Overview
What is Prairie Development Corporation?
Prairie Development Corporation is a nonprofit organization situated in Stratton, Colorado. Its primary focus is on economic development, offering guaranteed and direct loans of up to $150,000 to local businesses. The corporation also provides financial assistance, loaning up to $20,000 per full-time employee position, with at least 51% of these positions reserved for low- to moderate-income qualified individuals. Prairie Development Corporation does not operate as a primary lender and often collaborates with banks and other financial institutions in the local area. Additionally, the organization plays a significant role in promoting tourism in the region, attracting revenue to the communities and contributing to job stability. In 2022, the corporation closed one new business loan, which was further bolstered with revolving loan funds for $30,000. Beyond financial aid, Prairie Development Corporation extends support to low-income individuals and businesses through housing rehabilitation loans, business start-up aid, and related services.
What are the reviews and ratings of this charity?
Charity Navigator rating: 82%, Three-Star out of Four Star rating.
Prairie Development Corporation has achieved an 82% rating, indicating a solid performance in terms of accountability and finance. The organization demonstrates strong governance, with a fully independent board consisting of 100% independent members, which reflects a commitment to effective leadership and oversight.
The financial health of the organization is commendable, as evidenced by a low liabilities to assets ratio of 0.74% and a high program expense ratio of 97.18%. This suggests that the majority of its resources are directed towards its programs rather than administrative costs. Additionally, the presence of an audit and oversight committee adds a layer of transparency and accountability to its financial practices.
While the organization's financial metrics are robust, the rating is based solely on accountability and finance, leaving out any evaluation of programmatic impact or effectiveness. This limitation should be noted by potential donors seeking comprehensive insights into the organization’s overall performance.
This AI summary has been generated from information found on Charity Navigator.
Is Prairie Development Corporation legitimate?
Prairie Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Prairie Development Corporation 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:
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Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Prairie Development Corporation?
Prairie Development Corporation's mission is centered around providing financial assistance to low-income individuals and businesses. This assistance takes the form of low-income loans and loan guarantees, primarily for housing rehabilitation and business start-ups, as well as related support services. The corporation's activities are not limited to lending; they also offer economic development programs, providing guaranteed and direct loans to businesses up to 150,000 dollars. For businesses creating jobs, Prairie Development Corporation may offer loans of up to 20,000 dollars per Full-Time Equivalent position, with at least 51% of these positions filled by low- to moderate-income qualified individuals. Prairie Development Corporation does not act as a primary lender and often collaborates with local banks and financial institutions to facilitate loans. Additionally, the corporation plays a role in promoting tourism in the region, aiming to bring in revenue and support job stability. In 2022, one new business loan was successfully closed, leveraging revoluted loan funds for an additional 30,000 dollars.
Who is the CEO of Prairie Development Corporation?
Ed Rarick is the Chairman of Prairie Development Corporation.
What is the revenue of Prairie Development Corporation?
Prairie Development Corporation's revenue in 2022 was $3,272,612.
Who are the executives of Prairie Development Corporation and what are their salaries?
There 8 volunteers at Prairie Development Corporation.
Here are 9 key members and their salaries:
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Where can I find the form 990 for Prairie Development Corporation?
Prairie Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Prairie Development Corporation
Prairie Development Corporation is committed to providing financial aid in the form of loans and loan guarantees to both individuals and businesses, with a focus on low-income housing and related support services. Their mission encompasses offering low-income loans for housing rehabilitation, as well as loans and guarantees for business start-ups. By doing so, they aim to support and empower individuals and businesses in need. It's important to note that Prairie Development Corporation is not a primary lender, often partnering with local banks and financial institutions to facilitate loans. In addition to their lending services, the corporation is involved in marketing tourism to the region, thereby bringing in revenue and contributing to job stability in the communities. During 2022, they closed one new business loan, which was further supported with revolved loan funds of 30,000.
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Impact
July, 2024
Prairie Development Corporation provides critical support to low-income individuals and businesses in the form of loans for housing and economic development. Through guaranteed and direct loans of up to $150,000, Prairie Development Corporation plays a crucial role in fostering economic growth and job creation in the region. By offering loans that prioritize low to moderate-income qualifications and partnering with local financial institutions, Prairie Development Corporation helps to address housing needs and support the establishment and growth of businesses. Additionally, their involvement in marketing tourism to the area contributes to bringing in external dollars and promoting job stability within the community. In 2022, the organization closed a significant new business loan, leveraging revolving loan funds to continue their support for local entrepreneurs and economic development initiatives. Prairie Development Corporation's impact resonates through community improvement efforts that aim to uplift and empower individuals and businesses in need.
This information is meant to be a general summary of Prairie Development Corporation. 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: $5,710
- Program Service Revenue: $39,612
- Gross Receipts: $3,272,612
Assets and Liabilities:
- Total Assets: $3,628,943
- Total Liabilities: $27,087
- Net Assets: $3,601,856
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
APARTMENT AND OFFICE RENTAL
Revenue
$39,144
LOAN FEES
Revenue
$468
Organization Details
Founding Year
1986
Phone
(719) 348-5596Principal Officer
Ed Rarick
Main Address
128 COLORADO AVENUE, STRATTON, CO, 80836
NTEE Category
Code: S30Z - Community improvement
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