Belmont Community Development Corporation

Nonprofit profile at a glance

EIN
561708764
IRS 990 coverage
2010–2022
Forms available
Form 990 2022
Location
Charlotte, NC, USA
Phone
7043350450
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Rural Economic Development

Reported finances

Revenue
$38,294
Expenses
$182,557
Assets
$151,522
Liabilities
$69,176

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

6 people listed

Highest reported compensation

  • Reginald Jones (Executive Dir.): $83,394 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of Belmont CDC is to preserve the historic integrity of the Belmont neighborhood of Charlotte, North Carolina and surrounding areas, utilizing traditional and non-traditional methods of community economic development. The goal of Belmont CDC is to provide affordable housing, educational, and living wage employment opportunities; business and entrepreneurship development, elderly housing, services for low-to-moderate-income residents, and ensure full access to and participation in the economic revitalization of the community.

What it reported doing in 2022

The organization works to improve the quality of life of the residents of the Belmont neighborhood in Charlotte, NC by improving housing & providing educational & business opportunities.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of total spending goes to programs and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 76
  • Transparency & Controls: 92
  • Accountability: 90
  • Sustainability: 13
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 51.7%; rating input score 52
  • Fundraising efficiency: $2.49 raised per $1 spent on fundraising; rating input score 25; 25th percentile among comparable filings

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; 64th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -376.7%; rating input score 11; 11th percentile among comparable filings
  • Total-asset coverage ratio: 0.83; rating input score 19; 19th percentile among comparable filings
  • Liabilities to assets ratio: 0.46; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 45.7%; rating input score 7; 7th percentile among comparable filings

Growth

  • Program expense growth: -3.7% per year; rating input score 0; 44th percentile among comparable filings
  • Revenue growth: -8.7% per year; rating input score 0; 37th percentile among comparable filings
  • Asset growth: 1.4% per year; rating input score 100; 50th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 51.7% of spending went to programs
  • Governance: 5 of 5 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $94K in reported program spending
  • Leadership: top reported pay $83K · 6 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 12 filing years from 2010 to 2022
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Review — Financial Efficiency: Program expense ratio scored 52/100.
  • High — Financial Efficiency: Fundraising efficiency scored 25/100.
  • High — Sustainability: Operating margin scored 11/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 19/100.
  • High — Sustainability: Officer compensation ratio scored 7/100.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.