Harbor Shores Public Asset Fund Inc

Nonprofit profile at a glance

EIN
464405437
IRS 990 coverage
2015–2025
Forms available
Form 990 2025
Location
Benton Harbor, MI, USA
Phone
2699256100
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Natural Resources Conservation and Protection

Reported finances

Revenue
$10,693,057
Expenses
$7,247,422
Assets
$30,761,667
Liabilities
$1,787,317

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

7 people listed

Highest reported compensation

  • CHRIS COOK (TREASURER): $273,714 total reported compensation
  • JOSH DOXTATOR (GENERAL MANAGER): $240,243 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Harbor shores public asset fund, inc is engaged in the development and implementation of economic growth in partnership with local communitites and municipalities. It operates as a supporting organization to cornerstone alliance, a public charity.

What it reported doing in 2025

Whirlpool corporation community charity golf event: the whirlpool community charity golf event (wccge) is conducted each summer. Over the past 20 years, the wccge has raised over $30 million to support area youth in the community. The fundraising from the wccge has enabled the expansion and growth of local organizations, and the money raised helps around 10,000 youth a year. These organizations include the boys & girls clubs of greater southwest Michigan, first tee of benton harbor and the local public school foundations of benton harbor, lakeshore and st. Joseph as well as other youth programs and organizations.

Operating model

Revenue model
Donor-supported. 69% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 65% for direct work, and 35% for grants.

The verdict

SUPPORTED - 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 revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 67
  • Transparency & Controls: 77
  • Accountability: 79
  • Sustainability: 76
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 65.7%; rating input score 66
  • Program expense ratio: 90.2%; rating input score 90
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 94.1%; rating input score 94; 23rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 99.3%; rating input score 99; 43rd 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; 64th percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 32.2%; rating input score 85; 85th percentile among comparable filings
  • Total-asset coverage ratio: 4.24; rating input score 75; 75th percentile among comparable filings
  • Liabilities to assets ratio: 0.06; rating input score 75; 75th percentile among comparable filings
  • Officer compensation ratio: 7.1%; rating input score 42; 42nd percentile among comparable filings

Growth

  • Program expense growth: 12.4% per year; rating input score 100; 75th percentile among comparable filings
  • Revenue growth: -9% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: -7.6% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 65.7% of revenue deployed · 90.2% of spending went to programs
  • Governance: 5 of 5 board members independent · 4 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $6.5M in reported program spending
  • Leadership: top reported pay $274K · 7 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 33 of 34 current checks pass · 1 finding to review
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 11 filing years from 2015 to 2025
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 8 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 4 of 8 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 42/100.