Institute Capital Inc

Nonprofit profile at a glance

EIN
562142717
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Durham, NC, USA
Phone
9199568889
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Economic Development

Reported finances

Revenue
$3,302,522
Expenses
$2,489,074
Assets
$41,335,812
Liabilities
$32,592,128

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

Leadership & pay

10 people listed

Executive titles in this filing

  • KEVIN J PRICE (PRESIDENT/CEO)

Highest reported compensation

  • KEVIN J PRICE (PRESIDENT/CEO): $199,980 total reported compensation
  • ANGELA POOLE (V.P. OF FINANCE): $144,409 total reported compensation
  • ROBERTA MCCULLOUGH (SENIOR VP OPERATIONS): $131,359 total reported compensation

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

Overview

Mission

Institute capital, inc. Is a not-for-profit organization whose purpose is to develop and/or preserve affordable housing, encourage and stimulate community and economic development, and expand economic opportunities and provide financing for community development. Institute capital inc. Is a community development financial institution (cdfi) certified by the u.s. Department of the treasury and is supported primarily by government grants and income from loans. The organization's investment area includes North Carolina, South Carolina, Virginia, West Virginia, Kentucky, and the dc metro area.

What it reported doing in 2024

A community development financial institution (cdfi) certified by the u.s. Department of the treasury. This state wide public-private partnership provides leadership and capital investments to encourage and stimulate community development, expand economic opportunities, and provide financing for community and economic development activities.

Operating model

Revenue model
Earned-program. 72% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 97% 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

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. The filing does not identify recipients for some grant dollars and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 70
  • Transparency & Controls: 65
  • Accountability: 100
  • Sustainability: 73
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 61.3%; rating input score 61
  • Program expense ratio: 81.4%; rating input score 81
  • Fundraising efficiency: $47.48 raised per $1 spent on fundraising; rating input score 78; 78th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 17th percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 0%; rating input score 0; 6th 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; 63rd 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: 24.6%; rating input score 81; 81st percentile among comparable filings
  • Total-asset coverage ratio: 16.61; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0.79; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 6.1%; rating input score 46; 46th percentile among comparable filings

Growth

  • Program expense growth: 10.5% per year; rating input score 100; 66th percentile among comparable filings
  • Revenue growth: 6.2% per year; rating input score 100; 50th percentile among comparable filings
  • Asset growth: 8.5% per year; rating input score 100; 52nd percentile among comparable filings

Details

  • Where the money goes: 61.3% of revenue deployed · 81.4% of spending went to programs
  • Governance: 8 of 8 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $2M in reported program spending
  • Leadership: top reported pay $200K · 10 people listed · 4 of 6 pay-setting controls reported
  • Consistency: 29 of 30 current checks pass · 1 finding to review
  • Schedules: 9 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 2 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.

Key Signals

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

  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 46/100.