Lincoln Economic Development Associ
Nonprofit profile at a glance
- EIN
- 561188297
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024, Form 990-T 2024
- Location
- Lincolnton, NC, USA
- Phone
- 7047321511
- Rating
- 71
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Urban, Community Economic Development
Reported finances
- Revenue
- $921,266
- Expenses
- $957,883
- Assets
- $852,665
- Liabilities
- $80,240
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
10 people listed
Highest reported compensation
- CLIFF BRUMFIELD (SECRETARY): $169,894 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 foster an economic environment that promotes an enhancement of the standard of living by creating more and better jobs for the citizens of lincolnton and lincoln county and an increased and diversified tax base to proivde needed community services.
What it reported doing in 2024
Develop and market economic growth and stability of lincoln county by making developers and expanding industries aware of the assets of the area through various media sources and personal contact.
Operating model
- Revenue model
- Grant-funded. 92% of the money available for current operations came from government grants.
- 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 some filing-based governance responses are negative or unanswered.
Rating breakdown
- Financial Efficiency: 76
- Transparency & Controls: 65
- Accountability: 79
- Sustainability: 31
- Growth: 80
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 87.4%; rating input score 87
- Program expense ratio: 84%; rating input score 84
- 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; 63rd percentile among comparable filings
- Governance controls: 4 of 8 controls in place; rating input score 50
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: NotApplicable
- Other executive compensation review process: Fail
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: -4%; rating input score 26; 26th percentile among comparable filings
- Total-asset coverage ratio: 0.89; rating input score 39; 39th percentile among comparable filings
- Liabilities to assets ratio: 0.09; rating input score 43; 43rd percentile among comparable filings
- Officer compensation ratio: 17.7%; rating input score 18; 18th percentile among comparable filings
Growth
- Program expense growth: 1.8% per year; rating input score 100; 25th percentile among comparable filings
- Revenue growth: 1.5% per year; rating input score 100; 21st percentile among comparable filings
- Asset growth: -4.6% per year; rating input score 0; 7th percentile among comparable filings
Details
- Where the money goes: 87.4% of revenue deployed · 84% of spending went to programs
- Governance: 10 of 10 board members independent · 4 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $805K in reported program spending
- Leadership: top reported pay $170K · 10 people listed · 0 of 6 pay-setting controls reported
- Consistency: 29 of 29 current checks pass
- Schedules: 5 filed schedules · includes major donors and executive pay
- Filing history: 13 filing years from 2010 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 — Transparency & Controls: Pay-setting controls scored 0/100.
- Review — Accountability: Governance controls: 3 of 7 not reported.
- High — Sustainability: Operating margin scored 26/100.
- High — Growth: Asset growth scored 0/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 39/100.
- High — Sustainability: Officer compensation ratio scored 18/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 43/100.