Overview
What is Norfolk Innovation Corridor?
Norfolk Innovation Corridor is a nonprofit corporation based in Norfolk, Virginia. Its primary mission is to foster growth in entrepreneurship and innovation by attracting technology startups, retaining a skilled workforce, and attracting new talent. The organization aims to boost local job opportunities, particularly for the unemployed, minorities, and disadvantaged individuals. The corporation's activities include supporting the development, master-planning, programming, branding, marketing, public awareness, community-building, and economic growth of the Norfolk Innovation Corridor. With a single employee, this nonprofit plays a crucial role in promoting innovation and economic growth in the area.
Official website here: www.norfolkinnovation.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 83% (Three-Star out of Four Star rating)
The Norfolk Innovation Corridor has received a Three-Star rating from Charity Navigator, reflecting a strong score of 83% in the Accountability & Finance category. This rating indicates a solid performance in managing financial practices and governance. The organization boasts a fully independent board, with 100% of its members meeting this criterion, ensuring a commitment to ethical oversight.
Several strengths are evident in the organization's financial operations, including a favorable liabilities to assets ratio of 9.39% and a program expense ratio of 74.79%. This suggests that the majority of its resources are allocated directly toward fulfilling its mission. Additionally, it has successfully implemented policies for conflict of interest and maintains transparency by listing its website on tax forms.
However, there are areas for improvement, notably the absence of a whistleblower policy and document retention and destruction policy, which are critical for governance and accountability. Despite these limitations, the organization's overall score highlights a robust commitment to responsible financial management.
This AI summary has been generated from information found on Charity Navigator.
Is Norfolk Innovation Corridor legitimate?
Norfolk Innovation Corridor is a legitimate nonprofit organization registered as a 501(c)(3) entity. Norfolk Innovation Corridor 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: $25,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.norfolkinnovation.com
What is the mission statement of Norfolk Innovation Corridor?
The Norfolk Innovation Corridor's mission is to foster growth in entrepreneurship and innovation by attracting new technology startups, retaining a skilled workforce, and providing local job opportunities. This initiative aims to support the development, planning, programming, branding, marketing, public awareness, community-building, and economic growth of the innovation corridor. The ultimate goal is to create a thriving environment that benefits the unemployed, minorities, and disadvantaged individuals in the area.
Official website here: www.norfolkinnovation.com
Who is the CEO of Norfolk Innovation Corridor?
Linda Peck is the Executive Di of Norfolk Innovation Corridor.
Official website here: www.norfolkinnovation.com
What is the revenue of Norfolk Innovation Corridor?
Norfolk Innovation Corridor's revenue in 2022 was $106,324.
Official website here: www.norfolkinnovation.com
Who are the executives of Norfolk Innovation Corridor and what are their salaries?
The average compensation at Norfolk Innovation Corridor during 2022 was $25,000. There is 1 employee and 35 volunteers at Norfolk Innovation Corridor.
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Official website here: www.norfolkinnovation.com
Where can I find the form 990 for Norfolk Innovation Corridor?
Norfolk Innovation Corridor's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.norfolkinnovation.com
Learn more at the official website: www.norfolkinnovation.com
Mission Statement of Norfolk Innovation Corridor
The Norfolk Innovation Corridor, as a corporation, is committed to fostering growth in entrepreneurship and innovation. Its mission is to attract new technology startups and retain a skilled workforce, thereby creating more job opportunities for the unemployed and disadvantaged individuals living in the area. The organization plays a crucial role in supporting the development, master-planning, programming, branding, and marketing of the Norfolk Innovation Corridor. It strives to raise public awareness, build a strong community, and drive economic growth in this innovation corridor. The corporation's efforts are geared towards creating an environment that is conducive to innovation, attracting talent, and promoting economic development.
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Impact
October, 2024
The Norfolk Innovation Corridor significantly impacts local economic development, entrepreneurship, and community vitality in Norfolk, Virginia. By focusing on attracting new technology startups, it fosters an environment conducive to innovation and growth. This initiative not only helps retain a talented workforce but also draws additional skilled professionals to the area, enhancing the region's competitiveness.
Moreover, the corridor creates local job opportunities, particularly benefiting unemployed, minority, and disadvantaged individuals. By prioritizing inclusivity, it addresses economic disparities and promotes a diverse workforce, which is essential for driving sustainable growth.
Through strategic master planning, programming, and effective branding and marketing, the Norfolk Innovation Corridor elevates public awareness and community engagement. This holistic approach encourages collaboration among local stakeholders and establishes a vibrant ecosystem that nurtures entrepreneurship, ultimately contributing to economic resilience and enhancing the overall quality of life in the community.
This information is meant to be a general summary of Norfolk Innovation Corridor. 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: $66,500
- Gross Receipts: $106,324
Assets and Liabilities:
- Total Assets: $62,579
- Total Liabilities: $487
- Net Assets: $62,092
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DUES - ANCHOR INSTITUTIONS
Revenue
$44,000
DUES - BUSINESS MENTORS
Revenue
$22,500
Organization Details
Founding Year
2019
Phone
(757) 904-5753Principal Officer
Linda Peck
Main Address
PO BOX 3224, NORFOLK, VA, 23514
Website
www.norfolkinnovation.comNTEE Category
Code: S30 - Community improvement
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