BBB Wise Giving Report for
Structured Employment Economic Development Corporation

BBB Wise Giving Report issued February 2011
BBB Wise Giving Report expires February 2013


Does not meet one or more standards
This charity does not meet one or more of the 20 standards for Charity Accountability. Find out more...


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Charity Contact Information

Name: Structured Employment Economic Development Corporation
Address: 915 Broadway, 17th Floor
  New York, NY 10010
Phone: 212-473-0255
Web Address: www.seedco.org
Also known as:Seedco
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BBB Wise Giving Alliance Comments

Year, State Incorporated: 1986, New York
Affiliates: Seedco Financial Services
Stated Purpose: “to advance economic opportunity for people, businesses and communities in need.”

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Evaluation Conclusions

              

Structured Employment Economic Development Corporation (Seedco) does not meet the following 5 Standards for Charity Accountability.

Standard 4: Compensated Board Members - Not more than one or 10% (whichever is greater) directly or indirectly compensated person(s) serving as voting member(s) of the board. Compensated members shall not serve as the board's chair or treasurer.

Seedco does not meet this Standard because:

  • 6 members out of the 10 member board of directors (or 60%) are compensated directly.
  • The chair of the board is compensated directly.

Standard 7: Board Approval of Written Report on Effectiveness - Submit to the organization's governing body, for its approval, a written report that outlines the results of the aforementioned performance and effectiveness assessment and recommendations for future actions.

Seedco does not meet this Standard because:

  • It did not produce a written report outlining the results of its most recent effectiveness assessment.

Standard 16: Annual Report - Have an annual report available to all, on request, that includes: (a) the organization's mission statement, (b) a summary of the past year's program service accomplishments, (c) a roster of the officers and members of the board of directors, (d) financial information that includes (i) total income in the past fiscal year, (ii) expenses in the same program, fund raising and administrative categories as in the financial statements, and (iii) ending net assets.

Seedco does not meet this standard because the most recent annual report did not include:

  • Total fund raising expenses.

Standard 17: Web Site Disclosures - Include on any charity websites that solicit contributions, the same information that is recommended for annual reports, as well as the mailing address of the charity and electronic access to its most recent IRS Form 990.

Seedco does not meet this Standard because the organization's website, www.seedco.org, does not include all of the recommended information for those charity websites that solicit for donations. Specifically, it does not include:

  • Electronic access to the organization’s most recent IRS Form 990.

Standard 18: Privacy for Written Appeals & Internet Privacy - Address privacy concerns of donors by (a) providing in written appeals, at least annually, a means (e.g., such as a check off box) for both new and continuing donors to inform the charity if they do not want their name and address shared outside the organization, (b) providing a clear, prominent and easily accessible privacy policy on any of its websites that tells visitors (i) what information, if any, is being collected about them by the charity and how this information will be used, (ii) how to contact the charity to review personal information collected and request corrections, (iii) how to inform the charity (e.g., a check off box) that the visitor does not wish his/her personal information to be shared outside the organization, and (iv) what security measures the charity has in place to protect personal information.

Seedco does not meet this Standard because the privacy policy on this website, www.seedco.org does not indicate:

  • How to contact the charity to review personal information that is collected and request corrections.
  • What security measures are in place to protect personal information that is collected.
Structured Employment Economic Development Corporation (Seedco) meets the remaining 15 Standards for Charity Accountability.
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Programs

              

Seedco's programs are focused on the following lines of work: workforce development, work and family support, community finance and small business support. In addition to primary program focuses, Seedco analyzes programs, aims to develop best practices, and provides technical assistance to federal, state and local governments, funders, and non profit agencies. Seedco’s subsidiary, Seedco Financial, works to stimulate economic development in communities that are underserved by traditional banking institutions.

For the year ended December 31, 2009, Seedco's program expenses were:

  
Workforce operations 25,813,525
Asset building 17,532,985
Lending and economic development 8,631,402
Other core programs 1,525,175
Total Program Expenses: $53,503,087
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Governance

              

Chief Executive : Barbara Dwyer Gunn, President and CEO
Compensation*:
$320,164

Chair of the Board: George Pruitt
Chair's Profession / Business Affiliation: President, Thomas Edison State College

Board Size: 10

Paid Staff Size: 223

*Although salary information for the current CEO of Seedco is not available, 2009 compensation for former CEO Diane Baillargeon was $320,164. Compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
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Fund Raising

              

Method(s) Used:

Special events, grant proposals, Internet appeals, and planned giving.
Fund raising costs were 1% of related contributions. (Related contributions, which totaled $61,566,706, are donations received as a result of fund raising activities.)
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Tax Status

              

This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
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Financial

              

The following information is based on Seedco's audited financial statements - consolidated for the year ended December 31, 2009.

Source of Funds  
Government grants and loans 43,943,739
Contributions 17,622,967
Program and processing fees 2,452,085
Interest income 1,519,905
Other revenue 195,643
Investment return, net 184,968
Total Income $65,919,307


chart



Uses of Funds as a % of Total Expenses

Programs: 89%  Fund Raising: 1%  Administrative: 10% 

Total income   $65,919,307
  Program expenses $53,503,087
  Fund raising expenses 442,175
  Administrative expenses 6,071,978
 
Total expenses   $60,017,240
Income in Excess of Expenses   5,902,067
Beginning net assets   16,706,761
Ending net assets   22,608,828
Total liabilities   47,790,370
Total assets   $70,399,198


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An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the BBB Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the Council of Better Business Bureaus, Inc.

This report is not to be used for fund raising or promotional purposes.

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