Overview
What is Racine County Economic Development Corporation?
The Racine County Economic Development Corporation, situated in Sturtevant, Wisconsin, is a dedicated nonprofit organization that offers a range of economic development services. They specialize in managing various government and quasi-government business financing programs, providing low-interest loans to local businesses within Racine County. As a Small Business Administration (SBA) certified development company, they also offer SBA 504 fixed asset loans across Wisconsin. Furthermore, they utilize their resources to manage certain community-based revolving loan funds in southeast Wisconsin. Their primary mission involves supporting business recruitment, expansion, financing, and promoting community and workforce development. Their team of 19 dedicated individuals works tirelessly to contribute to the economic growth of Racine County.
Official website here: www.racinecountyedc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
The Racine County Economic Development Corporation has achieved a Four-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. Their high score is indicative of effective governance and a commitment to transparency, with notable metrics such as a fully independent board and a solid program expense ratio of 81.67%, which suggests that a significant portion of their resources is directed towards fulfilling their mission.
The organization excels in various areas of accountability, including the implementation of a comprehensive conflict of interest policy and a whistleblower policy, both of which are crucial for maintaining ethical standards. Furthermore, their financial oversight practices are robust, demonstrated by their clean audit processes and low liabilities to assets ratio, indicating prudent financial management.
While the data highlights several strengths, there are no specific user feedback or performance metrics that detail the impact of their programs. This absence of qualitative data may limit the understanding of how effectively they achieve their mission within the community. Nonetheless, their financial health and governance practices are commendable and suggest a well-run organization.
This AI summary has been generated from information found on Charity Navigator.
Is Racine County Economic Development Corporation legitimate?
Racine County Economic Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Racine County Economic 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:
Executive Compensation: $358,006
Professional Fundraising Fees: $0
Other Salaries and Wages: $739,247
For more financial information, click here
Official website here: www.racinecountyedc.org
What is the mission statement of Racine County Economic Development Corporation?
The Racine County Economic Development Corporation's mission is centered around providing economic development services. This encompasses various aspects such as attracting and retaining businesses, facilitating their expansion, offering business financing options, and focusing on community and workforce development. The organization manages several government and quasi-government financing programs, providing low-interest loans to local businesses. As a Small Business Administration (SBA) certified development company, they also offer SBA 504 fixed asset loans across Wisconsin. Utilizing their resources, they manage certain community-based revolving loan funds in southeast Wisconsin.
Official website here: www.racinecountyedc.org
Who is the CEO of Racine County Economic Development Corporation?
David Griffith is the Chairman of Racine County Economic Development Corporation.
Official website here: www.racinecountyedc.org
What is the revenue of Racine County Economic Development Corporation?
Racine County Economic Development Corporation's revenue in 2022 was $3,305,317.
Official website here: www.racinecountyedc.org
Who are the executives of Racine County Economic Development Corporation and what are their salaries?
The average compensation at Racine County Economic Development Corporation during 2022 was $57,750. There are 19 employees and 58 volunteers at Racine County Economic Development Corporation.
Here are 12 key members and their salaries:
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- Compensation: $166,197
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- Other: $28,239
- Compensation: $135,015
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- Other: $28,556
Official website here: www.racinecountyedc.org
Where can I find the form 990 for Racine County Economic Development Corporation?
Racine County Economic Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.racinecountyedc.org
Learn more at the official website: www.racinecountyedc.org
Mission Statement of Racine County Economic Development Corporation
Racine County Economic Development Corporation, abbreviated as RCEDC, is committed to providing economic development services. Their mission encompasses several key areas, including business recruitment, expansion, and financing. They aim to facilitate the growth of existing businesses within Racine County and attract new ones, thereby contributing to the local economy. In addition to this, RCEDC is engaged in community and workforce development, working towards enhancing the overall well-being of the region.
To achieve these objectives, RCEDC manages various government and quasi-government business financing programs. These programs offer low-interest loans to local businesses, providing them with the necessary financial support to thrive. As a Small Business Administration (SBA) certified development company, RCEDC extends SBA 504 fixed asset loans throughout the state of Wisconsin, further bolstering the financial resources available to businesses. Furthermore, RCEDC utilizes their resources to manage certain community-based revolving loan funds in southeast Wisconsin, further expanding the financial support they can offer to local businesses.
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Impact
July, 2024
Racine County Economic Development Corporation plays a vital role in driving economic growth and prosperity in Racine County and beyond. Through their business recruitment, expansion, financing, community, and workforce development services, RCEDC contributes significantly to the overall economic vitality of the region. Their management of various government and quasi-government business financing programs, including low-interest loans for local businesses, demonstrates their commitment to fostering entrepreneurship and sustainable growth. By being a Small Business Administration (SBA) Certified Development Company and providing SBA 504 fixed asset loans across Wisconsin, RCEDC extends its impact beyond Racine County, benefiting businesses statewide. Additionally, their management of community-based revolving loan funds in Southeast Wisconsin showcases their dedication to supporting local communities. In essence, RCEDC's multifaceted efforts make a tangible difference in promoting economic development, creating job opportunities, and enhancing the overall quality of life for individuals in the region.
This information is meant to be a general summary of Racine County Economic 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: $15,561
- Program Service Revenue: $877,193
- Gross Receipts: $3,305,317
Assets and Liabilities:
- Total Assets: $13,208,071
- Total Liabilities: $2,090,428
- Net Assets: $11,117,643
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SBA SERVICE FEES
Revenue
$530,866
REVOLVING LOAN ADMIN
Revenue
$223,402
MGT FEES REAL RACINE
Revenue
$39,646
CEO ROUNDTABLE
Revenue
$34,000
REVOLVING LOAN PREP
Revenue
$30,791
Organization Details
Founding Year
1983
Phone
(262) 898-7424Principal Officer
David Griffith
Main Address
2320 RENAISSANCE BLVD, STURTEVANT, WI, 53177
Website
www.racinecountyedc.orgNTEE Category
Code: P40 - Human services
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