Bright Community Trust Inc

Nonprofit profile at a glance

EIN
262352365
IRS 990 coverage
2011–2024
Forms available
Form 990 2024, Form 990-N 2008
Location
Port Richey, FL, USA
Phone
7274748441
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$550,758
Expenses
$361,395
Assets
$15,336,263
Liabilities
$1,193,055

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

Leadership & pay

9 people listed

Executive titles in this filing

  • FRANCIS WELLS (CEO/PRESIDENT)

People named in this filing

  • THOMAS SHELLY (CHAIRMAN)
  • DR ROBERT ARNOLD (SECRETARY)
  • JULIE LAWRENCE (TREASURER)

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 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To utilize land trusts as a vehicle to facilitate the ownership and development of affordable housing projects within the state of Florida.

What it reported doing in 2024

Bright community trust's focus is the development of new construction homes for rent or sale to work force and lower income families. Utilizing a community land trust the properties stay affordably attainable for generations. Education and ongoing mentorship is provided to the homebuyer/homeowner.

Operating model

Revenue model
Donor-supported. 74% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

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 revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 51
  • Transparency & Controls: 92
  • Accountability: 94
  • Sustainability: 85
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 46.8%; rating input score 47
  • Program expense ratio: 74%; rating input score 74
  • Fundraising efficiency: Limited

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; 63rd percentile among comparable filings
  • Governance controls: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 34.4%; rating input score 87; 87th percentile among comparable filings
  • Total-asset coverage ratio: 42.44; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0.08; rating input score 46; 46th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 0.6% per year; rating input score 100; 20th percentile among comparable filings
  • Revenue growth: -6.2% per year; rating input score 0; 4th percentile among comparable filings
  • Asset growth: 1.2% per year; rating input score 100; 22nd percentile among comparable filings

Details

  • Where the money goes: 46.8% of revenue deployed · 74% of spending went to programs
  • Governance: 7 of 7 board members independent · 6 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $267K in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 13 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Mission deployment rate scored 47/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Audit committee oversight not reported.
  • Moderate — Sustainability: Liabilities to assets ratio scored 46/100.