Elizabeth City Downtown Inc A Revitalization Corporation

Nonprofit profile at a glance

EIN
561621231
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Elizabeth City, NC, USA
Phone
2523384104
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Historical Societies, Related Historical Activities

Reported finances

Revenue
$373,597
Expenses
$347,844
Assets
$790,945
Liabilities
$746

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

Leadership & pay

13 people listed

People named in this filing

  • Timothy Williams (Chairman)
  • Jeff Mitchell (Vice Chairman)
  • Heather Sawyer (Secretary)

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

To serve the entire community by acting as a catalyst for the revitalization of downtown Elizabeth City and the waterfront while preserving its historical and architectural character.

What it reported doing in 2024

Design and engineering services for the Water Street Transformation Project (WTSP), a streetscaping initiative that will improve pedestrian connectivity, accessibility and safety along the Water Street corridor through new, decorative sidewalks and improved streetlighting.

Operating model

Revenue model
Grant-funded. 80% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 99% 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

STRONG - 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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 92
  • Accountability: 88
  • Sustainability: 58
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 88.5%; rating input score 88
  • Program expense ratio: 94.3%; rating input score 94
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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; 63rd percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: 6.9%; rating input score 54; 54th percentile among comparable filings
  • Total-asset coverage ratio: 2.27; rating input score 62; 62nd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 56; 56th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 10% per year; rating input score 100; 70th percentile among comparable filings
  • Revenue growth: 10.7% per year; rating input score 100; 74th percentile among comparable filings
  • Asset growth: 13.4% per year; rating input score 100; 74th percentile among comparable filings

Details

  • Where the money goes: 88.5% of revenue deployed · 94.3% of spending went to programs
  • Governance: 13 of 13 board members independent · 5 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $328K in reported program spending
  • Leadership: top reported pay $0 · 13 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 10 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Review — Sustainability: Operating margin scored 54/100.
  • Review — Sustainability: Liabilities to assets ratio scored 56/100.