Gaston Innovation Group Inc
Nonprofit profile at a glance
- EIN
- 813076695
- IRS 990 coverage
- 2018–2024
- Forms available
- Form 990 2024
- Location
- Belmont, NC, USA
- Phone
- 7046044808
- Rating
- 66
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Support N.E.C.
Reported finances
- Revenue
- $559,860
- Expenses
- $461,981
- Assets
- $284,254
- Liabilities
- $328,951
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
8 people listed
Highest reported compensation
- Terry Cox (Executive Dir.): $110,000 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Gaston Innnovation Group, Inc., dba TechWorks Gaston, was formed for the purpose of improving the socio-economic conditions for citizens of Gaston County, North Carolina, by stimulating job growth through digital inclusion, small business formation and entrepreneurship, and advancement of technology. The programs and services the organization will be developing and delivering are badly needed in Gaston County due to the challenging economic conditions in the County. Gaston County had the highest unemployment rate (by at least .5%) of all the NC counties contiguous to and including Mecklenburg County and the highest poverty rate among NC counties in that same region. TechWorks Gaston addresses upward mobility for the low to moderate income population by expanding access to high speed internet, as well as specially-designed coding and other technology classes, a digital roadmap with digital literacy tools and training, and partnerships with local colleges and K-12 schools, and other orga
What it reported doing in 2024
K-12 STEM ClassesRowing & Robotics Summer Camp, June- July 2024Summer Coding Camp July 2024 for elementary, middle and high school youthRobotics Classes and First Lego League Competition Classes, Jan through Dec 2024Sunday Coding Club classes, Jan through Dec 2024, elementary, middle, and high school youth classesPaul D West Robotics Team Training, Jan thru Dec 2024Belmont Recreation Center Robotics, June-July 2024Highland School of Technology, Juniors Tech Day, Feb 26, 2024NC Digital Equity Grant funded $4,900 for K-12 STEM Programs in Q4 2024 Charlotte SIM Grant funded $3,500 for K-12 STEM Courses
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- 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 a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 38
- Transparency & Controls: 92
- Accountability: 84
- Sustainability: 44
- Growth: 80
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 37.1%; rating input score 37
- Program expense ratio: 44.9%; rating input score 45
- Fundraising efficiency: $6.68 raised per $1 spent on fundraising; rating input score 25; 25th percentile among comparable filings
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: 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: NotApplicable
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 17.5%; rating input score 73; 73rd percentile among comparable filings
- Total-asset coverage ratio: 0.62; rating input score 28; 28th percentile among comparable filings
- Liabilities to assets ratio: 1.16; rating input score 4; 4th percentile among comparable filings
- Officer compensation ratio: 23.8%; rating input score 11; 11th percentile among comparable filings
Growth
- Program expense growth: 16.9% per year; rating input score 100; 78th percentile among comparable filings
- Revenue growth: 10.1% per year; rating input score 100; 67th percentile among comparable filings
- Asset growth: -6.9% per year; rating input score 0; 5th percentile among comparable filings
Details
- Where the money goes: 37.1% of revenue deployed · 44.9% of spending went to programs
- Governance: 6 of 6 board members independent · 5 of 8 filing controls reported
- Programs: 3 filed program accomplishments · $208K in reported program spending
- Leadership: top reported pay $110K · 8 people listed
- Consistency: 26 of 26 current checks pass
- Schedules: 4 filed schedules · includes major donors
- Filing history: 7 filing years from 2018 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- 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.
- Moderate — Financial Efficiency: Mission deployment rate scored 37/100.
- Moderate — Financial Efficiency: Program expense ratio scored 45/100.
- High — Financial Efficiency: Fundraising efficiency scored 25/100.
- Review — Accountability: Governance controls: 2 of 7 not reported.
- High — Sustainability: Total-asset coverage ratio scored 28/100.
- High — Growth: Asset growth scored 0/100.
- High — Sustainability: Liabilities to assets ratio scored 4/100.
- High — Sustainability: Officer compensation ratio scored 11/100.