. The organization’s efforts contribute significantly to transforming the economic landscape of a depressed area, making a lasting impact on the lives of residents and the overall vitality of the community.
This information is meant to be a general summary of Central Oklahoma Business & Job Development. 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.
- Investment Income: $11,876
- Gross Receipts: $14,666
Assets and Liabilities:
- Total Assets: $421,479
- Total Liabilities: $0
- Net Assets: $421,479
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Organization Details
Principal Officer
Tommy Smith
Main Address
201 SETTLE DRIVE, DRUMRIGHT, OK, 74030
NTEE Category
Code: B110 - Education
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