Binghamton Local Development Corporation

Nonprofit profile at a glance

EIN
222482535
IRS 990 coverage
2010–2018
Forms available
Form 990 2018
Location
Binghamton, NY, USA
Phone
6077727161
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$489,939
Expenses
$462,252
Assets
$4,241,393
Liabilities
$426,641

Source: IRS Form 990. Selected filing: tax year 2018. Amounts in USD.

Leadership & pay

13 people listed

Executive titles in this filing

  • ARTHUR SMITH (VICE PRESIDENT)
  • JOHN SARACENO (PRESIDENT)
  • ROBERT MURPHY (EXECUTIVE DIRECTOR)

Highest reported compensation

  • KENNETH FRANK (CORPORATION COUNSEL): $118,400 total reported compensation
  • CLARENCE SHAGER (COMPTROLLER): $115,790 total reported compensation
  • RICHARD DAVID (MAYOR): $88,691 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2018. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To further sustainable economic development in the city of binghamton by attracting new business, retaining and growing established business, building industrial and commercial capacity, promoting employment, and fostering entrepreneurship and innovation.

Operating model

Revenue model
Donor-supported. 77% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 81% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing does not identify recipients for some grant dollars and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 79
  • Transparency & Controls: 68
  • Accountability: 91
  • Sustainability: 58
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 86.8%; rating input score 87
  • Program expense ratio: 92%; rating input score 92
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 24th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 11.8%; rating input score 12; 34th 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; 63rd percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 5.7%; rating input score 56; 56th percentile among comparable filings
  • Total-asset coverage ratio: 9.18; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0.1; rating input score 31; 31st percentile among comparable filings
  • Officer compensation ratio: 26%; rating input score 14; 14th percentile among comparable filings

Growth

  • Program expense growth: 63.9% per year; rating input score 100; 97th percentile among comparable filings
  • Revenue growth: -7.3% per year; rating input score 0; 12th percentile among comparable filings
  • Asset growth: 3.5% per year; rating input score 100; 49th percentile among comparable filings

Details

  • Where the money goes: 86.8% of revenue deployed · 92% of spending went to programs
  • Governance: 12 of 12 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $425K in reported program spending
  • Leadership: top reported pay $118K · 13 people listed
  • Consistency: 22 of 23 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 3 filing years from 2010 to 2018
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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: Grant itemization coverage scored 12/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • Review — Sustainability: Operating margin scored 56/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 14/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 31/100.