Kentucky Highlands Community Development Corporation

Nonprofit profile at a glance

EIN
611253192
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
London, KY, USA
Phone
6068645175
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$11,452,069
Expenses
$1,284,153
Assets
$14,115,426
Liabilities
$3,426,323

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

Leadership & pay

21 people listed

Executive titles in this filing

  • JERRY RICKETT (PRESIDENT)
  • BRENDA MCDANIEL (EXEC. VICE PRESIDENT/CFO)
  • MARK BOLINGER (VICE PRESIDENT, BUSINESS L)

Highest reported compensation

  • JERRY RICKETT (PRESIDENT): $583,028 total reported compensation
  • BRENDA MCDANIEL (EXEC. VICE PRESIDENT/CFO): $555,864 total reported compensation
  • MARK BOLINGER (VICE PRESIDENT, BUSINESS L): $353,655 total reported compensation

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

Overview

Mission

Khcdc provides financing to companies in its service area, where traditional financing sources may not be readily available.

What it reported doing in 2024

Khcdc promotes development of and assistance to local business enterprises which have the prospect of increasing the income of the area's residents and expanding their employment opportunities. As a supporting organization, khcdc also supports the affordable housing development efforts of its supported organization, Kentucky highlands investment corp including providing affordable housing solutions with programs that specialize in turn-key homes, lower-income housing programs, mutual self-help housing programs, elderly housing and several energy efficient and/or community development projects.

Operating model

Revenue model
Donor-supported. 88% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 70% of its reported program spending out as grants.

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 reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 37
  • Transparency & Controls: 91
  • Accountability: 100
  • Sustainability: 80
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 10.4%; rating input score 10
  • Program expense ratio: 92.8%; rating input score 93
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • 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: 100%; rating input score 100; 66th 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: 88.8%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 10.99; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0.24; rating input score 53; 53rd percentile among comparable filings
  • Officer compensation ratio: 24.7%; rating input score 2; 2nd percentile among comparable filings

Growth

  • Program expense growth: 12.1% per year; rating input score 100; 77th percentile among comparable filings
  • Revenue growth: 21.4% per year; rating input score 100; 93rd percentile among comparable filings
  • Asset growth: 12.4% per year; rating input score 100; 74th percentile among comparable filings

Details

  • Where the money goes: 10.4% of revenue deployed · 92.8% of spending went to programs
  • Governance: 14 of 14 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.2M in reported program spending
  • Leadership: top reported pay $583K · 21 people listed · 5 of 6 pay-setting controls reported
  • Consistency: 22 of 22 current checks pass
  • Schedules: 8 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: 8 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 — Financial Efficiency: Mission deployment rate scored 10/100.
  • High — Sustainability: Officer compensation ratio scored 2/100.
  • Review — Sustainability: Liabilities to assets ratio scored 53/100.