Livingston County Development Corp

Nonprofit profile at a glance

EIN
161426444
IRS 990 coverage
2012–2016
Forms available
Form 990 2016
Location
Geneseo, NY, USA
Phone
5852437124
Rating
87
Verdict
STRONG
Rating confidence
Moderate
Sector
Economic Development

Official website

Reported finances

Revenue
$784,839
Expenses
$760,147
Assets
$1,496,256
Liabilities
$202,692

Source: IRS Form 990. Selected filing: tax year 2016. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • WILLIAM BACON (EXECUTIVE DIRECTOR)

Highest reported compensation

  • WILLIAM BACON (EXECUTIVE DIRECTOR): $76,560 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2016. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To facilitate investment by the private sector in livingston county, the organization is committed to fostering economic growth to create job opportunities for county residents; generating additional tax revenues, and diversifying our tax base.

What it reported doing in 2016

Assist in the establishment and expansion of microenterprise business activity, create employment opportunities and preserve the local tax base by making loan receivables to qualified borrowers. Revenue is generated through loan payments received from borrowers. Revenue is also generated through various programs offered by the organization to enhance economic development in the county.

Operating model

Revenue model
Grant-funded. 90% of the money available for current operations came from government grants.
Distribution model
Hybrid. The nonprofit split its reported program spending across 41% for direct work, and 59% for grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 94
  • Accountability: 95
  • Sustainability: 56
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 89.9%; rating input score 90
  • Program expense ratio: 92.8%; rating input score 93
  • 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: 100%; rating input score 100; 74th percentile among comparable filings
  • 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: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 3.1%; rating input score 50; 50th percentile among comparable filings
  • Total-asset coverage ratio: 1.97; rating input score 66; 66th percentile among comparable filings
  • Liabilities to assets ratio: 0.14; rating input score 45; 45th percentile among comparable filings
  • Officer compensation ratio: 2.1%; rating input score 65; 65th percentile among comparable filings

Growth

  • Program expense growth: 43.9% per year; rating input score 100; 95th percentile among comparable filings
  • Revenue growth: 39% per year; rating input score 100; 95th percentile among comparable filings
  • Asset growth: 0.5% per year; rating input score 100; 33rd percentile among comparable filings

Details

  • Where the money goes: 89.9% of revenue deployed · 92.8% of spending went to programs
  • Governance: 7 of 7 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $705K in reported program spending
  • Leadership: top reported pay $77K · 8 people listed
  • Consistency: 28 of 28 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 5 filing years from 2012 to 2016
  • Contacts: How to reach this organization
  • 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.

  • Review — Sustainability: Operating margin scored 50/100.
  • Review — Accountability: Governance controls: CEO compensation review process not reported.
  • Moderate — Sustainability: Liabilities to assets ratio scored 45/100.