Overview
What is 698 South Main Street Inc?
698 South Main Street Inc is a nonprofit organization situated in Waterbury, Connecticut, specifically at 83 Bank Street 3rd Floor. Their primary mission is dedicated to promoting the overall well-being of the city of Waterbury, as well as contributing to its economic development. This mission is focused on the demolition of the vacant Anamet Inc. industrial facility and the subsequent remediation of the property, with the goal of redevelopment. This endeavor is aimed at bettering the community, potentially leading to new opportunities and improvements. The organization operates with a single-purpose focus, centered on this specific project.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 55%
698 South Main Street Inc has received a One-Star out of Four Star rating from Charity Navigator, indicating significant concerns regarding its financial health and operational transparency. While the organization scores well in areas such as having a majority independent board and maintaining proper financial documentation, its overall accountability and financial score reflects weaknesses, particularly in efficient fund allocation towards programs.
One of the organization's strengths is its fully independent board, which enhances governance and oversight. Additionally, the charity has robust financial statements and has not diverted assets, showcasing a commitment to ethical practices. However, its program expense ratio is notably low, with only 39.47% of expenses directed towards its programs, raising questions about the effectiveness of its operations and the impact of its services.
The liabilities to assets ratio suggests a manageable level of debt, but the overall low rating highlights the need for improvement in financial management and program funding. Stakeholders may want to consider these factors when evaluating the charity's effectiveness and sustainability.
This AI summary has been generated from information found on Charity Navigator.
Is 698 South Main Street Inc legitimate?
698 South Main Street Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. 698 South Main Street 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of 698 South Main Street Inc?
698 South Main Street Inc is a single-focus organization with a mission to promote the betterment of the community. Their primary objective is to demolish an abandoned industrial facility located in an unspecified location, and subsequently, remediate the property for future redevelopment. This initiative is aimed at contributing to the overall economic development and general welfare of the community. The organization's activities are centered around managing expenses related to this project.
Who is the CEO of 698 South Main Street Inc?
Thomas Hyde is the President of 698 South Main Street Inc.
What is the revenue of 698 South Main Street Inc?
698 South Main Street Inc's revenue in 2023 was $2,593,156.
Who are the executives of 698 South Main Street Inc and what are their salaries?
Here are 4 key members and their salaries:
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- Other: $0
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Where can I find the form 990 for 698 South Main Street Inc?
698 South Main Street Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of 698 South Main Street Inc
698 South Main Street Inc, as a single-purpose entity, is dedicated to promoting the common good, general welfare, and economic development. Their mission, however, is more specifically focused on the demolition of the vacant Anamet Inc. industrial facility in Waterbury, CT, and the subsequent remediation of the property for redevelopment. This initiative aims to contribute positively to the community and potentially stimulate economic growth. The organization's activities are primarily geared towards managing and funding the expenses related to this project, with the goal of transforming the property into a new asset for the community.
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Impact
July, 2024
698 South Main Street Inc's impact is centered around promoting the common good, general welfare, and economic development in the city of Waterbury, Connecticut. Specifically, the organization focuses on the demolition of the vacant Anamet Inc. industrial facility in Waterbury and the remediation of the property for redevelopment. By undertaking this project, 698 South Main Street Inc is actively contributing to the revitalization and improvement of the community, ultimately benefiting the city and its residents.
This information is meant to be a general summary of 698 South Main Street 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.
- Gross Receipts: $2,593,156
Assets and Liabilities:
- Total Assets: $8,522,485
- Total Liabilities: $4,479,137
- Net Assets: $4,043,348
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Organization Details
Founding Year
2017
Phone
(203) 346-2607Principal Officer
Thomas Hyde
Main Address
83 BANK STREET 3RD FLOOR, WATERBURY, CT, 06702
NTEE Category
Code: S31 - Community improvement
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