Green Knight Economic Development Corp

Nonprofit profile at a glance

EIN
233005840
IRS 990 coverage
2019–2024
Forms available
Form 990 2024
Location
Pen Argyl, PA, USA
Phone
6108635898
Rating
56
Verdict
MIXED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Reported finances

Revenue
$3,419,582
Expenses
$1,347,758
Assets
$13,823,863
Liabilities
$1,720,602

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

Leadership & pay

6 people listed

Executive titles in this filing

  • Robert E Cornman Jr (President)
  • John Goffredo (Vice President)

People named in this filing

  • Robert E Cornman Jr (President)
  • Peter R Albanese (Treasurer)
  • Larry Feller (Secretary)

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

Providing economic relief for poor & distressed local citizens

What it reported doing in 2024

They convert landfill gas to electrical energy and sell the energy to induce industry, spurring economic development & enhancing employment opportunities in the Boroughs of Pen Argyl & Wind Gap, and Plainfield Twp.

Operating model

Revenue model
Earned-program. 85% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 89% 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

MIXED - The filed numbers largely add up and program spending has grown recently. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 54
  • Transparency & Controls: 68
  • Accountability: 24
  • Sustainability: 89
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 36.5%; rating input score 37
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 7th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 13.8%; rating input score 14; 12th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: Limited
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • 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: Fail

Sustainability

  • Operating margin: 60.6%; rating input score 95; 95th percentile among comparable filings
  • Total-asset coverage ratio: 10.26; rating input score 91; 91st percentile among comparable filings
  • Liabilities to assets ratio: 0.12; rating input score 54; 54th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: 0.8% per year; rating input score 100; 16th percentile among comparable filings
  • Revenue growth: 9.8% per year; rating input score 100; 68th percentile among comparable filings
  • Asset growth: 9.7% per year; rating input score 100; 57th percentile among comparable filings

Details

  • Where the money goes: 36.5% of revenue deployed · 100% of spending went to programs
  • Governance: 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $1.3M in reported program spending
  • Leadership: top reported pay $0 · 6 people listed
  • Consistency: 20 of 21 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes grants
  • Filing history: 5 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 37/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Transparency & Controls: Grant itemization coverage scored 14/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Sustainability: Liabilities to assets ratio scored 54/100.