Greater Lafayette Commerce Comm and Economic Development Foundation

Nonprofit profile at a glance

EIN
813745360
IRS 990 coverage
2017–2024
Forms available
Form 990 2024
Location
Lafayette, IN, USA
Phone
7657424044
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$12,387,862
Expenses
$12,130,228
Assets
$4,095,622
Liabilities
$3,668,340

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

Leadership & pay

5 people listed

Executive titles in this filing

  • SCOTT WALKER (PRESIDENT &)

Highest reported compensation

  • SCOTT WALKER (PRESIDENT &): $304,023 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 foundation is organized and operated exclusively to conduct, support, encourage, and assist the common good and welfare of the citizens of lafayette, west lafayette, tippecanoe county and the west central region of Indiana it serves. In addition, 1) the foundation operates as a supporting organization for the support and benefit of lafayette-west lafayette development corporation (d/b/a greater lafayette commerce) to solicit funds to support economic and community development programs and projects of greater lafayette commerce, 2)to solicit charitable contributions and other funds for and to provide other benefits for the support and benefit of and in conjunction with economic and community development programs and projects of greater lafayette commerce, and 3)to cooperate, collaborate and work with other organizations including, but not limited to, greater lafayette commerce to pursue and achieve the purposes set out above.

What it reported doing in 2024

See organization's mission.

Operating model

Revenue model
Grant-funded. 100% of the money available for current operations came from government grants.
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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 74
  • Accountability: 100
  • Sustainability: 34
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 97.4%; rating input score 97
  • Program expense ratio: 99.5%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • 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: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: 2.1%; rating input score 42; 42nd percentile among comparable filings
  • Total-asset coverage ratio: 0.34; rating input score 9; 9th percentile among comparable filings
  • Liabilities to assets ratio: 0.9; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 0.4%; rating input score 90; 90th percentile among comparable filings

Growth

  • Program expense growth: 47.6% per year; rating input score 100; 98th percentile among comparable filings
  • Revenue growth: 42.3% per year; rating input score 100; 98th percentile among comparable filings
  • Asset growth: 16.1% per year; rating input score 100; 83rd percentile among comparable filings

Details

  • Where the money goes: 97.4% of revenue deployed · 99.5% of spending went to programs
  • Governance: 4 of 4 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $12.1M in reported program spending
  • Leadership: top reported pay $304K · 5 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 7 filing years from 2017 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.

  • Moderate — Sustainability: Operating margin scored 42/100.
  • High — Sustainability: Total-asset coverage ratio scored 9/100.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.