Local First Arizona Foundation

Nonprofit profile at a glance

EIN
261657951
IRS 990 coverage
2013–2024
Forms available
Form 990 2024, Form 990-EZ 2012, Form 990-N 2008
Location
Phoenix, AZ, USA
Phone
6029560909
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Reported finances

Revenue
$10,547,800
Expenses
$10,235,173
Assets
$5,346,321
Liabilities
$1,981,403

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

Leadership & pay

10 people listed

Executive titles in this filing

  • KIMBER LANNING (FOUNDER AND CEO)

Highest reported compensation

  • KIMBER LANNING (FOUNDER AND CEO): $230,716 total reported compensation
  • KORANDUS ARMSTEAD (CHIEF ADMINISTRATIVE OFFICER): $130,831 total reported compensation

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

Overview

Mission

Local first Arizona foundation lfaf provides community and economic development programs and support to the people, businesses, and neighborhoods of communities throughout Arizona.

What it reported doing in 2024

ARIZONA ECONOMIC RESOURCE CENTER: IN 2024, the Local First Arizona Economic Resource Center enabled 243 Arizona -based nonprofits, rural municipalities, and tribal nations to access $62 million in grants for critical local and regional projects such as essential infrastructure, broadband, solar projects, remote healthcare clinics, food access, treatment facilities, education, arts and culture, and emergency preparedness. These grants will transform Arizona communities that are most in need. To date the Arizona Economic Resource Center has enabled agencies to access $118 million in grants. Also, Local First, as the States federally designated Rural Development Council, partnered with community colleges across 5 counties to develop a consistent and strategic workforce development program to benefit rural jobseekers and regional employers.

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 97% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

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 total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 75
  • Accountability: 95
  • Sustainability: 39
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 88.1%; rating input score 88
  • Program expense ratio: 90.7%; rating input score 91
  • Fundraising efficiency: $49.61 raised per $1 spent on fundraising; rating input score 76; 76th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd 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; 66th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: 3%; rating input score 46; 46th percentile among comparable filings
  • Total-asset coverage ratio: 0.52; rating input score 17; 17th percentile among comparable filings
  • Liabilities to assets ratio: 0.37; rating input score 39; 39th percentile among comparable filings
  • Officer compensation ratio: 3.5%; rating input score 64; 64th percentile among comparable filings

Growth

  • Program expense growth: 27.6% per year; rating input score 100; 94th percentile among comparable filings
  • Revenue growth: 26.4% per year; rating input score 100; 95th percentile among comparable filings
  • Asset growth: 29.4% per year; rating input score 100; 96th percentile among comparable filings

Details

  • Where the money goes: 88.1% of revenue deployed · 90.7% of spending went to programs
  • Governance: 12 of 12 board members independent · 8 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $9.3M in reported program spending
  • Leadership: top reported pay $231K · 10 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 39 of 39 current checks pass
  • Schedules: 9 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 11 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Sustainability: Operating margin scored 46/100.
  • High — Sustainability: Total-asset coverage ratio scored 17/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • Moderate — Sustainability: Liabilities to assets ratio scored 39/100.