Overview
What is Southeast Colorado Enterprise Development Inc?
Southeast Colorado Enterprise Development Inc is a nonprofit organization situated in Lamar, Colorado. With a team of seven dedicated individuals, their primary mission is to offer economic assistance to individuals and businesses in Southeast Colorado. This region encompasses Baca, Bent, Crowley, Kiowa, and Prowers counties. The nonprofit aims to fill financing gaps in small businesses, particularly those that do not qualify for traditional financing or are facing difficulties in securing loans. Apart from business financing, Southeast Colorado Enterprise Development Inc also provides loans to homeowners to improve their personal residences, such as upgrading windows, doors, and heating systems. Since its inception, this program has generated over 400 jobs in the community, positively impacting the economic health of the region.
Official website here: www.seced.net
What are the reviews and ratings of this charity?
Charity Navigator Rating: 84% (Three-Star out of Four Star Rating)
Southeast Colorado Enterprise Development Inc has received a Three-Star rating from Charity Navigator, reflecting a solid accountability and finance score of 84%. This rating indicates that the organization demonstrates a strong commitment to transparency and responsible financial practices, which are crucial for donor trust and engagement.
The nonprofit excels in several areas, notably having a fully independent board and no material diversion of assets. Additionally, it maintains a high program expense ratio, indicating that all expenses are directed towards its mission. However, the organization has some significant gaps, including missing conflict of interest and whistleblower policies, which could be areas for improvement in governance practices.
While Southeast Colorado Enterprise Development Inc shows commendable accountability, the absence of certain policies and documentation may raise concerns among potential donors and stakeholders. Addressing these gaps could enhance the organization’s credibility and strengthen its operational integrity.
This AI summary has been generated from information found on Charity Navigator.
Is Southeast Colorado Enterprise Development Inc legitimate?
Southeast Colorado Enterprise Development Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Southeast Colorado Enterprise Development 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: $376,127
For more financial information, click here
Official website here: www.seced.net
What is the mission statement of Southeast Colorado Enterprise Development Inc?
Southeast Colorado Enterprise Development Inc's mission is centered around providing economic assistance to individuals and businesses that are unable to secure traditional financing. Primarily, they offer loans to new or struggling businesses and homeowners for home improvements, specifically focusing on upgrading windows, doors, and heating systems. Their goal is to help boost economic growth and improve living conditions in these sectors.
Official website here: www.seced.net
Who is the CEO of Southeast Colorado Enterprise Development Inc?
Stephanie Gonzales is the Director of Southeast Colorado Enterprise Development Inc.
Official website here: www.seced.net
What is the revenue of Southeast Colorado Enterprise Development Inc?
Southeast Colorado Enterprise Development Inc's revenue in 2022 was $1,702,636.
Official website here: www.seced.net
Who are the executives of Southeast Colorado Enterprise Development Inc and what are their salaries?
The average compensation at Southeast Colorado Enterprise Development Inc during 2022 was $53,732. There are 7 employees at Southeast Colorado Enterprise Development Inc.
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Official website here: www.seced.net
Where can I find the form 990 for Southeast Colorado Enterprise Development Inc?
Southeast Colorado Enterprise Development Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.seced.net
Learn more at the official website: www.seced.net
Mission Statement of Southeast Colorado Enterprise Development Inc
Southeast Colorado Enterprise Development Inc, a nonprofit organization, is committed to providing economic assistance to individuals and businesses in the region that do not qualify for traditional financing. Their primary focus is on supporting new, startup businesses and those experiencing difficulties with conventional funding. Additionally, they offer loans to homeowners to improve their personal residences by upgrading windows, doors, and heating systems. By offering these financial opportunities, Southeast Colorado Enterprise Development Inc aims to foster economic growth and development in the community.
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Impact
July, 2024
Southeast Colorado Enterprise Development Inc's impact can be seen in its significant support for individuals and businesses in Southeast Colorado who face challenges in securing traditional financing. Through its Business Assistance Loan Fund, the organization plays a crucial role in filling gaps in small business financing options, positively influencing the economic health of communities within Baca, Bent, Crowley, Kiowa, and Prowers counties.
Since its inception, this program has helped create over 400 jobs, showcasing its tangible contribution to the local economy. By providing alternative financing solutions, primarily to new startups and businesses struggling with traditional funding avenues, Southeast Colorado Enterprise Development Inc has enabled entrepreneurs to realize their visions and enhance their enterprises. Additionally, the organization's support extends to homeowners, empowering them to make essential improvements to their personal residences such as upgrading windows, doors, and heating systems. Through its tailored financial assistance and strategic investments, this organization plays a crucial role in fostering economic growth and sustainability in the region.
This information is meant to be a general summary of Southeast Colorado Enterprise Development 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.
- Investment Income: $4,522
- Program Service Revenue: $240,218
- Gross Receipts: $1,702,636
Assets and Liabilities:
- Total Assets: $7,817,182
- Total Liabilities: $295,894
- Net Assets: $7,521,288
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RLF LOAN INTEREST
Revenue
$115,323
DOH LOAN INTEREST
Revenue
$49,858
RLF BUSINESS LENDING CONTRACT
Revenue
$32,480
DOH HOUSING REHAB CONTRACT
Revenue
$19,336
DOH SERVICING AND LATE FEES
Revenue
$12,753
Organization Details
Founding Year
1988
Phone
(719) 336-3850Principal Officer
Stephanie Gonzales
Main Address
P O BOX 1600, LAMAR, CO, 81052
Website
www.seced.netNTEE Category
Code: L21 - Housing
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