Akron Development Corporation

Nonprofit profile at a glance

EIN
341308327
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Akron, OH, USA
Phone
3303752133
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Reported finances

Revenue
$489,718
Expenses
$481,356
Assets
$4,658,584
Liabilities
$1,866,000

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • JASON DODSON (PRESIDENT)

Highest reported compensation

  • SEAN VOLLMAN (TRUSTEE): $221,558 total reported compensation
  • SUZIE GRAHAM-MOORE (TRUSTEE): $188,258 total reported compensation
  • ISAIAH YOUNG (TRUSTEE): $40,930 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 akron development corporation was organized to support economic development initiatives in the city of akron, particularly through the former akron global business accelerator and to secure state of Ohio funding for technology-based businesses. (the former akron global business accelerator spun off from the city of akron and is now an independent entity known as the bounce innovation hub, which commenced operations on january 1, 2018.)

What it reported doing in 2024

The akron development corporation champions economic revitalization in the city of akron by supporting technology-driven enterprises and entrepreneurial growth. Rooted in its legacy with the akron global business accelerator, the corporation has played a pivotal role in securing state of Ohio financing for emerging businesses, fostering innovation, and cultivating a resilient local economy. Its enduring impact continues to shape akron's future by empowering startups, creating jobs, and advancing inclusive development across the region.

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 90% 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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 66
  • Accountability: 65
  • Sustainability: 50
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 93.2%; rating input score 93
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 19th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 91.5%; rating input score 92; 53rd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 71.4%; rating input score 71; 19th percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 1.7%; rating input score 43; 43rd percentile among comparable filings
  • Total-asset coverage ratio: 9.68; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0.4; rating input score 13; 13th percentile among comparable filings
  • Officer compensation ratio: 22.9%; rating input score 16; 16th percentile among comparable filings

Growth

  • Program expense growth: -66.1% per year; rating input score 0; 1st percentile among comparable filings
  • Revenue growth: -7.8% per year; rating input score 0; 7th percentile among comparable filings
  • Asset growth: 7.4% per year; rating input score 100; 57th percentile among comparable filings

Details

  • Where the money goes: 93.2% of revenue deployed · 100% of spending went to programs
  • Governance: 5 of 7 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $481K in reported program spending
  • Leadership: top reported pay $222K · 7 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 18 of 19 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 6 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 43/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 13/100.
  • High — Sustainability: Officer compensation ratio scored 16/100.