Lorain County Community College Innovation Foundation

Nonprofit profile at a glance

EIN
320419899
IRS 990 coverage
2020–2024
Forms available
Form 990 2024, Form 990-EZ 2019
Location
Elyria, OH, USA
Phone
4403664073
Rating
30
Verdict
REVIEW
Rating confidence
Moderate
Sector
Educational Services and Schools - Other

Reported finances

Revenue
$42,431
Expenses
$1,304
Assets
$984,320
Liabilities
$1,912

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

Leadership & pay

3 people listed

Executive titles in this filing

  • TRACY GREEN (PRESIDENT)
  • JONATHAN VOLPE (VICE PRESIDENT AND TREASURER)

Highest reported compensation

  • TRACY GREEN (PRESIDENT): $315,870 total reported compensation
  • JONATHAN VOLPE (VICE PRESIDENT AND TREASURER): $292,140 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 assist lorain county community college, other Ohio institutions of higher education, regional hospitals, regional municipalities, and regional economic development organizations with support for innovation and economic activities for Ohio.

What it reported doing in 2024

Provide funding and support for innovation and economic growth in Ohio in support of and in collaboration with lorain county community college, other Ohio institutions of higher education, regional hospitals, regional municipalities, and regional economic development organizations.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

REVIEW - Revenue comfortably covers expenses and revenue has grown recently. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 58
  • Accountability: 30
  • Sustainability: 80
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 13th 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 33.3%; rating input score 33; 19th percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 96.9%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 754.85; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 33; 33rd percentile among comparable filings
  • Officer compensation ratio: 7,606.5%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 0.1% per year; rating input score 100; 60th percentile among comparable filings
  • Asset growth: 13.5% per year; rating input score 100; 85th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 1 of 3 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $316K · 3 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 12 of 13 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 5 filing years from 2020 to 2024
  • 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.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Accountability: Independent voting board scored 33/100.
  • High — Accountability: Governance controls: 5 of 7 not reported.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 33/100.