Iberia Industrial Development Foundation

Nonprofit profile at a glance

EIN
721027792
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
New Iberia, LA, USA
Phone
3373670834
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Affiliation
Christianity

Official website

Reported finances

Revenue
$525,484
Expenses
$473,599
Assets
$494,744
Liabilities
$149,124

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

Leadership & pay

24 people listed

Executive titles in this filing

  • MICHAEL TARANTINO (PRESIDENT/CEO)

Highest reported compensation

  • MICHAEL TARANTINO (PRESIDENT/CEO): $192,651 total reported compensation

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

Overview

Mission

Promote industrial and economic development for existing companies and recruit additional industries to locate in iberia parish.

What it reported doing in 2024

Business retention and expansion services: we continue to assist aviation exteriors in expanding the lines of services they offer in new iberia to include aircraft interior overhaul, repair and maintenance. We are continuing to assist ul lafayette in the upgrade of their bio-hazard lab facilities at the new iberia research campus. In addition, we are working closely with them in the development and construction of a new technical campus and gmp manufacturing facility at progress point business park. Construction on the bio-hazard lab is almost complete, and the design and preliminary construction testing on the property for the technical campus and gmp manufacturing facility should start shortly after the first of the year. Anticipated net new jobs created due to expansion and retention: 562.

Operating model

Revenue model
Earned-program. 88% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 52
  • Transparency & Controls: 92
  • Accountability: 81
  • Sustainability: 45
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 56.2%; rating input score 56
  • Program expense ratio: 63.3%; rating input score 63
  • 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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 95.2%; rating input score 95; 25th percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 9.9%; rating input score 61; 61st percentile among comparable filings
  • Total-asset coverage ratio: 1.04; rating input score 44; 44th percentile among comparable filings
  • Liabilities to assets ratio: 0.3; rating input score 24; 24th percentile among comparable filings
  • Officer compensation ratio: 40.7%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: 4% per year; rating input score 100; 37th percentile among comparable filings
  • Revenue growth: 1.5% per year; rating input score 100; 21st percentile among comparable filings
  • Asset growth: 4.2% per year; rating input score 100; 35th percentile among comparable filings

Details

  • Where the money goes: 56.2% of revenue deployed · 63.3% of spending went to programs
  • Governance: 20 of 21 board members independent · 5 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $300K in reported program spending
  • Leadership: top reported pay $193K · 24 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

  • Review — Financial Efficiency: Mission deployment rate scored 56/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 44/100.
  • High — Sustainability: Officer compensation ratio scored 3/100.
  • High — Sustainability: Liabilities to assets ratio scored 24/100.