Florida Community Capital Corporation

Nonprofit profile at a glance

EIN
593563085
IRS 990 coverage
2009–2020
Forms available
Form 990 2020
Location
New Smyrna Beach, FL, USA
Phone
3212314059
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Official website

Reported finances

Revenue
$2,482
Expenses
$2,074,687
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

4 people listed

People named in this filing

  • DOUG KRENZER (BOARD CHAIRM)
  • NANCY MEROLLA (DIRECTOR)
  • JOHN NICHOLAS (EXECUTIVE DI)

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 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide flexible sources of capital to targeted populations and distressed markets in Florida for a variety of purposes including the provision of affordable housing and economic development.

What it reported doing in 2020

The organization forgave loans in the amount of 685,929 that were owed from tax exempt organizations whose main purpose is to provide affordable housing and promote economic development to low income individuals living in economically distressed areas. Three of the organizations were 501(c) (3) organizations and the other organization is a 501(c)(1) tax exempt government instramentality organization. The loans were forgiven in order to assist those organizations by freeing up some of their capital so that they will be able to provide more funds to the communities in the distressed economic areas that they serve.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Grant intermediary. The nonprofit sent 95% of its reported program spending out as grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 88
  • Accountability: 88
  • Sustainability: 8
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 99%; rating input score 99
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 22nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 80th percentile among comparable filings
  • Major donor itemization: Limited
  • 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: -83,489.3%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 2; 2nd percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 61; 61st percentile among comparable filings

Growth

  • Program expense growth: 40.7% per year; rating input score 100; 95th percentile among comparable filings
  • Revenue growth: 0.8% per year; rating input score 100; 71st percentile among comparable filings
  • Asset growth: -9.5% per year; rating input score 0; 15th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 99% of spending went to programs
  • Governance: 4 of 4 board members independent · 5 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $2.1M in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 20 of 20 current checks pass
  • Schedules: 6 filed schedules · includes grants
  • Filing history: 12 filing years from 2009 to 2020
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • Related organizations: 7 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: Operating margin scored 1/100.
  • High — Sustainability: Total-asset coverage ratio scored 2/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.