Edgewater Development Corporation

Nonprofit profile at a glance

EIN
363738216
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-EZ 2018
Location
Chicago, IL, USA
Phone
7735616000
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Official website

Reported finances

Revenue
$49,322
Expenses
$45,324
Assets
$504,270
Liabilities
$4,825

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

Leadership & pay

3 people listed

People named in this filing

  • Kelly Stoltz (Board Chair)
  • Dave Frederickson (Vice Chair)
  • Cecilia Rodriquez (Treasurer)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Support and attract entrepreneurs and small businesses through a series of programs including orientations, workshops, training programs and networking that provide pathways to success through empowerment, insight and solutions.

Operating model

Revenue model
Grant-funded. 91% of the money available for current operations came from government grants.
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 - The filed numbers largely add up and most voting board members are independent. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 54
  • Transparency & Controls: 92
  • Accountability: 70
  • Sustainability: 60
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 60.2%; rating input score 60
  • Program expense ratio: 61.4%; rating input score 61
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • 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: 8.1%; rating input score 64; 64th percentile among comparable filings
  • Total-asset coverage ratio: 11.13; rating input score 66; 66th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 28; 28th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: -9.9% per year; rating input score 0; 29th percentile among comparable filings
  • Revenue growth: -8.7% per year; rating input score 0; 34th percentile among comparable filings
  • Asset growth: 19.5% per year; rating input score 100; 91st percentile among comparable filings

Details

  • Where the money goes: 60.2% of revenue deployed · 61.4% of spending went to programs
  • Governance: 8 of 8 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $28K in reported program spending
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 15 of 15 current checks pass
  • Schedules: 3 filed schedules · includes major donors
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • 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 — Accountability: Governance controls: 4 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 28/100.