Food Bank of the Albemarle

What it reported doing in 2024

Since inception in 1982, the food bank of the albemarle has distributed more than 128,500,000 million pounds of food equating to more than 107,000,000 million meals. The food bank of the albemarle serves as the central food sourcing and distribution center to more than 111 hunger relief partners operating 143 programs providing food assistance benefit to the hungry in 15 counties throughout northeastern North Carolina. Our region emcompasses more than 9,100 square miles with most of our communities in rural underserved locations with high food insecurity. Therefore to ensure that those in need receive food, we deliver to the most remote locations every month. The counties the food bank of the albemarle serves are: berite, beaufort, camden, chowan, currituck, dare, gates, hertford, hyde, martin, northampton, pasquotank, perquimans, tyrrell and Washington county. These diverse communities also have diverse needs. The common issue is lack of affordable housing, lack of public transportation and stagnant wage growth are pervasive, resulting in a growing need for food for over 46,440 people living throughout our region. In nenc, 1 in 6 people and 1 in 4 children live with food insecurity. Food distribution: in fy 24/25, food bank of the albemarle distributed 3,235,816 pounds of donated food equivalent to 2,696,513 meals valued 6,148,050.40. The value is determined annually byfeeding america, the national network of food banks. This unpresidented year marked all time highs in food distribution efforts. With growing numbers of households turning to food bank of the albemarle and our hunger relief partners, food bank of the albemarle worked to stretch every available resource to source more food, and expand access for families living in rural areas where little or no access to emergency food support. Food bank of the albemarle recognizes that nutritious food is essential to the overall health and well being and works diligently to source nutritionally dense food that can be distributed to our hunger relief partners. We are focused on providing fresh fruits and vegetables, lean proteins and whole grains. Food bank of the albemarle partners with over 111 hunger relief partners to distribute food, including food pantries, shelters, community programs, mobile distributions, church ministries offering emergency food assistance for nenc residents struggling with food insecurity - including children, families, seniors, veterans, disabled persons and working poor.

Financial Efficiency

• Mission deployment rate: 95.5%; rating input score 95
• Program expense ratio: 93.9%; rating input score 94
• Fundraising efficiency: $29.7 raised per $1 spent on fundraising; rating input score 66; 66th percentile among comparable filings

Transparency & Controls

• Consistency checks: 94.1%; rating input score 94; 20th percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: Limited
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
• Governance controls: 7 of 8 controls in place; rating input score 88
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Fail
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -1.6%; rating input score 25; 25th percentile among comparable filings
• Total-asset coverage ratio: 0.68; rating input score 24; 24th percentile among comparable filings
• Liabilities to assets ratio: 0.06; rating input score 81; 81st percentile among comparable filings
• Officer compensation ratio: 0.7%; rating input score 88; 88th percentile among comparable filings

Growth

• Program expense growth: 6.6% per year; rating input score 100; 53rd percentile among comparable filings
• Revenue growth: 7.1% per year; rating input score 100; 60th percentile among comparable filings
• Asset growth: 19% per year; rating input score 100; 88th percentile among comparable filings