Fairbank Development Corporation

Nonprofit profile at a glance

EIN
421238560
IRS 990 coverage
2024–2024
Forms available
Form 990 2024, Form 990-EZ 2023, Form 990-N 2020
Location
Fairbank, IA, USA
Rating
56
Verdict
MIXED
Rating confidence
Moderate
Sector
Economic Development

Reported finances

Revenue
$181,385
Expenses
$121,370
Assets
$262,687
Liabilities
$0

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

Leadership & pay

6 people listed

Executive titles in this filing

  • Christian Woods (President)

People named in this filing

  • Christian Woods (President)
  • Tom Hyde (Secretary)
  • Jared Kane (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

Provide community based entertainment through annual town celebration.

What it reported doing in 2024

Provided a succesful summer celebration that drew crowds to the town and served the local population wtih entertaiment at free or reduced costs.

Operating model

Revenue model
Donor-supported. 64% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 16
  • Transparency & Controls: 92
  • Accountability: 76
  • Sustainability: 75
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 15.2%; rating input score 15
  • Program expense ratio: 19%; rating input score 19
  • Fundraising efficiency: $1.87 raised per $1 spent on fundraising; rating input score 9; 9th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 19th percentile among comparable filings
  • Pay-setting controls: Limited
  • 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; 63rd percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • 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: 33.1%; rating input score 84; 84th percentile among comparable filings
  • Total-asset coverage ratio: 2.16; rating input score 61; 61st percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 19.8% per year; rating input score 100; 87th percentile among comparable filings
  • Asset growth: 50.6% per year; rating input score 100; 96th percentile among comparable filings

Details

  • Where the money goes: 15.2% of revenue deployed · 19% of spending went to programs
  • Governance: 6 of 6 board members independent · 3 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $23K in reported program spending
  • Leadership: top reported pay $0 · 6 people listed
  • Consistency: 22 of 23 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules
  • Contacts: How to reach this organization
  • 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 15/100.
  • High — Financial Efficiency: Program expense ratio scored 19/100.
  • Moderate — Accountability: Governance controls: 3 of 6 not reported.
  • High — Financial Efficiency: Fundraising efficiency scored 9/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.