Florida Business Development Corp

Nonprofit profile at a glance

EIN
650179159
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
Tampa, FL, USA
Phone
8133480660
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Small Business Development

Official website

Reported finances

Revenue
$15,826,625
Expenses
$13,752,510
Assets
$40,009,716
Liabilities
$2,078,084

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

Leadership & pay

41 people listed

Executive titles in this filing

  • WILLIAM R HABERMEYER (PRESIDENT AND TREASURER)
  • ROBERT ZINKIL (EXECUTIVE VICE PRESIDENT)
  • MARK W MAYHEW (EXECUTIVE VICE PRESIDENT)
  • CORY W STEWART (SENIOR VICE PRESIDENT)
  • CHARLES B BUTLER (SENIOR VICE PRESIDENT)
  • ARMANDO J MARTINEZ (SENIOR VICE PRESIDENT)

Highest reported compensation

  • WILLIAM R HABERMEYER (PRESIDENT AND TREASURER): $638,288 total reported compensation
  • ROBERT ZINKIL (EXECUTIVE VICE PRESIDENT): $485,857 total reported compensation
  • MARK W MAYHEW (EXECUTIVE VICE PRESIDENT): $476,821 total reported compensation

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

Overview

Mission

Assist healthy, growing small businesses access capital via the sba 504, community advantage and direct loan programs.

What it reported doing in 2024

The corporation is approved by the sba as a section 504 certified development corporation. Financial assistance and long-term financing are provided to businesses to retain and create jobs and build the local economy. The corporation is the second most active certified development company nationwide for the fiscal year ended september 2025 and during the past 36 years has originated over 9,410 small business loans resulting in over $16 billion in approved projects and contributed to the retention and creation of thousands of jobs.

Operating model

Revenue model
Earned-program. 97% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 94% 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. Reported officer compensation is a large share of total spending, which may reflect staffing concentration and some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 69
  • Transparency & Controls: 86
  • Accountability: 95
  • Sustainability: 66
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 73%; rating input score 73
  • Program expense ratio: 85.8%; rating input score 86
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 14th percentile among comparable filings
  • Pay-setting controls: 6 of 6 controls in place; rating input score 100
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 72.3%; rating input score 72; 15th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 92.3%; rating input score 92; 25th percentile among comparable filings
  • Governance controls: 9 of 9 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: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 13.1%; rating input score 73; 73rd percentile among comparable filings
  • Total-asset coverage ratio: 2.91; rating input score 74; 74th percentile among comparable filings
  • Liabilities to assets ratio: 0.05; rating input score 83; 83rd percentile among comparable filings
  • Officer compensation ratio: 50.4%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: 4.7% per year; rating input score 100; 40th percentile among comparable filings
  • Revenue growth: 6.1% per year; rating input score 100; 52nd percentile among comparable filings
  • Asset growth: 2.6% per year; rating input score 100; 20th percentile among comparable filings

Details

  • Where the money goes: 73% of revenue deployed · 85.8% of spending went to programs
  • Governance: 12 of 13 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $11.8M in reported program spending
  • Leadership: top reported pay $638K · 41 people listed · 6 of 6 pay-setting controls reported
  • Consistency: 30 of 31 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes grants and executive pay
  • Filing history: 12 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Money network: 50 filed money-flow records
  • Related organizations: 9 filed related-organization links
  • 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: Officer compensation ratio scored 0/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.