Economic Development Council of Seattle & King County

Nonprofit profile at a glance

EIN
911267597
IRS 990 coverage
2010–2018
Forms available
Form 990 2018
Location
Seattle, WA, USA
Phone
2063898650
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Chambers of Commerce & Business Leagues

Official website

Reported finances

Revenue
$727,774
Expenses
$1,079,230
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2018. Amounts in USD.

Leadership & pay

62 people listed

Executive titles in this filing

  • MELINDA GOFORTH (VICE PRESIDENT, BUSINESS DEVELOPMENT)

Highest reported compensation

  • MELINDA GOFORTH (VICE PRESIDENT, BUSINESS DEVELOPMENT): $112,795 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2018. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To enhance economic vitality, employment opportunities and quality of life throughout seattle and king county.

What it reported doing in 2018

Economic development programs to help retain and create family-wage jobs in king county

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 42% for direct work, and 58% for grants.

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 the required major-donor schedule is missing or incomplete.

Rating breakdown

  • Financial Efficiency: 93
  • Transparency & Controls: 81
  • Accountability: 74
  • Sustainability: 5
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 91.2%; rating input score 91
  • Fundraising efficiency: $18.59 raised per $1 spent on fundraising; rating input score 61; 61st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 74th percentile among comparable filings
  • Major donor itemization: No; rating input score 0
  • 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: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -48.3%; rating input score 3; 3rd percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 10.5%; rating input score 34; 34th percentile among comparable filings

Growth

  • Program expense growth: -4.1% per year; rating input score 0; 14th percentile among comparable filings
  • Revenue growth: -3.4% per year; rating input score 0; 12th percentile among comparable filings
  • Asset growth: -7.1% per year; rating input score 0; 9th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 91.2% of spending went to programs
  • Governance: 60 of 60 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $985K in reported program spending
  • Leadership: top reported pay $113K · 62 people listed
  • Consistency: 27 of 27 current checks pass
  • Schedules: 4 filed schedules · includes major donors and grants
  • Filing history: 8 filing years from 2010 to 2018
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • 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 — Transparency & Controls: Major donor itemization scored 0/100.
  • High — Sustainability: Operating margin scored 3/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 34/100.