Overview
What is Wharton Economic Development Corp?
Wharton Economic Development Corp is a nonprofit organization located at 1944 N FULTON, WHARTON, TX 77488. Their primary mission is to cultivate a favorable business environment and promote industrial growth in Wharton, Texas. They strive to create job opportunities, bolster the tax base of various taxing entities, and fortify the local economy against economic downturns at the state and national levels. Additionally, they make plans and take necessary actions to ensure that all essential infrastructure is in place for the proper development of Wharton, Texas. The organization, with a team of three dedicated individuals, focuses on preserving, protecting, enhancing, and encouraging activity in the existing buildings in downtown Wharton and its gateways.
Official website here: www.whartonedc.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: Two-Star out of Four Stars (Needs Improvement, 69%)
The Wharton Economic Development Corp has received a two-star rating from Charity Navigator, indicating a need for improvement in its operational practices. The organization demonstrates strengths in financial accountability, with a high program expense ratio of 91.58%, suggesting that a substantial portion of its funds is directed toward programs rather than administrative costs. Additionally, the board is entirely independent, which is a positive indicator of governance.
However, the organization faces significant challenges. It lacks essential policies such as a conflict of interest policy, whistleblower policy, and document retention protocols, which raises concerns about transparency and accountability. The liabilities to assets ratio is notably high at 493.24%, suggesting potential financial risk that may impact its sustainability in the long run.
Overall, while the Wharton Economic Development Corp shows promise in several areas, the gaps in governance practices and financial health highlight the need for strategic improvements to bolster its effectiveness and credibility.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about Wharton Economic Development Corp?
96% of those who reviewed the Wharton Economic Development Corp on Facebook recommend this charity. Here is a summary of their reviews:
Many reviewers appreciate the organization's commitment to fostering prosperity within the Wharton community. The dedication to economic development and active efforts to create opportunities are highlighted as significant strengths.
Overall, the sentiment leans toward satisfaction, with users expressing trust in the nonprofit's mission and its effectiveness in working towards community enhancement. The positive ratings suggest that the organization is making meaningful contributions to the area it serves.
This AI summary has been generated from reviews found on Facebook.
Is Wharton Economic Development Corp legitimate?
Wharton Economic Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Wharton Economic 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: $100,666
Professional Fundraising Fees: $0
Other Salaries and Wages: $61,276
For more financial information, click here
Official website here: www.whartonedc.com
What is the mission statement of Wharton Economic Development Corp?
The Wharton Economic Development Corp's mission is centered around fostering a favorable environment for businesses and industrial growth. Their primary goal is to stimulate investment and job creation, thereby increasing the tax revenue for various entities. Furthermore, they aim to diversify the local economy, making it less susceptible to state and national economic downturns. Lastly, they plan and take necessary actions to ensure that all required infrastructure is in place, enabling proper development and growth.
Official website here: www.whartonedc.com
Who is the CEO of Wharton Economic Development Corp?
Joshua Owens is the Executive Di of Wharton Economic Development Corp.
Official website here: www.whartonedc.com
What is the revenue of Wharton Economic Development Corp?
Wharton Economic Development Corp's revenue in 2022 was $922,716.
Official website here: www.whartonedc.com
Who are the executives of Wharton Economic Development Corp and what are their salaries?
The average compensation at Wharton Economic Development Corp during 2022 was $53,981. There are 3 employees at Wharton Economic Development Corp.
Here are 8 key members and their salaries:
- Compensation: $100,666
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.whartonedc.com
Where can I find the form 990 for Wharton Economic Development Corp?
Wharton Economic Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.whartonedc.com
Learn more at the official website: www.whartonedc.com
Mission Statement of Wharton Economic Development Corp
Wharton Economic Development Corp is an organization dedicated to fostering a conducive environment for business growth and industrial investment. Its primary mission is threefold: firstly, it aims to facilitate the creation of new job opportunities. Secondly, the corporation strives to increase the tax base of various taxing entities, thereby contributing to the overall financial stability of the community. Lastly, Wharton Economic Development Corp seeks to diversify the local economy, making it less vulnerable to economic downturns at both the state and national levels. To accomplish these objectives, the organization takes necessary actions and makes plans to ensure all essential infrastructure is in place, enabling proper development in Wharton, Texas.
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Impact
July, 2024
Wharton Economic Development Corp's impact is significant in fostering a positive climate for businesses and industrial growth in Wharton, Texas. It plays a crucial role in assisting job creation, increasing the tax base of various taxing entities, and diversifying the local economy to make it more resilient to economic downturns at the state and national levels. By implementing economic development programs, the organization benefits approximately 9,500 residents in Wharton by preserving, protecting, enhancing, and encouraging activity in existing buildings downtown and on the gateways of the city. Wharton Economic Development Corp's efforts also focus on ensuring that all necessary infrastructure is in place to support the proper development of the community. Through its initiatives, the organization contributes to community improvement and economic prosperity in Wharton, Texas.
This information is meant to be a general summary of Wharton Economic 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 2022.
- Investment Income: $3,717
- Program Service Revenue: $918,999
- Gross Receipts: $922,716
Assets and Liabilities:
- Total Assets: $1,922,038
- Total Liabilities: $9,480,379
- Net Assets: -$7,558,341
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
STATE OF TEXAS SALES TAX
Revenue
$916,899
SUB-LEASE RENTS
Revenue
$2,100
Organization Details
Founding Year
2000
Phone
(979) 532-0999Principal Officer
Joshua Owens
Main Address
1944 N FULTON, WHARTON, TX, 77488
Website
www.whartonedc.comNTEE Category
Code: S30 - Community improvement
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