Economic Development Foundation of Greater Reno-tahoe

Nonprofit profile at a glance

EIN
880509413
IRS 990 coverage
2024–2024
Forms available
Form 990 2024, Form 990-EZ 2023, Form 990-N 2014
Location
Reno, NV, USA
Phone
7758293700
Rating
42
Verdict
MIXED
Rating confidence
Moderate
Sector
Research Institutes and Public Policy Analysis

Reported finances

Revenue
$199,272
Expenses
$16,925
Assets
$7,689,769
Liabilities
$7,500,000

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

Leadership & pay

4 people listed

Executive titles in this filing

  • TAYLOR ADAMS (PRESIDENT/CEO)

Highest reported compensation

  • TAYLOR ADAMS (PRESIDENT/CEO): $362,898 total reported compensation
  • RAE MCELROY (SECRETARY): $154,950 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 educate visitors, businesses and local citizens about economic advancement, growth and regional economic development opportunities.

What it reported doing in 2024

The foundation served the community by supporting a community music festival and assisting in the administration of a financing arrangement between the state and a local business for the tri-gid processed water extension project.

Operating model

Revenue model
Investment-supported. 72% of the money available for current operations came from recurring investment income.
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

MIXED - The filed numbers largely add up and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 21
  • Transparency & Controls: 65
  • Accountability: 38
  • Sustainability: 77
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 1.4%; rating input score 1
  • Program expense ratio: 60.7%; rating input score 61
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 50%; rating input score 50; 16th percentile among comparable filings
  • Governance controls: 2 of 9 controls in place; rating input score 22
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 91.5%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 454.34; rating input score 100; 100th percentile among comparable filings
  • Liabilities to assets ratio: 0.98; rating input score 5; 5th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: Limited
  • Revenue growth: 17.9% per year; rating input score 100; 86th percentile among comparable filings
  • Asset growth: 52.6% per year; rating input score 100; 97th percentile among comparable filings

Details

  • Where the money goes: 1.4% of revenue deployed · 60.7% of spending went to programs
  • Governance: 2 of 4 board members independent · 2 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $10K in reported program spending
  • Leadership: top reported pay $363K · 4 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 16 of 16 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Contacts: How to reach this organization
  • 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 — Financial Efficiency: Mission deployment rate scored 1/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Accountability: Governance controls: 7 of 9 not reported.
  • Review — Accountability: Independent voting board scored 50/100.
  • High — Sustainability: Liabilities to assets ratio scored 5/100.