Albion Economic Development Corporation

Nonprofit profile at a glance

EIN
320108328
IRS 990 coverage
2013–2025
Forms available
Form 990 2025, Form 990-N 2007
Location
Albion, NE, USA
Phone
4023954453
Rating
65
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Rural Economic Development

Reported finances

Revenue
$368,921
Expenses
$108,033
Assets
$2,482,030
Liabilities
$86,162

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • JEFFREY C JARECKI (PRESIDENT/DI)

People named in this filing

  • MICHELLE GRAGERT (DIRECTOR)
  • JEFFREY C JARECKI (PRESIDENT/DI)
  • SAMANTHA KLEVELAND (DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Organization's mission is to promote development in the albion trade area by loaning funds or furnishing sites and buildings for industries interested in locating in albion and its trade territory.

What it reported doing in 2025

The albion economic development corporation (aedc) is focused on economic and civic development in the albion, ne area. During the fiscal year ended march 31, 2025, it gave a land grant to boone beginnings for the development of a non-profit child care facility. It also provided cash grants to boone beginnings for said facility and a cash grant to the boone county agriculutural education center for the fairgrounds project. Future projects in development include affordable housing developments, which are in progress. Several grants were also given for infrastruce development and downtown improvements.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 45% for direct work, and 55% for grants.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 42
  • Transparency & Controls: 83
  • Accountability: 70
  • Sustainability: 85
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 22%; rating input score 22
  • Program expense ratio: 87.8%; rating input score 88
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 83.3%; rating input score 83; 2nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 95.2%; rating input score 95; 57th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: 70.7%; rating input score 96; 96th percentile among comparable filings
  • Total-asset coverage ratio: 22.97; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 30; 30th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 67; 67th percentile among comparable filings

Growth

  • Program expense growth: 33.4% per year; rating input score 100; 91st percentile among comparable filings
  • Revenue growth: 16.7% per year; rating input score 100; 83rd percentile among comparable filings
  • Asset growth: 17.9% per year; rating input score 100; 80th percentile among comparable filings

Details

  • Where the money goes: 22% of revenue deployed · 87.8% of spending went to programs
  • Governance: 7 of 7 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 8 people listed
  • Consistency: 22 of 24 current checks pass · 2 findings to review
  • Schedules: 4 filed schedules · includes major donors and grants
  • Filing history: 13 filing years from 2013 to 2025
  • Contacts: How to reach this organization
  • Money network: 3 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 — Financial Efficiency: Mission deployment rate scored 22/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • Moderate — Transparency & Controls: Schedule D land buildings reconciliation did not reconcile in the filed values.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Liabilities to assets ratio scored 30/100.