Coastal Economic Development Corporation

Nonprofit profile at a glance

EIN
020511564
IRS 990 coverage
2011–2020
Forms available
Form 990 2020, Form 990-T 2020
Location
North Hampton, NH, USA
Phone
6039299244
Rating
66
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Public, Societal Benefit

Official website

Reported finances

Revenue
$312,172
Expenses
$291,899
Assets
$4,541,991
Liabilities
$2,329,199

Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

11 people listed

Executive titles in this filing

  • Daniel Gray (Executive Director)

Highest reported compensation

  • Daniel Gray (Executive Director): $157,059 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To encourage and foster regional economic development by providing gap financing & technical assistance to businesses so that they may expand or retain employment, primarily for the benefit of employees from low to moderate-income households.

What it reported doing in 2020

Preservation of small businesses in Portsmouth, NH to reduce the impact of COVID-19.

Operating model

Revenue model
Earned-program. 70% of the money available for current operations came from fees and other program revenue.
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 program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 59
  • Transparency & Controls: 65
  • Accountability: 100
  • Sustainability: 51
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 65.2%; rating input score 65
  • Program expense ratio: 70.2%; rating input score 70
  • 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: 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: 8 of 8 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: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 6.5%; rating input score 47; 47th percentile among comparable filings
  • Total-asset coverage ratio: 15.56; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0.51; rating input score 14; 14th percentile among comparable filings
  • Officer compensation ratio: 53.8%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: -16.2% per year; rating input score 0; 11th percentile among comparable filings
  • Revenue growth: -8.2% per year; rating input score 0; 12th percentile among comparable filings
  • Asset growth: -5.2% per year; rating input score 0; 11th percentile among comparable filings

Details

  • Where the money goes: 65.2% of revenue deployed · 70.2% of spending went to programs
  • Governance: 10 of 10 board members independent · 8 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $205K in reported program spending
  • Leadership: top reported pay $157K · 11 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 25 of 25 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 5 filing years from 2011 to 2020
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 47/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 4/100.
  • High — Sustainability: Liabilities to assets ratio scored 14/100.