Folsom Tourism and Economic Development Corporation
Nonprofit profile at a glance
- EIN
- 680451036
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Folsom, CA, USA
- Phone
- 9169852698
- Rating confidence
- Limited
- Sector
- Chambers of Commerce & Business Leagues
Reported finances
- Revenue
- $1,270,044
- Expenses
- $1,254,557
- Assets
- $1,191,668
- Liabilities
- $232,478
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
25 people listed
Executive titles in this filing
- JOE GAGLIARDI (CEO)
Highest reported compensation
- JOE GAGLIARDI (CEO): $264,933 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The folsom tourism bureau is dedicated to the development of folsom as a destination for visitors. This includes promotions of the cities attributes in addition to creating an infrastructure for providing information, tour packages, events and other aspects necessary for a quality visitor experience. In addition, the bureaus long term goal is to encourage the development of additional amenities such as conference and convention space, sports tourism facilities and visual and performing arts facilities which will add to the community's ability to attract this important economic component.
What it reported doing in 2024
To promote folsom tourism. The organization underwrote and sponsored many area events such as the ca international marathon, ca gang task force, folsom live, river district support, us rowing and several other events and conferences in the folsom area.
Operating model
- Revenue model
- Earned-program. 100% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
The verdict
- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.
Rating breakdown
- Financial Efficiency: NotEnoughData
- Transparency & Controls: 60
- Accountability: 84
- Sustainability: 35
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Missing
- 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: 5 of 8 controls in place; rating input score 62
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Fail
- 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: 1.2%; rating input score 40; 40th percentile among comparable filings
- Total-asset coverage ratio: 0.95; rating input score 41; 41st percentile among comparable filings
- Liabilities to assets ratio: 0.2; rating input score 32; 32nd percentile among comparable filings
- Officer compensation ratio: Limited
Growth
- Program expense growth: 3.2% per year; rating input score 100; 33rd percentile among comparable filings
- Revenue growth: 6.4% per year; rating input score 100; 51st percentile among comparable filings
- Asset growth: 13.1% per year; rating input score 100; 68th percentile among comparable filings
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 18 of 18 board members independent · 5 of 8 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $265K · 25 people listed · 0 of 6 pay-setting controls reported
- Consistency: 11 of 11 current checks pass
- Schedules: 4 filed schedules · includes executive pay
- Filing history: 13 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Related organizations: 2 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 — Transparency & Controls: Pay-setting controls scored 0/100.
- Review — Accountability: Governance controls: 2 of 7 not reported.
- Moderate — Sustainability: Operating margin scored 40/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 41/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 32/100.