Burlington Development Corporation
Nonprofit profile at a glance
- EIN
- 561878125
- IRS 990 coverage
- 2009–2024
- Forms available
- Form 990 2024
- Location
- Burlington, NC, USA
- Phone
- 3362268421
- Rating
- 82
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Low-Income & Subsidized Rental Housing
Reported finances
- Revenue
- $4,460,729
- Expenses
- $3,587,837
- Assets
- $32,322,174
- Liabilities
- $16,974,654
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
7 people listed
Executive titles in this filing
- Veronica Revels (President)
People named in this filing
- Veronica Revels (President)
- Melinda Freeman (Vice Chair)
- Charles Carter (Secretary/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
BDC's goals and objectives are to engage in or assist in the development, financing, and/or operation of housing for low-income people and families, and to provide supportive services necessary for residents to become academically successful and economically self-sufficient. BDC strives to change the public housing culture, values, and behavior through positive incentives doe resident self-sufficiency, providing programs and services that empower residents and collaboration and partnerships throughout the community to meet that end.
What it reported doing in 2024
Provide scholarships and other programs and learning experiences to support continuing education for low- and very-low-income persons. Provide opportunities for low- and very-low-income families to move from assisted housing. In addition, the Burlington Housing Authority converted using HUD's Rental Assistance Demonstration (RAD) program.
Operating model
- Revenue model
- Earned-program. 76% of the money available for current operations came from fees and other program revenue.
- 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
STRONG - The filed numbers largely add up and a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and liabilities are high compared with assets.
Rating breakdown
- Financial Efficiency: 71
- Transparency & Controls: 100
- Accountability: 76
- Sustainability: 75
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 72.4%; rating input score 72
- Program expense ratio: 91.9%; rating input score 92
- 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: Limited
- Related-party transparency: Yes; rating input score 100
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 3 of 7 controls in place; rating input score 43
- 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: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 19.6%; rating input score 76; 76th percentile among comparable filings
- Total-asset coverage ratio: 9.01; rating input score 90; 90th percentile among comparable filings
- Liabilities to assets ratio: 0.53; rating input score 20; 20th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings
Growth
- Program expense growth: 29.9% per year; rating input score 100; 92nd percentile among comparable filings
- Revenue growth: 24.8% per year; rating input score 100; 92nd percentile among comparable filings
- Asset growth: 22% per year; rating input score 100; 86th percentile among comparable filings
Details
- Where the money goes: 72.4% of revenue deployed · 91.9% of spending went to programs
- Governance: 7 of 7 board members independent · 3 of 7 filing controls reported
- Programs: 1 filed program accomplishment · $3.3M in reported program spending
- Leadership: top reported pay $0 · 7 people listed
- Consistency: 27 of 27 current checks pass
- Schedules: 4 filed schedules
- Filing history: 16 filing years from 2009 to 2024
- Contacts: How to reach this organization
- Money network: Resolved incoming and outgoing counterparties from filed money flows.
- 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.
- Moderate — Accountability: Governance controls: 4 of 7 not reported.
- High — Sustainability: Liabilities to assets ratio scored 20/100.