Bloomington-Normal Economic Development Council

Legal name: Economic Development Council of the Bloomington-normal Area

Nonprofit profile at a glance

EIN
371169886
IRS 990 coverage
2011–2025
Official website data refreshed
Sep 2026
Forms available
Form 990 2025
Location
Normal, IL, US
Phone
(309) 452-8437
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$756,952
Expenses
$951,454
Assets
$640,058
Liabilities
$139,434

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

22 people listed

Executive titles in this filing

  • PATRICK HOBAN (CEO)

Highest reported compensation

  • PATRICK HOBAN (CEO): $244,564 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The BNEDC helps businesses and communities in the McLean County area prosper. We are a leadership organization, investing in our community's assets to grow and improve our prosperity and quality of life.

What it reported doing in 2025

Economic development

Operating model

Revenue model
Donor-supported. 89% of the money available for current operations came from contributions and gifts.
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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. Expenses are high relative to revenue and assets have declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 82
  • Transparency & Controls: 66
  • Accountability: 100
  • Sustainability: 16
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 79.6%; rating input score 80
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • 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; 64th percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -25.7%; rating input score 5; 5th percentile among comparable filings
  • Total-asset coverage ratio: 0.67; rating input score 32; 32nd percentile among comparable filings
  • Liabilities to assets ratio: 0.22; rating input score 24; 24th percentile among comparable filings
  • Officer compensation ratio: 25.7%; rating input score 10; 10th percentile among comparable filings

Growth

  • Program expense growth: 3.4% per year; rating input score 100; 29th percentile among comparable filings
  • Revenue growth: 1.1% per year; rating input score 100; 15th percentile among comparable filings
  • Asset growth: -3.9% per year; rating input score 0; 7th percentile among comparable filings

Details

  • What they do: 10 programs and campaigns described on the official site · 1 operating location identified
  • Where the money goes: 100% of revenue deployed · 79.6% of spending went to programs
  • Governance: 21 of 21 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $758K in reported program spending
  • Leadership: top reported pay $245K · 22 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 27 of 27 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 15 filing years from 2011 to 2025
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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.

  • High — Sustainability: Operating margin scored 5/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 32/100.
  • High — Sustainability: Officer compensation ratio scored 10/100.
  • High — Sustainability: Liabilities to assets ratio scored 24/100.