Catalytic Development Funding Corp of Northern Kentucky
Nonprofit profile at a glance
- EIN
- 263389252
- IRS 990 coverage
- 2012–2024
- Forms available
- Form 990 2024, Form 990-EZ 2010
- Location
- Covington, KY, USA
- Phone
- 8597570519
- Rating
- 83
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Urban, Community Economic Development
Reported finances
- Revenue
- $5,241,748
- Expenses
- $3,392,675
- Assets
- $29,906,477
- Liabilities
- $24,538,978
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
24 people listed
Executive titles in this filing
- JEANNE SCHROER (PRESIDENT & CEO)
Highest reported compensation
- JEANNE SCHROER (PRESIDENT & CEO): $319,656 total reported compensation
- JOSEPH KLARE (CHIEF OPERATING OFFICER): $244,364 total reported compensation
- TRAVIS GYSEGEM (DIRECTOR OF RESEARCH & UNDERWRITING): $120,764 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
1. Improve quality of life and environment; 2. Increase economic opportunity for community residents; 3. Provide affordable housing choices; 4. Attract amenities that enhance community vibrancy; 5. Grow local tax base; 6. Contribute to regional economic development.
What it reported doing in 2024
In 2024, the catalytic fund deployed $7,381,000 in capital and developed an active pipeline of $15,000,000+ in the current challenging real estate market and small business environment. The 13 projects funded through catalytic fund investments and supported by catalytic fund development services created $29,554,000 in new investment in the catalytic fund's cdfi target market, preserved and renovated 12 historic buildings, created 20 residential units - 12 of which are affordable to households at 80% of ami, and created 71,844 square feet of tenant ready commercial space. The catalytic fund also increased its investment capital by $3,000,000 and saw the execution of one of the organization's most high impact investments to date in sparkhaus, a community facility supporting small businesses to rapidly. = grow in the northern Kentucky region each year.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Hybrid. The nonprofit split its reported program spending across 54% for direct work, and 46% for grants.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Liabilities are high compared with assets and reported officer compensation is a large share of total spending, which may reflect staffing concentration.
Rating breakdown
- Financial Efficiency: 79
- Transparency & Controls: 79
- Accountability: 97
- Sustainability: 70
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 70%; rating input score 70
- Program expense ratio: 93.5%; rating input score 94
- Fundraising efficiency: $74.9 raised per $1 spent on fundraising; rating input score 83; 83rd percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 2 of 6 controls in place; rating input score 33
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 95%; rating input score 95; 25th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 35.3%; rating input score 87; 87th percentile among comparable filings
- Total-asset coverage ratio: 8.82; rating input score 90; 90th percentile among comparable filings
- Liabilities to assets ratio: 0.82; rating input score 10; 10th percentile among comparable filings
- Officer compensation ratio: 20.2%; rating input score 12; 12th percentile among comparable filings
Growth
- Program expense growth: 15.5% per year; rating input score 100; 79th percentile among comparable filings
- Revenue growth: 17.8% per year; rating input score 100; 86th percentile among comparable filings
- Asset growth: 21.8% per year; rating input score 100; 86th percentile among comparable filings
Details
- Where the money goes: 70% of revenue deployed · 93.5% of spending went to programs
- Governance: 19 of 20 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $3.2M in reported program spending
- Leadership: top reported pay $320K · 24 people listed · 2 of 6 pay-setting controls reported
- Consistency: 32 of 32 current checks pass
- Schedules: 6 filed schedules · includes major donors, grants, and executive pay
- Filing history: 12 filing years from 2012 to 2024
- Contacts: How to reach this organization
- Money network: 9 filed money-flow records
- Related organizations: 5 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 — Sustainability: Liabilities to assets ratio scored 10/100.
- High — Sustainability: Officer compensation ratio scored 12/100.