Carthage Improvement Corporation

Nonprofit profile at a glance

EIN
752792161
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Carthage, TX, USA
Phone
9036933868
Rating
56
Verdict
MIXED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Official website

Reported finances

Revenue
$980,421
Expenses
$112,648
Assets
$3,974,704
Liabilities
$0

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

Leadership & pay

9 people listed

Executive titles in this filing

  • OLIN JOFFRION (PRESIDENT)

Highest reported compensation

  • STEPHEN K WILLIAMS (CHIEF EXE OF): $201,714 total reported compensation
  • BRENDA SAMFORD (RECORDING SE): $19,482 total reported compensation

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

Overview

Mission

To benefit and accomplish public purposes for the city of carthage, Texas, by promoting, assissting and enhancing economic development activities for the city as provided by the state of Texas development corporation act of 1979, local government code, chapter 505.

What it reported doing in 2024

The carthage improvement corporation assissted the city of carthage with the maintenance of hershell beck park

Operating model

Revenue model
Other-operating. 88% of the money available for current operations came from other operating revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 72% for direct work, and 28% for grants.

The verdict

MIXED - 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 few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 36
  • Transparency & Controls: 68
  • Accountability: 69
  • Sustainability: 87
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 17%; rating input score 17
  • Program expense ratio: 78.8%; rating input score 79
  • Fundraising efficiency: Limited

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; 76th percentile among comparable filings
  • Major donor itemization: Limited
  • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 88.5%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 35.28; rating input score 98; 98th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 25.6%; rating input score 9; 9th percentile among comparable filings

Growth

  • Program expense growth: -12.1% per year; rating input score 0; 4th percentile among comparable filings
  • Revenue growth: 8% per year; rating input score 100; 59th percentile among comparable filings
  • Asset growth: 24% per year; rating input score 100; 86th percentile among comparable filings

Details

  • Where the money goes: 17% of revenue deployed · 78.8% of spending went to programs
  • Governance: 7 of 7 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $89K in reported program spending
  • Leadership: top reported pay $202K · 9 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 6 filed schedules · includes grants and executive pay
  • Filing history: 11 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 3 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 — Financial Efficiency: Mission deployment rate scored 17/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Accountability: Governance controls: 5 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 9/100.