Overview
What is Red River Economic Development Llc?
Red River Economic Development Llc is a nonprofit organization situated in Lexington, Kentucky, with a focus on revitalizing the Red River Gorge area, an economically struggling region rich in natural resources and tourist attractions. They are dedicated to establishing an economic anchor through the development of a destination resort, aiming to draw more tourists and generate local opportunities. After thorough research and collaboration with the local communities, they have acquired an option for 891 acres of land as a potential site for this resort. However, they plan to hand over the construction and operation of the resort to a developer, maintaining no involvement themselves. The organization's primary objective is to stimulate the area's economic, cultural, and social growth, ultimately benefiting the community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 87% (Three-Star out of Four Star Rating)
Red River Economic Development LLC has achieved an overall rating of 87%, reflecting solid performance in accountability and finance. The rating is based entirely on a single beacon score, which highlights the organization’s commitment to transparency and responsible financial management. A key strength noted is the presence of a majority independent board, with all members being independent.
The organization has demonstrated strong practices in several areas, such as having no material diversion of assets and maintaining a conflict of interest policy. Additionally, it has a robust program expense ratio of 85.24%, indicating that a significant portion of its resources is dedicated to its core programs. This figure suggests that the nonprofit is effectively utilizing its funds to fulfill its mission.
There are no significant limitations mentioned in the data, as Red River Economic Development LLC showcases positive practices in document retention and transparency regarding board meeting minutes. Overall, the organization appears to maintain a strong commitment to accountability and financial excellence, making it a noteworthy entity in its sector.
This AI summary has been generated from information found on Charity Navigator.
Is Red River Economic Development Llc legitimate?
Red River Economic Development Llc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Red River Economic Development Llc 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 Red River Economic Development Llc?
Red River Economic Development LLC's mission is centered around promoting the economic, cultural, and social development of a specific area. More specifically, their focus is on revitalizing an economically deprived region with abundant natural resources and tourist attractions, the Red River Gorge area. They are dedicated to establishing a destination resort for tourism, which they believe will serve as an economic anchor. The organization is currently conducting extensive research and planning with the local communities and has secured an option on 891 acres of land for the resort's construction. They are actively seeking a developer to oversee the construction of the resort, and once completed, they will not retain any ownership or operate the resort themselves. Their primary goal is to boost the area's economy and create opportunities for the local community.
Who is the CEO of Red River Economic Development Llc?
Jean R Hale is the Chair of Red River Economic Development Llc.
What is the revenue of Red River Economic Development Llc?
Red River Economic Development Llc's revenue in 2022 was $63,169.
Who are the executives of Red River Economic Development Llc and what are their salaries?
There 9 volunteers at Red River Economic Development Llc.
Here are 9 key members and their salaries:
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Where can I find the form 990 for Red River Economic Development Llc?
Red River Economic Development Llc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Red River Economic Development Llc
Red River Economic Development LLC, a nonprofit organization, is committed to fostering the economic, cultural, and social development of a specific area. Their primary mission is centered around promoting the economic growth of the Red River Gorge region in Eastern Kentucky, which is currently economically deprived despite its abundance of natural resources and tourist attractions. To achieve this, Red River Economic Development LLC is working on establishing a destination resort for tourism in the area. They have conducted extensive research and planning with the local communities and have acquired an option for 891 acres of land as a potential site for the resort. The organization's main goal is not to own or operate the resort but to serve as a catalyst for economic opportunities in the community by attracting tourists to the region. They are actively seeking a developer to construct the resort, thereby contributing to the overall development of the area.
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Impact
August, 2024
Red River Economic Development Llc's impact is dedicated to promoting the economic, cultural, and social development of the Red River Gorge area in Eastern Kentucky. The organization's focus is on creating an economic anchor through a destination resort for tourism in an economically-depressed region with abundant natural resources and a draw for tourists to the area. By conducting extensive research and planning with the Gorge communities and purchasing land for a target site, Red River Economic Development Llc is working to attract a developer for the construction of the resort. Ultimately, the organization aims to promote the area and create economic opportunities for the community, contributing to the overall improvement and prosperity of the region.
This information is meant to be a general summary of Red River Economic Development Llc. 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.
- Gross Receipts: $63,169
Assets and Liabilities:
- Total Assets: $7,044
- Total Liabilities: $0
- Net Assets: $7,044
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Organization Details
Founding Year
2020
Phone
(502) 229-9304Principal Officer
Jean R Hale
Main Address
1000 RICHMOND ROAD, LEXINGTON, KY, 40502
NTEE Category
Code: S30 - Community improvement
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