Greater Norfolk Corporation

Nonprofit profile at a glance

EIN
541081488
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-EZ 2023
Location
Norfolk, VA, USA
Phone
7576222242
Rating confidence
Limited

Official website

Reported finances

Revenue
$205,661
Expenses
$207,683
Assets
$101,365
Liabilities
$4,188

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

Leadership & pay

133 people listed

Executive titles in this filing

  • Donald Winchester (Past President)
  • Mel Price (First Vice President)
  • Tara Ramsey (President)
  • Tim Faulkner (Second Vice President)
  • LINDA PECK (EXECUTIVE DIRECTOR)

Highest reported compensation

  • LINDA PECK (EXECUTIVE DIRECTOR): $131,362 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 participate in the Economic revitalization and development of the City of Norfolk by marshaling the resources of the private sector in support of the City and its agencies.

What it reported doing in 2024

Attracting and retaining talent is essential for the city's economic vitality. In support of this goal, GNC runs an Executive Mentorship Program, that pairs students from Norfolk State University, Old Dominion University, Tidewater Community College and Virginia Wesleyan University with local business professionals. This program provides invaluable guidance, career advice, goals setting and resume building. It also cultivates relationships with professionals in their field, which aims to keep our talent local. Another program that aims to attract and retain young professional talent to Norfolkand the region is our LiveNFK Summer Intern Program, which offers professional development and networking opportunities for summer interns. By showcasing our area and offering opportunities to connect to recognize that this area is a great place to launch one's career. Vibrant cities with a talent workforce require a strong public school system. GNC, in partnership with the Norfolk Innovation Corridor, support the Invention Convention program with Norfolk Public Schools. GNC provides help with judging and matching professionals to work with the students on their inventions.

Operating model

Revenue model
Membership-supported. 86% of the money available for current operations came from membership dues.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 100
  • Accountability: 74
  • Sustainability: 28
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: Fail

Sustainability

  • Operating margin: -1%; rating input score 36; 36th percentile among comparable filings
  • Total-asset coverage ratio: 0.49; rating input score 24; 24th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 34; 34th percentile among comparable filings
  • Officer compensation ratio: 63.3%; rating input score 2; 2nd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 1.7% per year; rating input score 100; 33rd percentile among comparable filings
  • Asset growth: 3.4% per year; rating input score 100; 40th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 132 of 132 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $131K · 133 people listed
  • Consistency: 11 of 11 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 2 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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 — Accountability: Governance controls: 5 of 8 not reported.
  • Moderate — Sustainability: Operating margin scored 36/100.
  • High — Sustainability: Total-asset coverage ratio scored 24/100.
  • High — Sustainability: Officer compensation ratio scored 2/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 34/100.