Lincoln Economic Development Authority

Nonprofit profile at a glance

EIN
550733263
IRS 990 coverage
2016–2024
Forms available
Form 990 2024
Location
West Hamlin, WV, USA
Phone
3048242244
Rating
72
Verdict
SUPPORTED
Rating confidence
Standard

Official website

Reported finances

Revenue
$182,673
Expenses
$100,322
Assets
$884,876
Liabilities
$206,516

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

Leadership & pay

13 people listed

Executive titles in this filing

  • Josh Stowers (President)
  • Aaron Stowers (Vice President)
  • Tommy Adkins (Executive Director)

Highest reported compensation

  • Tommy Adkins (Executive Director): $40,079 total reported compensation

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

Overview

Mission

Provide economic development services and loans to residents of Lincoln County West Virginia.

What it reported doing in 2024

The organizations purpose is to aid the citizens of Lincoln County West Virginia in developing economic opportunities. The county poverty rate and lack of opportunity creates a generational dependence on assistance. Breaking the cycle of poverty and dependence on government sources will take a concerted effort within the county. The development of small business opportunities and employment within the county will increase wealth and independence.

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 - 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: 51
  • Transparency & Controls: 100
  • Accountability: 79
  • Sustainability: 71
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 38%; rating input score 38
  • Program expense ratio: 66.3%; rating input score 66
  • Fundraising efficiency: $35.41 raised per $1 spent on fundraising; rating input score 70; 70th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • 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: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 45.1%; rating input score 90; 90th percentile among comparable filings
  • Total-asset coverage ratio: 8.82; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0.23; rating input score 18; 18th percentile among comparable filings
  • Officer compensation ratio: 40%; rating input score 6; 6th percentile among comparable filings

Growth

  • Program expense growth: -4% per year; rating input score 0; 19th percentile among comparable filings
  • Revenue growth: 17% per year; rating input score 100; 85th percentile among comparable filings
  • Asset growth: -1.2% per year; rating input score 0; 20th percentile among comparable filings

Details

  • Where the money goes: 38% of revenue deployed · 66.3% of spending went to programs
  • Governance: 12 of 12 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $40K · 13 people listed
  • Consistency: 27 of 27 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 8 filing years from 2016 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 38/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 6/100.
  • High — Sustainability: Liabilities to assets ratio scored 18/100.