Hedco Inc

Nonprofit profile at a glance

EIN
060919160
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Hartford, CT, USA
Phone
8605271301
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Economic Development

Reported finances

Revenue
$4,015,725
Expenses
$4,826,298
Assets
$35,798,063
Liabilities
$16,873,589

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

Leadership & pay

18 people listed

Executive titles in this filing

  • KIM HAWKINS (PRESIDENT & CEO)

Highest reported compensation

  • KIM HAWKINS (PRESIDENT & CEO): $257,519 total reported compensation
  • PATRICIA GERONIMO (CHIEF FINANCIAL OFFICER): $187,986 total reported compensation

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

Overview

Mission

Providing resources, empowering entrepreneurs, building communities.

What it reported doing in 2024

Loan programs provide small business clientele with access to capital needs that would be otherwise un-met or under-served. These loan programs also provide hope and opportunity for people to realize their dream business, create financial freedom and contribute to their communities through job creations and needed services. In addition to small businesses, non-profits are also being assisted through these programs.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 79% for direct work, and 21% 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 liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 92
  • Transparency & Controls: 73
  • Accountability: 97
  • Sustainability: 36
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 98.7%; rating input score 99
  • Program expense ratio: 81.9%; rating input score 82
  • Fundraising efficiency: $98.11 raised per $1 spent on fundraising; rating input score 86; 86th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.1%; rating input score 94; 23rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • 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: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 95%; rating input score 95; 25th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -20.2%; rating input score 7; 7th percentile among comparable filings
  • Total-asset coverage ratio: 7.42; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0.47; rating input score 22; 22nd percentile among comparable filings
  • Officer compensation ratio: 9.2%; rating input score 32; 32nd percentile among comparable filings

Growth

  • Program expense growth: 8.7% per year; rating input score 100; 59th percentile among comparable filings
  • Revenue growth: 3.1% per year; rating input score 100; 27th percentile among comparable filings
  • Asset growth: 2% per year; rating input score 100; 19th percentile among comparable filings

Details

  • Where the money goes: 98.7% of revenue deployed · 81.9% of spending went to programs
  • Governance: 19 of 20 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $4M in reported program spending
  • Leadership: top reported pay $258K · 18 people listed · 1 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $460K reported
  • Consistency: 33 of 34 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 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.

  • High — Sustainability: Operating margin scored 7/100.
  • High — Sustainability: Liabilities to assets ratio scored 22/100.
  • Moderate — Sustainability: Officer compensation ratio scored 32/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.