Greater Lockport Development Corporation

Nonprofit profile at a glance

EIN
222438263
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Lockport, NY, USA
Phone
7164396688
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Reported finances

Revenue
$722,317
Expenses
$643,230
Assets
$4,614,038
Liabilities
$2,850,435

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

Leadership & pay

13 people listed

Executive titles in this filing

  • HEATHER PECK (PRESIDENT/CEO (RESIGNED NOV 2024))
  • LYNN OSWALD (VICE PRESIDENT)

Highest reported compensation

  • LYNN OSWALD (VICE PRESIDENT): $15,235 total reported compensation
  • HEATHER PECK (PRESIDENT/CEO (RESIGNED NOV 2024)): $8,000 total reported compensation

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

Overview

Mission

Economic development assistance

What it reported doing in 2024

Provide economic development assistance to local businesses and enhance employment opportunities for the surrounding communities.

Operating model

Revenue model
Grant-funded. 87% of the money available for current operations came from government grants.
Distribution model
Grant intermediary. The nonprofit sent 73% 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 assets have declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 69
  • Transparency & Controls: 88
  • Accountability: 95
  • Sustainability: 64
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 74.3%; rating input score 74
  • Program expense ratio: 82.9%; rating input score 83
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 16th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 94.5%; rating input score 94; 41st percentile among comparable filings
  • 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: 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: Fail
    • 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: 10.9%; rating input score 63; 63rd percentile among comparable filings
  • Total-asset coverage ratio: 7.17; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0.62; rating input score 12; 12th percentile among comparable filings
  • Officer compensation ratio: 3.6%; rating input score 56; 56th percentile among comparable filings

Growth

  • Program expense growth: 8.5% per year; rating input score 100; 57th percentile among comparable filings
  • Revenue growth: 22.3% per year; rating input score 100; 87th percentile among comparable filings
  • Asset growth: -3.2% per year; rating input score 0; 9th percentile among comparable filings

Details

  • Where the money goes: 74.3% of revenue deployed · 82.9% of spending went to programs
  • Governance: 11 of 11 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $534K in reported program spending
  • Leadership: top reported pay $15K · 13 people listed
  • Consistency: 25 of 26 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 14 filed money-flow records
  • 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.

  • Review — Accountability: Governance controls: CEO compensation review process not reported.
  • High — Growth: Asset growth scored 0/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 12/100.
  • Review — Sustainability: Officer compensation ratio scored 56/100.