Catawba Regional Development Corporation

Nonprofit profile at a glance

EIN
570738824
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Rock Hill, SC, USA
Phone
8033279041
Rating
63
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$327,548
Expenses
$259,155
Assets
$3,750,564
Liabilities
$706,045

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

Leadership & pay

13 people listed

Executive titles in this filing

  • JAMES A BENNETT (PRESIDENT)

Highest reported compensation

  • J RANDALL IMLER (SECRETARY/TR): $178,640 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 promote local economic development and support job creation within local communities by promoting capital aquisition through various federal loan programs and incentives to help local communities with housing and property development.

What it reported doing in 2024

All program expenses are incurred to provide loans and economic incentives to businesses to create jobs and promote economic growth within the community and the state of South Carolina, including housing assistance and blight elimination.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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

SUPPORTED - Most voting board members are independent 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: 59
  • Transparency & Controls: 60
  • Accountability: 90
  • Sustainability: 65
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 65.2%; rating input score 65
  • Program expense ratio: 68.9%; rating input score 69
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 20.9%; rating input score 75; 75th percentile among comparable filings
  • Total-asset coverage ratio: 14.47; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0.19; rating input score 20; 20th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: -11% per year; rating input score 0; 10th percentile among comparable filings
  • Revenue growth: -9.4% per year; rating input score 0; 6th percentile among comparable filings
  • Asset growth: -17.8% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • Where the money goes: 65.2% of revenue deployed · 68.9% of spending went to programs
  • Governance: 12 of 12 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $179K in reported program spending
  • Leadership: top reported pay $179K · 13 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 22 of 22 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 11 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • 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.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 20/100.