Lexington Market Inc

Nonprofit profile at a glance

EIN
521163034
IRS 990 coverage
2009–2021
Forms available
Form 990 2021
Location
Baltimore, MD, USA
Phone
4106856169
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Food Programs

Official website

Reported finances

Revenue
$5,979,904
Expenses
$4,506,072
Assets
$34,272,754
Liabilities
$8,244,533

Source: IRS Form 990. Selected filing: tax year 2021. Amounts in USD.

Leadership & pay

12 people listed

Highest reported compensation

  • BENNICE THAYER (DIR. OF FINANCE AND ADMIN.): $145,569 total reported compensation
  • DAVID O'DONNELL (DIRECTOR OF DEVELOPMENT): $133,092 total reported compensation
  • ROBERT THOMAS EXEC DIRECTOR (& BOARD SECRETARY UNTIL JULY 2021): $120,742 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2021. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To manage lexington market on behalf of the city of baltimore.

What it reported doing in 2021

Vendor and merchant services - lexington market, inc. Manages and operates the market facilities located in baltimore city, Maryland. Lexington market services more than 100 vendors, offering various types of foods, produce, and other goods. Lexington market provides affordable vending opportunities, particularly for independent, locally-owned businesses and regional farmers.

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 - 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: 58
  • Transparency & Controls: 92
  • Accountability: 84
  • Sustainability: 69
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 57.7%; rating input score 58
  • Program expense ratio: 76.5%; rating input score 76
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd 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; 63rd percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 62
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Limited
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 24.6%; rating input score 76; 76th percentile among comparable filings
  • Total-asset coverage ratio: 7.61; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0.24; rating input score 40; 40th percentile among comparable filings
  • Officer compensation ratio: 10.9%; rating input score 23; 23rd percentile among comparable filings

Growth

  • Program expense growth: -7% per year; rating input score 0; 6th percentile among comparable filings
  • Revenue growth: 3.5% per year; rating input score 100; 37th percentile among comparable filings
  • Asset growth: 7.3% per year; rating input score 100; 50th percentile among comparable filings

Details

  • Where the money goes: 57.7% of revenue deployed · 76.5% of spending went to programs
  • Governance: 8 of 8 board members independent · 5 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $3.4M in reported program spending
  • Leadership: top reported pay $146K · 12 people listed
  • Highest-paid contractors: 1 contractor listed · $101K reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 13 filing years from 2009 to 2021
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Review — Financial Efficiency: Mission deployment rate scored 58/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 23/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 40/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.