Overview
What is Founders First Community Development Corporation Inc?
Founders First Community Development Corporation Inc, based in San Diego, California, is a nonprofit organization committed to supporting underserved and under-represented small business owners. They provide essential assistance to these entrepreneurs, helping them overcome challenges stemming from limited access to capital. Through their initiatives, they aim to enhance business capacity, leading to increased revenue growth and the creation of more job opportunities. Their flagship program, FastPath, is tailored for companies generating between $1 million and $5 million annually, offering growth capital and professional development, such as leadership skills training, to empower Founder/CEOs to overcome obstacles and seize growth opportunities. With a dedicated team of three individuals, Founders First Community Development Corporation Inc plays a significant role in fostering the success of small businesses.
Official website here: www.foundersfirstcdc.org
What are the reviews and ratings of this charity?
Charity Navigator rates Founders First Community Development Corporation Inc with a score of 67%, resulting in a Two-Star out of Four Star rating. This rating reflects a mixed evaluation, highlighting both strengths and areas requiring improvement in the nonprofit's operations. A key strength is their strong governance, as evidenced by their perfect scores in areas such as an independent board and adherence to a conflict of interest policy.
However, the organization faces significant challenges in financial management. The organization received a score of 0 out of 25 in both the liabilities to assets ratio and fundraising efficiency ratio, indicating potential issues with sustainability and resource allocation. These factors may impact the organization's ability to effectively fund its programs and achieve long-term viability.
While the nonprofit demonstrates solid accountability practices, the financial ratios signal a need for improvement in fundraising strategies and asset management. The overall Two-Star rating suggests that potential donors and stakeholders should carefully consider these aspects when evaluating their support for Founders First Community Development Corporation Inc.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about Founders First Community Development Corporation Inc?
With only three reviews on Facebook, the Founders First Community Development Corporation Inc has drawn some critical responses from users. One reviewer expressed deep respect for the nonprofit's mission, which aims to support underrepresented entrepreneurs. However, their experience with the grant application process left much to be desired.
The reviewer detailed an extensive and time-consuming application process, followed by confusion and frustration due to a glitch in the system. They received a disqualification notice filled with inaccuracies regarding their business, leading to feelings of distrust in the organization. Despite their efforts to clarify the mistakes, they were reportedly advised to alter their financial information to meet grant qualifications, which raised ethical concerns about the organization's transparency and integrity.
This initial feedback indicates a significant disconnect between the organization’s mission and the experience of individuals engaging with its programs. While the nonprofit’s goals resonate with many, the application process and communication appear to detract from its overall impact.
This AI summary has been generated from reviews found on Facebook.
Is Founders First Community Development Corporation Inc legitimate?
Founders First Community Development Corporation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Founders First Community Development 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: $38,527
Professional Fundraising Fees: $0
Other Salaries and Wages: $59,414
For more financial information, click here
Official website here: www.foundersfirstcdc.org
What is the mission statement of Founders First Community Development Corporation Inc?
Founders First Community Development Corporation Inc's mission is centered around assisting underserved and under-represented small business owners who face challenges due to a lack of capital access. The organization aims to help these entrepreneurs increase their business capacity, leading to higher revenue growth and the creation of more job opportunities. Their work is primarily focused on companies generating between $1 million and $5 million in annual revenues. The corporation offers a program called FastPath, which provides growth capital up to $1 million, along with professional development to enhance leadership skills, confidence, and vision, enabling these business owners to capitalize on opportunities for accelerated revenue growth.
Official website here: www.foundersfirstcdc.org
What is the revenue of Founders First Community Development Corporation Inc?
Founders First Community Development Corporation Inc's revenue in 2023 was $1,361,350.
Official website here: www.foundersfirstcdc.org
Who are the executives of Founders First Community Development Corporation Inc and what are their salaries?
The average compensation at Founders First Community Development Corporation Inc during 2023 was $24,485. There are 4 employees and 11 volunteers at Founders First Community Development Corporation Inc.
Here are 12 key members and their salaries:
- Compensation: $106,573
- Related: $0
- Other: $7,218
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- Other: $0
Official website here: www.foundersfirstcdc.org
Where can I find the form 990 for Founders First Community Development Corporation Inc?
Founders First Community Development Corporation Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.foundersfirstcdc.org
Learn more at the official website: www.foundersfirstcdc.org
Mission Statement of Founders First Community Development Corporation Inc
Founders First Community Development Corporation Inc is committed to assisting underserved and under-represented small business owners who face challenges due to a lack of access to capital. Their mission is to help these entrepreneurs overcome these obstacles and increase their business capacity, leading to higher revenue growth and the creation of more job opportunities. The corporation provides the necessary support and resources, enabling these small businesses to overcome their challenges and realize their full potential. Their programs and services are tailored to companies generating between $1 million and $5 million in annual revenues, focusing on successful Founder/CEOs who require up to $1 million in growth capital, as well as professional development in areas such as leadership skills, confidence, and vision.
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Impact
July, 2024
Founders First Community Development Corporation Inc helps underserved and under-represented small business owners overcome challenges they face due to lack of access to capital. By providing support and resources, such as the FastPath program tailored for companies generating $1 million to $5 million in annual revenues, Founder First CDC helps these entrepreneurs grow their businesses, increase revenue, and create more job opportunities. Their impact is seen in the tangible growth and success of the small businesses they support, contributing to a more vibrant and resilient local economy.
This information is meant to be a general summary of Founders First Community Development 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 2023.
- Investment Income: $6
- Program Service Revenue: $8,336
- Gross Receipts: $1,361,350
Assets and Liabilities:
- Total Assets: $1,528,919
- Total Liabilities: $846,827
- Net Assets: $682,092
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
OTHER REVENUE
Revenue
$150
PROGRAM PARTICIPANT FEES
Revenue
$8,186
Organization Details
Founding Year
2005
Principal Officer
Shaylon Scott
Website
www.foundersfirstcdc.orgNTEE Category
Code: B99 - Education
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