Hackettstown Business Improvement

Nonprofit profile at a glance

EIN
202535990
IRS 990 coverage
2012–2024
Forms available
Form 990 2024, Form 990-EZ 2011
Location
Hackettstown, NJ, USA
Phone
9088505004
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Human Services N.E.C.

Reported finances

Revenue
$328,862
Expenses
$339,957
Assets
$9,500
Liabilities
$0

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

Leadership & pay

17 people listed

Executive titles in this filing

  • KATHI HOMENICK (PRESIDENT)

Highest reported compensation

  • LAURIE RAPISARDI (EXECUTIVE DI): $83,538 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 operate a business improvement district and to function as a district management corporation under nj district management act of 1984. To formulate, promote and implement the economic revitalization and general welfare of the commercial area. To provide a self-help mechanism by which relevant interests can expand business opportunities and sales, improve property values and enhance the environment for residents, shoppers and visitors as well as mobilize public and private resources for this purpose.

What it reported doing in 2024

The bid contributes to the beautification of main street with its holiday decoration, street maintenance and hanging planter programs.

Operating model

Revenue model
Grant-funded. 67% 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

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: 51
  • Transparency & Controls: 90
  • Accountability: 76
  • Sustainability: 27
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 58.4%; rating input score 58
  • Program expense ratio: 56.4%; rating input score 56
  • 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Fail
    • 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: Missing
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -3.4%; rating input score 32; 32nd percentile among comparable filings
  • Total-asset coverage ratio: 0.03; rating input score 3; 3rd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 24.6%; rating input score 15; 15th percentile among comparable filings

Growth

  • Program expense growth: -0.6% per year; rating input score 0; 28th percentile among comparable filings
  • Revenue growth: 3.6% per year; rating input score 100; 45th percentile among comparable filings
  • Asset growth: 5% per year; rating input score 100; 47th percentile among comparable filings

Details

  • Where the money goes: 58.4% of revenue deployed · 56.4% of spending went to programs
  • Governance: 16 of 16 board members independent · 3 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $192K in reported program spending
  • Leadership: top reported pay $84K · 17 people listed
  • Consistency: 28 of 28 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 9 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • 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.

  • Review — Financial Efficiency: Mission deployment rate scored 58/100.
  • Review — Financial Efficiency: Program expense ratio scored 56/100.
  • Moderate — Accountability: Governance controls: 3 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 32/100.
  • High — Sustainability: Total-asset coverage ratio scored 3/100.
  • High — Sustainability: Officer compensation ratio scored 15/100.