Economic Development Council of Okaloosa County Florida Inc

Nonprofit profile at a glance

EIN
592288214
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Fort Walton Beach, FL, USA
Phone
8503626467
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$709,701
Expenses
$688,117
Assets
$355,859
Liabilities
$17,214

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

Leadership & pay

14 people listed

Executive titles in this filing

  • SAMUEL NATHAN SPARKS (EXECUTIVE DIRECTOR)

Highest reported compensation

  • SAMUEL NATHAN SPARKS (EXECUTIVE DIRECTOR): $195,809 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 further economic development within okaloosa county

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 program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 74
  • Accountability: 70
  • Sustainability: 35
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 97%; rating input score 97
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 92.9%; rating input score 93; 24th 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: 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 3%; rating input score 45; 45th percentile among comparable filings
  • Total-asset coverage ratio: 0.52; rating input score 24; 24th percentile among comparable filings
  • Liabilities to assets ratio: 0.05; rating input score 52; 52nd percentile among comparable filings
  • Officer compensation ratio: 28.5%; rating input score 8; 8th percentile among comparable filings

Growth

  • Program expense growth: -0.6% per year; rating input score 0; 16th percentile among comparable filings
  • Revenue growth: -0.3% per year; rating input score 0; 14th percentile among comparable filings
  • Asset growth: 3.9% per year; rating input score 100; 34th percentile among comparable filings

Details

  • Where the money goes: 97% of revenue deployed · 100% of spending went to programs
  • Governance: 13 of 14 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $688K in reported program spending
  • Leadership: top reported pay $196K · 14 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 6 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
  • 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.

  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 45/100.
  • High — Sustainability: Total-asset coverage ratio scored 24/100.
  • High — Sustainability: Officer compensation ratio scored 8/100.
  • Review — Sustainability: Liabilities to assets ratio scored 52/100.