Corpus Christi Regional Economic Development Corporation

Nonprofit profile at a glance

EIN
742424224
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Corpus Christi, TX, USA
Phone
3618827448
Rating confidence
Limited

Official website

Reported finances

Revenue
$1,841,238
Expenses
$1,875,686
Assets
$1,252,661
Liabilities
$494,773

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

Leadership & pay

27 people listed

Executive titles in this filing

  • MIKE CULBERTSON (PRESIDENT/CEO)

Highest reported compensation

  • MIKE CULBERTSON (PRESIDENT/CEO): $287,159 total reported compensation

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

Overview

Mission

The mission of the ccredc is to expand and enhance the region's economic base by developing and/or supporting projects that create primary jobs.

What it reported doing in 2024

Investor relations - designed to encourage increased discretionary contributions to further the goals and objectives of our organization. Created a research group to collect and publish useful information for businesses concerning current issues impacting the economy. Examples of this included information related to hurricane disasters and the covid pandemic. This information was broadcasted via different types of media including webinars, zoom meetings, public speaking events, emails and website.

Operating model

Revenue model
Grant-funded. 65% of the money available for current operations came from government grants.
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: 65
  • Accountability: 74
  • Sustainability: 28
  • Growth: 60

Detailed rating inputs

Financial Efficiency

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

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 5th 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: Pass
    • Compensation survey or study: Missing
    • 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -1.9%; rating input score 30; 30th percentile among comparable filings
  • Total-asset coverage ratio: 0.67; rating input score 31; 31st percentile among comparable filings
  • Liabilities to assets ratio: 0.39; rating input score 20; 20th percentile among comparable filings
  • Officer compensation ratio: 15.3%; rating input score 22; 22nd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 1.8% per year; rating input score 100; 23rd percentile among comparable filings
  • Asset growth: 4.3% per year; rating input score 100; 36th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 26 of 19 board members independent · 3 of 8 filing controls reported
  • Programs: 2 filed program accomplishments
  • Leadership: top reported pay $287K · 27 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 11 of 12 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 14 filing years from 2009 to 2024
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • Moderate — Sustainability: Operating margin scored 30/100.
  • Moderate — Transparency & Controls: Independent members within voting members did not reconcile in the filed values.
  • Moderate — Sustainability: Total-asset coverage ratio scored 31/100.
  • High — Sustainability: Liabilities to assets ratio scored 20/100.
  • High — Sustainability: Officer compensation ratio scored 22/100.