Franklin County Industrial Development Corporation

Nonprofit profile at a glance

EIN
510192568
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
St Albans, VT, USA
Phone
8025242194
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$849,271
Expenses
$840,643
Assets
$9,944,243
Liabilities
$5,205,131

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

Leadership & pay

20 people listed

Executive titles in this filing

  • Timothy Smith (Executive Director)

Highest reported compensation

  • Timothy Smith (Executive Director): $114,239 total reported compensation
  • Amy Kimball (Secretary): $54,525 total reported compensation

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

Overview

Mission

To promote development and growth of private industry in the greater St. Albans area and Franklin County as a whole

What it reported doing in 2024

To provide loans to area businesses and municipalities for acquisition and expansion purposes to provide revolving loans for the creation of employment opportunities and/or the maintenance of existing jobs, particularly for the benefit of low income persons, displaced farm families and farm families needing to supplement their income. These funds are to be used for the purchase or expansion of land, buildings, machinery or equipment, start-up costs, feasibility studies or other working capital.

Operating model

Revenue model
Earned-program. 61% 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. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 54
  • Transparency & Controls: 92
  • Accountability: 86
  • Sustainability: 49
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 60.5%; rating input score 60
  • Program expense ratio: 62.5%; rating input score 62
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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; 63rd percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: 1%; rating input score 39; 39th percentile among comparable filings
  • Total-asset coverage ratio: 11.83; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0.52; rating input score 15; 15th percentile among comparable filings
  • Officer compensation ratio: 20.1%; rating input score 15; 15th percentile among comparable filings

Growth

  • Program expense growth: 2.1% per year; rating input score 100; 27th percentile among comparable filings
  • Revenue growth: 1% per year; rating input score 100; 19th percentile among comparable filings
  • Asset growth: -0.6% per year; rating input score 0; 16th percentile among comparable filings

Details

  • Where the money goes: 60.5% of revenue deployed · 62.5% of spending went to programs
  • Governance: 18 of 18 board members independent · 6 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $525K in reported program spending
  • Leadership: top reported pay $114K · 20 people listed
  • Consistency: 30 of 30 current checks pass
  • Schedules: 3 filed schedules · includes major donors
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 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.

  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • Moderate — Sustainability: Operating margin scored 39/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 15/100.
  • High — Sustainability: Officer compensation ratio scored 15/100.