Wilmington Economic Development Corporation

The Wilmington Economic Development Corporation is a nonprofit organization focused on economic development, specifically within the context of community improvement and capacity building. It is classified under the National Taxonomy of Exempt Entities (NTEE) categories for community improvement and economic development.

Mission and Purpose

The organization aims to support small businesses and contribute to the local economic growth by providing access to capital. It functions to enhance the economic landscape of Wilmington by facilitating opportunities for small, minority, and women-owned businesses.

Financial Overview

Financially, the corporation relies on contributions and program services for its revenue. In past years, contributions have been a significant source of income, alongside revenues generated from program services. The organization also reports investment income, although this constitutes a minor portion of its total revenue.

Activities and Support

The Wilmington Economic Development Corporation engages in activities that align with its mission to enhance economic development. This includes providing loans to support working capital, inventory, machinery and equipment, and facility improvements for small businesses. By offering these financial resources, the organization plays a crucial role in fostering a strong local business environment.

Tax Exempt Status

Donations to the Wilmington Economic Development Corporation are tax-deductible, indicating its status as a federally tax-exempt organization. It files Form 990 annually with the IRS to report its financial activities and governance.

Governance

The organization is managed by a board of directors, with key officers typically overseeing its operations. However, specific details about the current governance structure or executive compensation are not always publicly disclosed in all financial reports.