Hernando County Fair Association Inc

Nonprofit profile at a glance

EIN
592106878
IRS 990 coverage
2010–2020
Forms available
Form 990 2020
Location
Brooksville, FL, USA
Phone
3527964552
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Fairs

Reported finances

Revenue
$229,733
Expenses
$197,564
Assets
$510,599
Liabilities
$264,997

Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

14 people listed

Executive titles in this filing

  • SANDRA NICHOLSON (PAST PRESIDENT)
  • RICK FOTI (VICE PRESIDENT)
  • SHARI KLIMAS (PRESIDENT)

People named in this filing

  • TAMMY FINCHER (DIRECTOR)
  • SKIP DEMONTOZON (DIRECTOR)
  • PAUL WERNICKE (DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide to the community annual county fair, special events, flea market, auditorium grounds rental, and management of hernando county fairgrounds

What it reported doing in 2020

Special events for community benefit flea market for community benefit

Operating model

Revenue model
Earned-program. 99% of the money available for current operations came from fees and other program revenue.
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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Program spending has declined or grown slowly and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 90
  • Accountability: 94
  • Sustainability: 56
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 85.8%; rating input score 86
  • 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: 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: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 14%; rating input score 59; 59th percentile among comparable filings
  • Total-asset coverage ratio: 2.58; rating input score 60; 60th percentile among comparable filings
  • Liabilities to assets ratio: 0.52; rating input score 14; 14th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 72; 72nd percentile among comparable filings

Growth

  • Program expense growth: -4.2% per year; rating input score 0; 30th percentile among comparable filings
  • Revenue growth: -1.7% per year; rating input score 0; 28th percentile among comparable filings
  • Asset growth: -3.5% per year; rating input score 0; 15th percentile among comparable filings

Details

  • Where the money goes: 85.8% of revenue deployed · 100% of spending went to programs
  • Governance: 15 of 15 board members independent · 6 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $198K in reported program spending
  • Leadership: top reported pay $0 · 14 people listed
  • Consistency: 19 of 19 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 11 filing years from 2010 to 2020
  • Contacts: How to reach this organization
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Operating margin scored 59/100.
  • High — Sustainability: Liabilities to assets ratio scored 14/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.