Overview
What is Enchantment Land Certified Development Company?
Enchantment Land Certified Development Company, situated in Albuquerque, New Mexico, is a nonprofit organization dedicated to fostering economic growth within the state. Their primary mission is to support small and medium-sized businesses by offering long-term, low-down-payment, and reasonably priced financing options for acquiring fixed assets. This assistance is aimed at creating jobs and retaining existing ones within the community. The company acts as an intermediary, marketing SBA loan programs, screening projects, packaging loan proposals, collaborating with private lenders, and selling SBA-guaranteed debentures for 504 loans. As of September 30, 2022, Enchantment Land Certified Development Company has serviced loans totaling approximately 120 million dollars, with maturities ranging from 2021 to 2047. They receive a loan-servicing fee of 0.625% annually as remuneration for their services.
Official website here: www.elcdc.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96%, Four-Star out of Four Star Rating
Enchantment Land Certified Development Company has achieved an impressive 96% score, earning a Four-Star rating from Charity Navigator. This rating reflects a strong focus on accountability and finance, with the organization excelling in various key areas. Notably, the organization has a fully independent board with 100% of its members being independent, which contributes to its high score in governance and oversight.
The nonprofit demonstrates a solid financial structure, highlighted by a low liabilities-to-assets ratio of 16.77% and a program expense ratio of 82.34%. These figures indicate that a significant majority of their expenditures are directed toward programs rather than administrative costs, suggesting an efficient allocation of resources. Additionally, the organization has clear policies in place, including a conflict of interest policy and a whistleblower policy, which enhance its operational transparency.
While the rating reflects strong accountability measures, it is essential for potential donors and supporters to consider the specific programs and outcomes associated with the organization's mission. Overall, Enchantment Land Certified Development Company stands out for its financial responsibility and governance practices, making it a potentially reliable choice for those looking to support nonprofit initiatives.
This AI summary has been generated from information found on Charity Navigator.
Is Enchantment Land Certified Development Company legitimate?
Enchantment Land Certified Development Company is a legitimate nonprofit organization registered as a 501(c)(3) entity. Enchantment Land Certified Development Company 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: $150,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $201,551
For more financial information, click here
Official website here: www.elcdc.com
What is the mission statement of Enchantment Land Certified Development Company?
The Enchantment Land Certified Development Company's mission is centered around assisting in the growth and development of small business concerns. This is achieved through their involvement in the SBA 504 Loan Program, which aims to foster community economic development by providing long-term, low down payment, reasonably priced, fixed asset financing to expand small and medium-sized businesses. The company markets SBA loan programs, screens projects for program applicability, packages loan proposals, works with private lenders to secure commitments, coordinates the sale of SBA guaranteed debentures for 504 loans, and services approved 504 loans. As of September 30, 2022, they have serviced loans with funded amounts totaling approximately 120 million dollars, with maturities ranging from 2021 to 2047. The organization earns a 0.625% annual loan-servicing fee from the principal outstanding.
Official website here: www.elcdc.com
What is the revenue of Enchantment Land Certified Development Company?
Enchantment Land Certified Development Company's revenue in 2024 was $757,250.
Official website here: www.elcdc.com
Who are the executives of Enchantment Land Certified Development Company and what are their salaries?
The average compensation at Enchantment Land Certified Development Company during 2024 was $35,155. There are 10 employees at Enchantment Land Certified Development Company.
Here are 9 key members and their salaries:
- Compensation: $148,986
- Related: $0
- Other: $14,952
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.elcdc.com
Where can I find the form 990 for Enchantment Land Certified Development Company?
Enchantment Land Certified Development Company's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.elcdc.com
Learn more at the official website: www.elcdc.com
Mission Statement of Enchantment Land Certified Development Company
Enchantment Land Certified Development Company, abbreviated as ELCDC, is dedicated to aiding in the growth and development of small business concerns within the state of New Mexico. Its primary mission is to provide long-term, low down payment, reasonably priced, fixed-asset financing to expand small and medium-sized businesses through the SBA 504 Loan Program. This initiative aims to stimulate community economic development, leading to job creation and retention.
The organization serves as a crucial intermediary in this process, marketing SBA loan programs, screening projects for program eligibility, packaging loan proposals, working with private lenders to secure commitments, coordinating the sale of SBA-guaranteed debentures for 504 loans, and servicing approved 504 loans. As of September 30, 2022, ELCDC had serviced loans with funded amounts totaling approximately 120 million dollars, with maturities ranging from 2021 to 2047. In return for its services, ELCDC collects a loan-servicing fee of 0.625% per annum on the principal outstanding.
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Impact
July, 2024
Enchantment Land Certified Development Company plays a crucial role in supporting small businesses in the state of New Mexico. Through the SBA 504 Loan Program, the organization facilitates long-term, low down payment financing for small and medium-sized businesses, aiming to stimulate economic growth, job creation, and retention in the community. ELCDC's efforts have resulted in the servicing of loans totaling approximately $120,000,000 as of September 30, 2022, with maturities extending up to 2047. By marketing SBA loan programs, packaging loan proposals, and collaborating with private lenders, ELCDC has been instrumental in enabling the expansion and development of businesses in the region. This tangible impact on the local economy underscores the organization's commitment to fostering community improvement and supporting the entrepreneurial ecosystem in New Mexico.
This information is meant to be a general summary of Enchantment Land Certified Development Company. 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 2024.
- Investment Income: $184,919
- Program Service Revenue: $570,984
- Gross Receipts: $757,250
Assets and Liabilities:
- Total Assets: $1,050,394
- Total Liabilities: $122,492
- Net Assets: $927,902
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOAN SERVICING FEES
Revenue
$498,134
LOAN PROCESSING FEES
Revenue
$72,850
Organization Details
Founding Year
1988
Principal Officer
Alan Shettlesworth
Website
www.elcdc.comNTEE Category
Code: S300 - Community improvement
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