Halifax Regional Development Foundation Inc

Nonprofit profile at a glance

EIN
541801459
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Virginia Beach, VA, USA
Phone
4345173183
Rating
52
Verdict
MIXED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$1,170,781
Expenses
$113,648
Assets
$2,298,296
Liabilities
$329,031

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

Leadership & pay

4 people listed

Executive titles in this filing

  • BRIAN K ZWOYER (DIRECTOR/PRESIDENT/SECRETARY)

Highest reported compensation

  • MEGAN R PERRY (DIRECTOR/TREASURER): $1,951,097 total reported compensation
  • PAUL A GADEN (DIRECTOR/VICE CHAIR): $1,241,904 total reported compensation
  • BRIAN K ZWOYER (DIRECTOR/PRESIDENT/SECRETARY): $411,664 total reported compensation

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

Overview

Mission

Halifax regional development foundation, inc. Is organized to promote the general health/welfare of the community, develop fundraising efforts and improve community support for halifax regional hospital. For more information, see schedule o.

What it reported doing in 2024

Halifax regional development foundation, inc. (hrdf) is organized to promote the general health and welfare of the community and is responsible for the development of fundraising efforts and improvement of community support for sentara halifax regional hospital, inc.; for administering gifts, grants and contributions for the hospital and for providing other services that are exclusively charitable, educational or scientific in nature. The foundation is also responsible for managing the investment of sentara halifax regional hospital, inc's endowment funds and for management of the affiliated groups' educational assistance program.see also schedule o

Operating model

Revenue model
Donor-supported. 93% of the money available for current operations came from contributions and gifts.
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

MIXED - The filed numbers largely add up and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 42
  • Transparency & Controls: 71
  • Accountability: 47
  • Sustainability: 79
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 16.1%; rating input score 16
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 25%; rating input score 25; 10th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 90.3%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 20.22; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.14; rating input score 37; 37th percentile among comparable filings
  • Officer compensation ratio: 234.3%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: -21.5% per year; rating input score 0; 2nd percentile among comparable filings
  • Revenue growth: -0.4% per year; rating input score 0; 13th percentile among comparable filings
  • Asset growth: 4.6% per year; rating input score 100; 37th percentile among comparable filings

Details

  • Where the money goes: 16.1% of revenue deployed · 100% of spending went to programs
  • Governance: 1 of 4 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $114K in reported program spending
  • Leadership: top reported pay $2M · 4 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 16 of 16 current checks pass
  • Schedules: 6 filed schedules · includes major donors, executive pay, and related organizations
  • Filing history: 14 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 66 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.

  • High — Financial Efficiency: Mission deployment rate scored 16/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Accountability: Independent voting board scored 25/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 37/100.