Durham Regional Financial Center

Nonprofit profile at a glance

EIN
562114496
IRS 990 coverage
2014–2015
Forms available
Form 990 2015
Location
Durham, NC, USA
Phone
9196883381
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Financial Counseling

Official website

Reported finances

Revenue
$193,032
Expenses
$321,671
Assets
$282,679
Liabilities
$130,827

Source: IRS Form 990. Selected filing: tax year 2015. Amounts in USD.

Leadership & pay

1 person listed

Executive titles in this filing

  • GLYNDOLA MASSENBURG-BEASLEY (PRESIDENT)

Highest reported compensation

  • GLYNDOLA MASSENBURG-BEASLEY (PRESIDENT): $37,813 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2015. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Durham regional community development group - provide housing counseling, down payment assistance and counseling services

What it reported doing in 2015

Consumer credit counseling services- provide financial education, budget and credit counseling, debt management plans, local, federal and state intiatives

Operating model

Revenue model
Grant-funded. 75% 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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 86
  • Accountability: 79
  • Sustainability: 19
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 61.7%; rating input score 62
  • Fundraising efficiency: $12.06 raised per $1 spent on fundraising; rating input score 47; 47th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 22nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 81.8%; rating input score 82; 20th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -66.6%; rating input score 3; 3rd percentile among comparable filings
  • Total-asset coverage ratio: 0.88; rating input score 40; 40th percentile among comparable filings
  • Liabilities to assets ratio: 0.46; rating input score 16; 16th percentile among comparable filings
  • Officer compensation ratio: 11.8%; rating input score 32; 32nd percentile among comparable filings

Growth

  • Program expense growth: -38.2% per year; rating input score 0; 6th percentile among comparable filings
  • Revenue growth: -87% per year; rating input score 0; 0th percentile among comparable filings
  • Asset growth: -23.2% per year; rating input score 0; 5th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 61.7% of spending went to programs
  • Governance: 9 of 11 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $199K in reported program spending
  • Leadership: top reported pay $38K · 1 people listed
  • Consistency: 25 of 27 current checks pass · 2 findings to review
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 2 filing years from 2014 to 2015
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 47/100.
  • High — Sustainability: Operating margin scored 3/100.
  • 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.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Moderate — Sustainability: Total-asset coverage ratio scored 40/100.
  • High — Sustainability: Liabilities to assets ratio scored 16/100.
  • Moderate — Sustainability: Officer compensation ratio scored 32/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.