Carolina Thread Trail

Nonprofit profile at a glance

EIN
261528527
IRS 990 coverage
2019–2022
Forms available
Form 990 2022
Location
Charlotte, NC, USA
Phone
7049734500
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Environmental Beautification and Aesthetics

Official website

Reported finances

Revenue
$337,577
Expenses
$9,811,944
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

17 people listed

Executive titles in this filing

  • MICAHEL MARSICANO (VICE PRESIDENT)

Highest reported compensation

  • MICAHEL MARSICANO (VICE PRESIDENT): $898,324 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide capital, technical expertise, and support to local communities to successfully build the regional vision of the trail and conserve natural lanes along the trails.

What it reported doing in 2022

Environment: the carolina thread trail is developing a regional network of greenways, trails and blueways that span 15 counties, 2 states and 2.9 million people. There are over 400 miles of trails and 170 miles of blueway open to the public that link people, places, cities, towns and attractions. The thread trail preserves our natural areas and is a place for exploration of nature, culture, science and history. This is a landmark project that provides public and community benefits for everyone, in every community. During 2022, the organization disbursed grants to various organizations and engaged catawba lands conservancy to assist in planning and development of greenways, trails and environmental protection. At the end of 2022, the organization dissolved and transferred all remaining assets to the foundation for the carolinas for the benefit of catawba lands conservancy which will continue this project going forward.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 86% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 99
  • Transparency & Controls: 71
  • Accountability: 74
  • Sustainability: 5
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 99.7%; rating input score 100
  • Fundraising efficiency: $160.37 raised per $1 spent on fundraising; rating input score 90; 90th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 81st 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: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -2,806.6%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0.8%; rating input score 38; 38th percentile among comparable filings

Growth

  • Program expense growth: 75.1% per year; rating input score 100; 97th percentile among comparable filings
  • Revenue growth: -29.9% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: -51.1% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 99.7% of spending went to programs
  • Governance: 16 of 16 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $9.8M in reported program spending
  • Leadership: top reported pay $898K · 17 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $1.4M reported
  • Consistency: 16 of 16 current checks pass
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 3 filing years from 2019 to 2022
  • Contacts: How to reach this organization
  • Money network: 18 filed money-flow records
  • Related organizations: 19 filed related-organization links
  • 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: Pay-setting controls scored 0/100.
  • Moderate — Accountability: Governance controls: 5 of 8 not reported.
  • High — Sustainability: Operating margin scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 38/100.