Beverly Main Streets Inc

Nonprofit profile at a glance

EIN
562306350
IRS 990 coverage
2016–2024
Forms available
Form 990 2024, Form 990-EZ 2020
Location
Beverly, MA, USA
Phone
9789228558
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Reported finances

Revenue
$318,844
Expenses
$283,839
Assets
$85,803
Liabilities
$3,121

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

Leadership & pay

20 people listed

Executive titles in this filing

  • PAUL GENTILE (PRESIDENT)

Highest reported compensation

  • ERIN TRUEX (EXECUTIVE DI): $93,549 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Beverly main streets' mission is to promote and enhance beverly's downtown.

What it reported doing in 2024

Arts fest aims to educate the community on arts and historic preservation, while providing opportunity to support independent artists. Downtown revitalization projects including block parties, beverly cultural district and various events that promote the cultural aspects of the city. The organization also offers other arts programs and downtown activities throughout the year.

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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 92
  • Accountability: 69
  • Sustainability: 39
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 78.8%; rating input score 79
  • Program expense ratio: 88.5%; rating input score 88
  • Fundraising efficiency: $21.55 raised per $1 spent on fundraising; rating input score 59; 59th 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; 63rd percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 11%; rating input score 62; 62nd percentile among comparable filings
  • Total-asset coverage ratio: 0.3; rating input score 16; 16th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 35; 35th percentile among comparable filings
  • Officer compensation ratio: 33%; rating input score 9; 9th percentile among comparable filings

Growth

  • Program expense growth: -2.1% per year; rating input score 0; 23rd percentile among comparable filings
  • Revenue growth: 2.3% per year; rating input score 100; 37th percentile among comparable filings
  • Asset growth: -16.9% per year; rating input score 0; 4th percentile among comparable filings

Details

  • Where the money goes: 78.8% of revenue deployed · 88.5% of spending went to programs
  • Governance: 19 of 19 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $251K in reported program spending
  • Leadership: top reported pay $94K · 20 people listed
  • Consistency: 25 of 25 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 7 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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 — Accountability: Governance controls: 5 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • Review — Financial Efficiency: Fundraising efficiency scored 59/100.
  • High — Sustainability: Total-asset coverage ratio scored 16/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 9/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 35/100.