Laurel Trace Inc

Nonprofit profile at a glance

EIN
900604565
IRS 990 coverage
2011–2024
Forms available
Form 990 2024, Form 990-N 2010
Location
St Petersburg, FL, USA
Phone
7278214819
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Official website

Reported finances

Revenue
$60,392
Expenses
$102,518
Assets
$1,008,512
Liabilities
$1,430,560

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

Leadership & pay

11 people listed

Executive titles in this filing

  • KEVIN MARRONE (CEO/MANAGING ENTITY)
  • PAUL MISIEWICZ (PRESIDENT)
  • MARTIN T LOTT (VICE PRESIDENT)

Highest reported compensation

  • KEVIN MARRONE (CEO/MANAGING ENTITY): $198,244 total reported compensation
  • MICHELLE JOSEPH (CFO/MANAGING ENTITY): $195,031 total reported compensation
  • JACK HUMBURG (ASSISTANT SECRETARY): $112,125 total reported compensation

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

Overview

Mission

To provide housing to individuals with chronic mental illness who are clients of boley centers inc., a related 501(c)(3) organization.

What it reported doing in 2024

Laurel trace, inc. Is a 9 unit apartment complex for individuals with chronic mental illness under a section 811 capital advance of the national affordable housing act with a project rental assistance contract. Tenants of the project are clients of boley centers, inc., a related 501(c)(3) organization.

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 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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 65
  • Accountability: 91
  • Sustainability: 32
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 72.6%; rating input score 73
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • 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: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -69.8%; rating input score 25; 25th percentile among comparable filings
  • Total-asset coverage ratio: 9.84; rating input score 63; 63rd percentile among comparable filings
  • Liabilities to assets ratio: 1.42; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 29.5%; rating input score 10; 10th percentile among comparable filings

Growth

  • Program expense growth: 1.4% per year; rating input score 100; 56th percentile among comparable filings
  • Revenue growth: -19.2% per year; rating input score 0; 20th percentile among comparable filings
  • Asset growth: 0.1% per year; rating input score 100; 41st percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 72.6% of spending went to programs
  • Governance: 7 of 7 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $74K in reported program spending
  • Leadership: top reported pay $198K · 11 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 23 of 23 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 13 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 18 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: Pay-setting controls scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Operating margin scored 25/100.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.
  • High — Sustainability: Officer compensation ratio scored 10/100.