Franklin Development Corporation

Nonprofit profile at a glance

EIN
263993888
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Franklin, IN, USA
Phone
3177363631
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Reported finances

Revenue
$76,801
Expenses
$259,472
Assets
$1,710,760
Liabilities
$70,762

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

Leadership & pay

10 people listed

Executive titles in this filing

  • DAVID BEDWELL (PRESIDENT)
  • TINA JOBE (VICE PRESIDENT)

People named in this filing

  • DAVID BEDWELL (PRESIDENT)
  • TINA JOBE (VICE PRESIDENT)
  • LISA JONES (TREASURER)

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 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of the franklin development corporation is community betterment primarily through economic development.

What it reported doing in 2024

Provide low interest rate loans to residential or commercial property owners to encourage and aid in the rehabilitation/renovation of historic and/or underutilized homes and buildings located within the integrated economic development area of the historic franklin. Portions of the residential loans may also be forgiven in the form of a grant.

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 100% 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. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 93
  • Accountability: 82
  • Sustainability: 31
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 88.1%; rating input score 88
  • 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: 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; 64th percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -237.8%; rating input score 12; 12th percentile among comparable filings
  • Total-asset coverage ratio: 6.59; rating input score 55; 55th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 22; 22nd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: -16.6% per year; rating input score 0; 20th percentile among comparable filings
  • Revenue growth: -0.8% per year; rating input score 0; 56th percentile among comparable filings
  • Asset growth: -6.2% per year; rating input score 0; 18th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 88.1% of spending went to programs
  • Governance: 10 of 10 board members independent · 4 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $229K in reported program spending
  • Leadership: top reported pay $0 · 10 people listed
  • Consistency: 19 of 19 current checks pass
  • Schedules: 5 filed schedules · includes grants
  • Filing history: 13 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 7 not reported.
  • High — Sustainability: Operating margin scored 12/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Total-asset coverage ratio scored 55/100.
  • High — Sustainability: Liabilities to assets ratio scored 22/100.