Belmont Trolley Inc

Nonprofit profile at a glance

EIN
473587308
IRS 990 coverage
2022–2025
Forms available
Form 990 2025, Form 990-EZ 2021
Location
Belmont, NC, USA
Phone
9802771023
Rating
57
Verdict
MIXED
Rating confidence
Moderate
Sector
Arts, Culture, and Humanities N.E.C.

Reported finances

Revenue
$155,007
Expenses
$37,357
Assets
$2,041,253
Liabilities
$0

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

Leadership & pay

12 people listed

Executive titles in this filing

  • Robert A Pressley (President)
  • Ron Lovelace (Vice President)
  • Nate Wells (Vice President)

People named in this filing

  • Robert A Pressley (President)
  • Ron Lovelace (Vice President)
  • Nate Wells (Vice President)

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

Belmont Trolleys mission is to preserve the past by restoring trolley service and operating a museum in Gaston County, while inspiring the future through emerging technologies, connecting communities and serving as a catalyst for economic growth.

What it reported doing in 2025

Further restoration efforts of historic Trolley to return to serviceWith a shared dedication to upholding transparency and fiscal responsibility, Belmont Trolley embarked on a collaborative journey with Foard & Company to prepare our annual tax return. Recognizing the significance of accurate financial reporting, we meticulously gathered and presented a comprehensive array of financial data. Through regular consultations and open communication, we provided Foard with a comprehensive understanding of our organizations financial landscape, confident that our partnership would yield a meticulously prepared Form 990, reflecting our commitment to fiscal responsibility and regulatory compliance.

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

MIXED - The filed numbers largely add up and revenue comfortably covers expenses. 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: 26
  • Transparency & Controls: 92
  • Accountability: 58
  • Sustainability: 92
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 15.4%; rating input score 15
  • Program expense ratio: 40%; rating input score 40
  • Fundraising efficiency: $10.53 raised per $1 spent on fundraising; rating input score 39; 39th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: 0 of 7 controls in place; rating input score 0
    • 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: Fail
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 75.9%; rating input score 97; 97th percentile among comparable filings
  • Total-asset coverage ratio: 54.64; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 77; 77th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 67; 67th percentile among comparable filings

Growth

  • Program expense growth: -35.4% per year; rating input score 0; 3rd percentile among comparable filings
  • Revenue growth: 27.2% per year; rating input score 100; 91st percentile among comparable filings
  • Asset growth: 31.1% per year; rating input score 100; 91st percentile among comparable filings

Details

  • Where the money goes: 15.4% of revenue deployed · 40% of spending went to programs
  • Governance: 12 of 12 board members independent · 0 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $15K in reported program spending
  • Leadership: top reported pay $0 · 12 people listed
  • Consistency: 15 of 16 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 4 filing years from 2022 to 2025
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • 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 15/100.
  • High — Accountability: Governance controls: 6 of 6 not reported.
  • Moderate — Financial Efficiency: Program expense ratio scored 40/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 39/100.
  • High — Growth: Program expense growth scored 0/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.