Overview
What is Lonely Entrepreneur Inc?
Lonely Entrepreneur Inc, based in New York City, is a nonprofit organization dedicated to empowering entrepreneurs, particularly underserved individuals. Through a partnership with the First Citizens Foundation, they offer free access to their Learning Community, catering to individuals with low to moderate incomes, those rejected for Small Business Administration (SBA) loans, and other bank constituents. This initiative is part of First Citizens' $16 billion community benefits plan, aimed at reinvesting in low- and moderate-income communities and neighborhoods of color, in collaboration with the National Community Reinvestment Coalition (NCRC). The mission of Lonely Entrepreneur Inc is to help one million entrepreneurs succeed by providing them with the necessary knowledge, tools, and support to transform their passions into thriving businesses.
Official website here: www.lonelyentrepreneur.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 99% (Four-Star out of Four Stars)
Lonely Entrepreneur Inc has achieved an impressive 99% rating from Charity Navigator, reflecting exceptional performance in accountability, finance, and community culture. With a perfect score of 100 in Accountability & Finance, the organization demonstrates strong governance practices, including an independent board and robust financial oversight. The high program expense ratio suggests that a significant portion of their funds is directed towards their missions, which focus on supporting entrepreneurs, particularly those from underserved communities.
User feedback presents a mixed view of the organization. Many clients and advisors praise the Lonely Entrepreneur for its comprehensive support and resources tailored for entrepreneurs, highlighting the value of their platform for networking and personal development. Reviews lauding the organization's positive impact indicate a strong community presence and commitment to empowering business owners, particularly minority entrepreneurs, with vital tools and guidance.
However, there are also critical reviews pointing to significant management issues, including allegations of misusing donor funds and withholding payments from contractors. Such negative feedback raises concerns about the internal operations of the organization and suggests a need for improved management practices to ensure sustainability and donor trust. Overall, while Lonely Entrepreneur Inc showcases strong financial health and a positive community impact, addressing the highlighted operational concerns will be crucial for its continued success and reputation.
This AI summary has been generated from information found on Charity Navigator and Great Nonprofits.
What do the Facebook reviews say about Lonely Entrepreneur Inc?
92% of 16 reviewers on Facebook recommend Lonely Entrepreneur Inc. Here’s a summary of what they are saying:
The nonprofit is praised for its inspirational content, which resonates with many users. Reviewers have found the resources provided to be valuable and uplifting, highlighting a positive impact on their entrepreneurial journeys.
Overall, the sentiments appear to lean toward high satisfaction, with many users appreciating the motivation and advice shared through the organization's platform. It seems that Lonely Entrepreneur Inc. effectively fulfills its mission to support and inspire entrepreneurs.
This AI summary has been generated from reviews found on Facebook.
Is Lonely Entrepreneur Inc legitimate?
Lonely Entrepreneur Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lonely Entrepreneur 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: $201,549
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.lonelyentrepreneur.org
What is the mission statement of Lonely Entrepreneur Inc?
Lonely Entrepreneur Inc's mission is centered around empowering a million entrepreneurs, with a focus on underserved individuals. The organization aims to help these entrepreneurs transform their passions into successful ventures by providing them with essential knowledge, tools, and support. In partnership with First Citizens Foundation, they offer a program that provides free access to a Learning Community, catering to individuals from various backgrounds such as low-income earners, those rejected for SBA loans, and other bank constituents. This initiative is part of First Citizens' $16 billion community benefits plan, a collaborative effort with the National Community Reinvestment Coalition, aimed at reinvesting in and uplifting low- and moderate-income communities and communities of color.
Official website here: www.lonelyentrepreneur.org
Who is the CEO of Lonely Entrepreneur Inc?
Michael Dermer is the Vice President And Board Member of Lonely Entrepreneur Inc. The CEO's salary of Lonely Entrepreneur Inc is $0 and their total compensation is $0.
Official website here: www.lonelyentrepreneur.org
What is the revenue of Lonely Entrepreneur Inc?
Lonely Entrepreneur Inc's revenue in 2022 was $2,098,492.
Official website here: www.lonelyentrepreneur.org
Who are the executives of Lonely Entrepreneur Inc and what are their salaries?
There 42 volunteers at Lonely Entrepreneur Inc.
Here are 14 key members and their salaries (Lonely Entrepreneur Inc's CEO's salary is $0 and their total compensation is $0):
- Compensation: $0
- Related: $96,000
- Other: $0
- Compensation: $0
- Related: $85,625
- Other: $0
- Compensation: $0
- Related: $77,500
- Other: $0
- Compensation: $49,450
- Related: $0
- Other: $0
- Compensation: $47,500
- Related: $0
- Other: $0
- Compensation: $42,664
- Related: $0
- Other: $0
- Compensation: $41,247
- Related: $0
- Other: $0
- Compensation: $40,729
- Related: $0
- Other: $0
- Compensation: $0
- Related: $10,000
- 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.lonelyentrepreneur.org
Where can I find the form 990 for Lonely Entrepreneur Inc?
Lonely Entrepreneur Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.lonelyentrepreneur.org
Learn more at the official website: www.lonelyentrepreneur.org
Mission Statement of Lonely Entrepreneur Inc
Lonely Entrepreneur Inc, a nonprofit organization, is committed to empowering one million entrepreneurs, with a particular focus on underserved individuals. Their mission is to equip these aspiring business owners with the necessary knowledge, tools, and support required to transform their passions into successful ventures. By providing these resources, Lonely Entrepreneur Inc aims to help these entrepreneurs overcome various obstacles and ultimately achieve their business goals.
In collaboration with the First Citizens Foundation, Lonely Entrepreneur Inc has launched an initiative to provide free access to its Learning Community for underserved entrepreneurs. This program extends its reach to individuals from low- and moderate-income backgrounds, those who have been rejected for Small Business Administration (SBA) loans, and other bank constituents. This initiative is part of First Citizens' $16 billion community benefits plan, developed in partnership with the National Community Reinvestment Coalition (NCRC). This plan is designed to further reinforce First Citizens' efforts to reinvest in low- and moderate-income communities and neighborhoods of color. By working together, Lonely Entrepreneur Inc and First Citizens are making a significant contribution to the entrepreneurial landscape, offering opportunities to those who might otherwise be excluded.
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Impact
July, 2024
Lonely Entrepreneur Inc is making a significant impact by empowering 1 million entrepreneurs, especially underserved ones, to achieve success by providing them with essential knowledge, tools, and support. Through its partnership with the First Citizens Foundation, Lonely Entrepreneur Inc is extending access to its Learning Community to underserved entrepreneurs across various geographies, including low and moderate-income individuals and those who have been rejected for traditional forms of financial assistance. This program, part of First Citizens' community benefits plan, underscores Lonely Entrepreneur Inc's commitment to fostering entrepreneurship and economic empowerment in underserved communities.
This information is meant to be a general summary of Lonely Entrepreneur 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 2022.
- Program Service Revenue: $1,163,500
- Gross Receipts: $2,098,492
Assets and Liabilities:
- Total Assets: $913,238
- Total Liabilities: $347,432
- Net Assets: $565,806
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
First Citizens Foundation
Revenue
$100,000
UPS Ignite
Revenue
$98,750
Discover Financial
Revenue
$50,000
CISCO Foundation
Revenue
$50,000
Ally Bank Foundation
Revenue
$50,000
Organization Details
Founding Year
2018
Phone
(201) 686-9684Principal Officer
Michael Dermer
Main Address
336 Lexington Avenue Suite 5, New York, NY, 10016
Website
www.lonelyentrepreneur.orgNTEE Category
Code: B90 - Education
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