Conway Development Corporation

Nonprofit profile at a glance

EIN
710405994
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Conway, AR, USA
Phone
5013277788
Rating confidence
Limited

Reported finances

Revenue
$2,436,864
Expenses
$2,501,725
Assets
$31,676,136
Liabilities
$11,965,805

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

Leadership & pay

21 people listed

Executive titles in this filing

  • JOHN-LEWIS J GATES (EXECUTIVE VICE PRESIDENT)
  • BILL ADKISSON (PRESIDENT)

Highest reported compensation

  • BRAD LACY (SECRETARY/TREASURER): $328,250 total reported compensation
  • JOHN-LEWIS J GATES (EXECUTIVE VICE PRESIDENT): $248,201 total reported compensation
  • LAURA GRIMES (CHIEF FINANCIAL OFFICER): $168,342 total reported compensation

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

Overview

Mission

Enhance industry opportunities in conway, ar through economic development

What it reported doing in 2024

The conway development corporation responded to site selection and expansion requests monthly on behalf of the city of conway and faulkner county. The cdc managed its land portfolio and assets for the benefits of the community and future economic development opportunities. Cdc staff represented the organization and community in a number of settings facilitating economic growth for conway area residents.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 82
  • Accountability: 83
  • Sustainability: 43
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 94.1%; rating input score 94; 24th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -2.7%; rating input score 25; 25th percentile among comparable filings
  • Total-asset coverage ratio: 12.66; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0.38; rating input score 28; 28th percentile among comparable filings
  • Officer compensation ratio: 36.3%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: 13.5% per year; rating input score 100; 74th percentile among comparable filings
  • Revenue growth: 7.9% per year; rating input score 100; 59th percentile among comparable filings
  • Asset growth: -0.3% per year; rating input score 0; 11th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 16 of 17 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $328K · 21 people listed · 4 of 6 pay-setting controls reported
  • Consistency: 12 of 12 current checks pass
  • Schedules: 3 filed schedules · includes executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • 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 9 not reported.
  • High — Sustainability: Operating margin scored 25/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 3/100.
  • High — Sustainability: Liabilities to assets ratio scored 28/100.