Hastings Economic Development Corp

Nonprofit profile at a glance

EIN
470551577
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Hastings, NE, USA
Phone
4024618400
Rating
83
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$1,706,873
Expenses
$2,181,972
Assets
$7,409,503
Liabilities
$1,885,386

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

Leadership & pay

28 people listed

Executive titles in this filing

  • BETH COIL (PRESIDENT)
  • SCOTT BARWICK (VICE PRESIDENT)
  • SHANNON LANDAUER (EXECUTIVE DIRECTOR)

Highest reported compensation

  • SHANNON LANDAUER (EXECUTIVE DIRECTOR): $182,577 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 advance, encourage, promote and stimulate the general economic, commercial, educational, social, civic and general welfare and prosperity of the city of hastings, Nebraska, and its surrounding territory.

What it reported doing in 2024

The promotion of industrial expansion and the procurement of new industry to the area, thereby creating new job opportunities and economic growth.

Operating model

Revenue model
Grant-funded. 78% of the money available for current operations came from government grants.
Distribution model
Hybrid. The nonprofit split its reported program spending across 48% for direct work, and 52% for grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 79
  • Accountability: 93
  • Sustainability: 34
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 98.5%; rating input score 99
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 96.4%; rating input score 96; 26th percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -27.8%; rating input score 6; 6th percentile among comparable filings
  • Total-asset coverage ratio: 3.4; rating input score 78; 78th percentile among comparable filings
  • Liabilities to assets ratio: 0.25; rating input score 27; 27th percentile among comparable filings
  • Officer compensation ratio: 8.4%; rating input score 42; 42nd percentile among comparable filings

Growth

  • Program expense growth: 14.2% per year; rating input score 100; 73rd percentile among comparable filings
  • Revenue growth: -0.8% per year; rating input score 0; 12th percentile among comparable filings
  • Asset growth: 5.7% per year; rating input score 100; 42nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 98.5% of spending went to programs
  • Governance: 27 of 28 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $2.1M in reported program spending
  • Leadership: top reported pay $183K · 28 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 26 of 26 current checks pass
  • Schedules: 6 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 3 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.

  • High — Sustainability: Operating margin scored 6/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Audit committee oversight not reported.
  • High — Sustainability: Liabilities to assets ratio scored 27/100.
  • Moderate — Sustainability: Officer compensation ratio scored 42/100.