Latin American Economic Development Association Inc
Nonprofit profile at a glance
- EIN
- 222846440
- IRS 990 coverage
- 2016–2024
- Forms available
- Form 990 2024, Form 990-T 2024
- Location
- Camden, NJ, USA
- Phone
- 8563381177
- Rating
- 81
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Small Business Development
Reported finances
- Revenue
- $697,507
- Expenses
- $740,995
- Assets
- $1,888,449
- Liabilities
- $1,113,862
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
7 people listed
Executive titles in this filing
- RAYMOND LAMBOY (PRESIDENT & CEO)
Highest reported compensation
- RAYMOND LAMBOY (PRESIDENT & CEO): $123,984 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The latin american economic development association, inc (laeda) is a non-profit economic development organization dedicated: to the creation of small business ownership opportunities for economically disadvantaged minorities, to contribute to the growth and success of minority owned small businesses and the development of the marketplace in the communities we serve.this non-profit was formed with the purpose:1.to raise the economic, educational, and social levels of the economically disadvantaged residents, primarily members of the minority community, in the Delaware valley, primarily the city of camden, New Jersey; to foster and promote employment creation initiatives and expansion of the job base in the community; and to foster and promote community-wide interest and concern for the problems of such residents to the end that (a) educational and economic opportunities may be expanded; (b) sickness, poverty, crime, and environmental degradation may be lessened; and (c) racial tensions
What it reported doing in 2024
Provide assistance to economically disadvantaged small minority businesses and assistance in the creation of new small minority businesses within camden county, nj. This is accomplished through entreprenurial training, research, technical assistance and commercial development.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
STRONG - The filed numbers largely add up and a large share of available resources goes toward mission work. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.
Rating breakdown
- Financial Efficiency: 68
- Transparency & Controls: 92
- Accountability: 95
- Sustainability: 35
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 78.1%; rating input score 78
- Program expense ratio: 73.4%; rating input score 73
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 7 of 8 controls in place; rating input score 88
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Fail
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -6.2%; rating input score 22; 22nd percentile among comparable filings
- Total-asset coverage ratio: 2.55; rating input score 71; 71st percentile among comparable filings
- Liabilities to assets ratio: 0.59; rating input score 13; 13th percentile among comparable filings
- Officer compensation ratio: 16.7%; rating input score 20; 20th percentile among comparable filings
Growth
- Program expense growth: 1.9% per year; rating input score 100; 26th percentile among comparable filings
- Revenue growth: 1.2% per year; rating input score 100; 20th percentile among comparable filings
- Asset growth: 1.1% per year; rating input score 100; 22nd percentile among comparable filings
Details
- Where the money goes: 78.1% of revenue deployed · 73.4% of spending went to programs
- Governance: 6 of 6 board members independent · 7 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $544K in reported program spending
- Leadership: top reported pay $124K · 7 people listed
- Consistency: 22 of 22 current checks pass
- Schedules: 5 filed schedules · includes major donors
- Filing history: 8 filing years from 2016 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- Related organizations: 1 filed related-organization link
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Sustainability: Operating margin scored 22/100.
- Review — Accountability: Governance controls: Audit committee oversight not reported.
- High — Sustainability: Liabilities to assets ratio scored 13/100.
- High — Sustainability: Officer compensation ratio scored 20/100.