Laurel Redevelopment Corporation

Nonprofit profile at a glance

EIN
510344804
IRS 990 coverage
2018–2024
Forms available
Form 990 2024
Location
Laurel, DE, USA
Phone
3028750601
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Official website

Reported finances

Revenue
$65,785
Expenses
$87,566
Assets
$5,395,274
Liabilities
$2,505,597

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

Leadership & pay

11 people listed

Executive titles in this filing

  • BARRY MORRISON (PRESIDENT)

Highest reported compensation

  • BRIAN SHANNON (EXECUTIVE DI): $75,000 total reported compensation

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

Overview

Mission

Revitalizing downtown laurel, de

What it reported doing in 2024

The corporation has acquired several properties in downtown laurel for the purpose of rehabilitating the town of laurel. The expenses incurred relate to these properties. The properties are then rented to new businesses, thus revitalizing part of downtown laurel.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 95% 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 - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 92
  • Accountability: 64
  • Sustainability: 45
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • 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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 1 of 7 controls in place; rating input score 14
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -33.1%; rating input score 34; 34th percentile among comparable filings
  • Total-asset coverage ratio: 61.61; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0.46; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 85.6%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: -9.9% per year; rating input score 0; 29th percentile among comparable filings
  • Revenue growth: -7.5% per year; rating input score 0; 37th percentile among comparable filings
  • Asset growth: 8.6% per year; rating input score 100; 77th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 10 of 10 board members independent · 1 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $88K in reported program spending
  • Leadership: top reported pay $75K · 11 people listed
  • Consistency: 29 of 29 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 6 filing years from 2018 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.

  • High — Accountability: Governance controls: 5 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 34/100.
  • High — Sustainability: Officer compensation ratio scored 4/100.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.