Chinatown Partnership Local Development Corp

Nonprofit profile at a glance

EIN
421650478
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
2123469288
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Economic Development

Official website

Reported finances

Revenue
$266,157
Expenses
$295,860
Assets
$567,709
Liabilities
$61,481

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

Leadership & pay

17 people listed

Executive titles in this filing

  • WELLINGTON CHEN (EXECUTIVE DIRECTOR)

Highest reported compensation

  • WELLINGTON CHEN (EXECUTIVE DIRECTOR): $153,529 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 act in the public interest by conceiving, designing, implementing, managing, and facilitating economic development projects that benefit residents and organizations in chinatown in New York city as well as the general public visiting the chinatown area.

What it reported doing in 2024

Marketing and economic development - promoting the area to residents and tourists and to retain and develop prospective businesses by providing information through printed material and electronic media.

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 - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 70
  • Accountability: 84
  • Sustainability: 30
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 92.6%; rating input score 93
  • Program expense ratio: 83.1%; rating input score 83
  • Fundraising efficiency: $190.35 raised per $1 spent on fundraising; rating input score 91; 91st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • 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: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -11.2%; rating input score 21; 21st percentile among comparable filings
  • Total-asset coverage ratio: 1.92; rating input score 58; 58th percentile among comparable filings
  • Liabilities to assets ratio: 0.11; rating input score 25; 25th percentile among comparable filings
  • Officer compensation ratio: 51.9%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: 1.4% per year; rating input score 100; 37th percentile among comparable filings
  • Revenue growth: -8.5% per year; rating input score 0; 7th percentile among comparable filings
  • Asset growth: -5.1% per year; rating input score 0; 10th percentile among comparable filings

Details

  • Where the money goes: 92.6% of revenue deployed · 83.1% of spending went to programs
  • Governance: 16 of 16 board members independent · 5 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $246K in reported program spending
  • Leadership: top reported pay $154K · 17 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 26 of 26 current checks pass
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 21/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Total-asset coverage ratio scored 58/100.
  • High — Sustainability: Officer compensation ratio scored 3/100.
  • High — Sustainability: Liabilities to assets ratio scored 25/100.