Overview
What is Glacial Lakes Area Development Inc?
Glacial Lakes Area Development Inc, based in Britton, South Dakota, serves as a catalyst for economic growth in northeastern South Dakota. They actively engage in community meetings, advocating for local development projects. The organization collects and distributes donations intended for community facilities, which eventually transfer to local nonprofit organizations, schools, and event centers upon completion. Furthermore, Glacial Lakes Area Development Inc provides business loans to small local enterprises, collecting interest and principal payments as part of their financial support system. Additionally, they manage workforce development grants, contributing to the region's overall economic development.
Official website here: www.gladsd.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (61%)
Glacial Lakes Area Development Inc has received a two-star rating from Charity Navigator, indicating that its overall performance needs improvement. While the nonprofit demonstrates a strong commitment to governance, with 87% independent board members and effective management of assets, it falls short in key accountability areas, including the absence of a whistleblower policy and a document retention policy.
The organization does maintain a notable liabilities to assets ratio of 47.21%, which reflects a sound financial position. However, its program expense ratio of 52.40% raises concerns, suggesting that a smaller portion of its budget is allocated towards programs compared to administrative expenses. This may impact the effectiveness of its mission-related efforts and community outreach.
Overall, while Glacial Lakes Area Development Inc shows strengths in governance and asset management, it faces critical gaps in policy implementation and program funding that may affect its long-term sustainability and community impact.
This AI summary has been generated from information found on Charity Navigator.
Is Glacial Lakes Area Development Inc legitimate?
Glacial Lakes Area Development Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Glacial Lakes Area 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: $60,778
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.gladsd.com
What is the mission statement of Glacial Lakes Area Development Inc?
Glacial Lakes Area Development Inc's mission is centered around promoting economic development in a specific region. More specifically, they aim to facilitate economic growth within northeastern South Dakota. Their activities involve participating in community meetings related to local economic projects, managing donated funds for the betterment of community facilities, providing loans to small local businesses, and administering workforce development grants.
Official website here: www.gladsd.com
Who is the CEO of Glacial Lakes Area Development Inc?
Lindsey Kimber is the Director of Glacial Lakes Area Development Inc.
Official website here: www.gladsd.com
What is the revenue of Glacial Lakes Area Development Inc?
Glacial Lakes Area Development Inc's revenue in 2022 was $121,070.
Official website here: www.gladsd.com
Who are the executives of Glacial Lakes Area Development Inc and what are their salaries?
The average compensation at Glacial Lakes Area Development Inc during 2022 was $60,778. There is 1 employee at Glacial Lakes Area Development Inc.
Here are 8 key members and their salaries:
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Official website here: www.gladsd.com
Where can I find the form 990 for Glacial Lakes Area Development Inc?
Glacial Lakes Area Development Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.gladsd.com
Learn more at the official website: www.gladsd.com
Mission Statement of Glacial Lakes Area Development Inc
Glacial Lakes Area Development Inc, a nonprofit organization, is dedicated to promoting regional economic growth in northeastern South Dakota. Their primary mission is to facilitate development in this area, working towards a stronger and more prosperous local economy. They accomplish this by participating in community meetings regarding economic development projects, gathering and distributing funds for future community facilities, and providing business loans to small local businesses. The organization collects both interest and principal payments on these loans, actively contributing to the financial stability of these enterprises. Additionally, Glacial Lakes Area Development Inc administers workforce development grants, further aiding in the economic development of the region.
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Impact
October, 2024
Glacial Lakes Area Development Inc plays a pivotal role in facilitating regional economic development in northeastern South Dakota. By attending, staffing, and coordinating various community meetings focused on local economic development projects, the organization actively engages stakeholders in discussions that drive growth and improvement.
The collection and disbursement of donated funds support essential community facilities, enhancing local amenities such as the Glacial Lakes Country Club, school activities, and city event centers. These improvements foster community pride and attract both residents and visitors.
Additionally, the organization provides business loans to small local enterprises, promoting economic self-sufficiency and entrepreneurship. By collecting interest and principal payments on these loans, it ensures a sustainable funding model that can further support the local economy.
Furthermore, Glacial Lakes Area Development Inc administers workforce development grants, addressing the need for skill enhancement and training in the region. This initiative not only improves the employability of the local workforce but also aligns with the needs of businesses, ultimately contributing to a robust and resilient economy in northeastern South Dakota.
This information is meant to be a general summary of Glacial Lakes Area 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: $181
- Program Service Revenue: $25,630
- Gross Receipts: $121,070
Assets and Liabilities:
- Total Assets: $1,214,620
- Total Liabilities: $573,451
- Net Assets: $641,169
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
BUSINESS LOAN INTEREST
Revenue
$20,859
MISCELLANEOUS
Revenue
$4,771
Organization Details
Founding Year
2005
Principal Officer
Lindsey Kimber
Main Address
PO BOX 231, BRITTON, SD, 57430
Website
www.gladsd.comNTEE Category
Code: S300 - Community improvement
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