Overview
What is Illinois Business And Economic Development Corp?
Illinois Business and Economic Development Corporation, operating under the name Intersect Illinois, is a nonprofit organization dedicated to fostering business growth and economic prosperity in the state of Illinois. By forging strategic partnerships and collaborations with businesses, universities, non-profit organizations, and the government, Intersect Illinois works towards attracting new job opportunities and investments to the state. Their mission encompasses delivering a cohesive approach to economic development, thereby contributing to Illinois' overall economic growth.
Official website here: www.intersectillinois.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 41%
The Illinois Business and Economic Development Corporation, operating as Intersect Illinois, has received a low rating of 41% from Charity Navigator, indicating significant concerns regarding its accountability and financial practices. The organization has a Zero-Star out of Four Star rating, primarily due to a complete lack of independent board members, which raises questions about governance and oversight.
Despite some positive aspects, such as having a thorough audit and oversight committee and policies for conflict of interest and whistleblower protections, the organization struggles with critical financial ratios. The program expense ratio is notably low at 41.44%, suggesting that a smaller portion of its budget is directed towards its programs compared to administrative costs, which could affect its overall impact.
Additionally, while the organization has put in place essential policies and procedures, it fails to publish its financial documents on its website, which impacts transparency. Overall, while Intersect Illinois appears to have implemented some necessary governance structures, the lack of independent oversight and low program expenditure ratio are significant limitations that potential donors should consider.
This AI summary has been generated from information found on Charity Navigator.
Is Illinois Business And Economic Development Corp legitimate?
Illinois Business And Economic Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Illinois Business And 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: $300,900
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,106,899
For more financial information, click here
Official website here: www.intersectillinois.org
What is the mission statement of Illinois Business And Economic Development Corp?
Illinois Business and Economic Development Corp, operating as Intersect Illinois, is committed to promoting economic growth in the state. They achieve this by forming strategic partnerships and collaborations with various entities such as companies, universities, non-profit organizations, and the government. The objective is to deliver a cohesive approach to economic development, ultimately leading to the creation of new job opportunities, attracting investments, and fostering prosperity for the state. Intersect Illinois' activities are geared towards driving Illinois' economic growth through dynamic collaborations, ultimately contributing to its overall development.
Official website here: www.intersectillinois.org
Who is the CEO of Illinois Business And Economic Development Corp?
Dan Seals is the Director of Illinois Business And Economic Development Corp. The CEO's salary of Illinois Business And Economic Development Corp is $300,900 and their total compensation is $300,900.
Official website here: www.intersectillinois.org
What is the revenue of Illinois Business And Economic Development Corp?
Illinois Business And Economic Development Corp's revenue in 2023 was $4,048,933.
Official website here: www.intersectillinois.org
Who are the executives of Illinois Business And Economic Development Corp and what are their salaries?
The average compensation at Illinois Business And Economic Development Corp during 2023 was $70,390. There are 20 employees at Illinois Business And Economic Development Corp.
Here are 21 key members and their salaries (Illinois Business And Economic Development Corp's CEO's salary is $300,900 and their total compensation is $300,900):
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- Compensation: $300,900
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- Compensation: $120,474
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- Compensation: $108,511
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Official website here: www.intersectillinois.org
Where can I find the form 990 for Illinois Business And Economic Development Corp?
Illinois Business And Economic Development Corp's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.intersectillinois.org
Learn more at the official website: www.intersectillinois.org
Mission Statement of Illinois Business And Economic Development Corp
Illinois Business and Economic Development Corp, doing business as Intersect Illinois, is dedicated to fostering business development within the state. Their mission is to attract new jobs, investments, and economic growth for Illinois. They achieve this goal by establishing collaborative partnerships with various entities, including businesses, universities, non-profit organizations, and the government. Intersect Illinois employs a unified approach to economic development, aiming to create a prosperous and thriving economic landscape for the state.
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Impact
July, 2024
Illinois Business And Economic Development Corp Dba Intersect Illinois works to bring new jobs, investment, and economic prosperity to the state of Illinois through dynamic partnerships and collaborations. Their focus on business development aims to boost the state's economy by fostering relationships with companies, universities, non-for-profit organizations, and the government. By providing a unified approach to economic development, Intersect Illinois contributes to community improvement and stimulates growth in various sectors within the state.
This information is meant to be a general summary of Illinois Business And 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 2023.
- Investment Income: $11,433
- Gross Receipts: $4,048,933
Assets and Liabilities:
- Total Assets: $1,841,889
- Total Liabilities: $450,690
- Net Assets: $1,391,199
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Organization Details
Founding Year
2016
Phone
(312) 667-6010Principal Officer
Dan Seals
Main Address
230 W MONROE STREET 330, CHICAGO, IL, 60606
Website
www.intersectillinois.orgNTEE Category
Code: S30 - Community improvement
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