Florida Development Finance Corporation

Nonprofit profile at a glance

EIN
593270584
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Winter Springs, FL, USA
Phone
4077126351
Rating
65
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$3,326,896
Expenses
$1,549,364
Assets
$14,560,866
Liabilities
$685,032

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

Leadership & pay

13 people listed

Executive titles in this filing

  • ROBERT HARVEY ESQ (EXECUTIVE DIRECTOR)

Highest reported compensation

  • ROBERT HARVEY ESQ (EXECUTIVE DIRECTOR): $216,272 total reported compensation
  • RYAN BARTKUS (SR. DIRECTOR, PROGRAMS): $165,852 total reported compensation
  • JENNIFER JENKINS (SR. DIR., ADMIN.): $144,157 total reported compensation

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

Overview

Mission

Fdfc is a state authorized issuer of industrial revenue bonds and does not receive state appropriations. Fdfc issues bonds in counties throughout Florida through interlocal agreements. We support economic development by assisting for-profit and not-for-profit businesses with access to capital for project financing. The primary mechanism for accessing the capital markets is tax-exempt and taxable bonds.

What it reported doing in 2024

Traditional bonds - this program is provided through enabling legislation under fl. St. Chapter 288, part x whereby the fdfc is authorized as a "conduit issuer" to issue bonds throughout the state in conjunction with an interlocal agreement with local governments where the project is located. Tax-exempt bonds are issued for eligible projects or borrowers that meet certain eligibility requirements under the IRS tax code. Repayment of the bonds is the responsiblity of the borrower and not the fdfc, state, federal or local governments.

Operating model

Revenue model
Earned-program. 83% of the money available for current operations came from fees and other program revenue.
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. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 40
  • Transparency & Controls: 71
  • Accountability: 95
  • Sustainability: 79
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 27.9%; rating input score 28
  • Program expense ratio: 72%; rating input score 72
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • 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: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 53.4%; rating input score 93; 93rd percentile among comparable filings
  • Total-asset coverage ratio: 9.4; rating input score 90; 90th percentile among comparable filings
  • Liabilities to assets ratio: 0.05; rating input score 71; 71st percentile among comparable filings
  • Officer compensation ratio: 51.5%; rating input score 1; 1st percentile among comparable filings

Growth

  • Program expense growth: 12.9% per year; rating input score 100; 73rd percentile among comparable filings
  • Revenue growth: 17.9% per year; rating input score 100; 86th percentile among comparable filings
  • Asset growth: 20.3% per year; rating input score 100; 84th percentile among comparable filings

Details

  • Where the money goes: 27.9% of revenue deployed · 72% of spending went to programs
  • Governance: 7 of 7 board members independent · 8 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $1.1M in reported program spending
  • Leadership: top reported pay $216K · 13 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 35 of 35 current checks pass
  • Schedules: 3 filed schedules · includes executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • 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.

  • High — Financial Efficiency: Mission deployment rate scored 28/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Officer compensation ratio scored 1/100.