Madison Riverfront Development Madison Riverfront Development

Nonprofit profile at a glance

EIN
351639867
IRS 990 coverage
2016–2024
Forms available
Form 990 2024
Location
Madison, IN, USA
Phone
5132135051
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$388,130
Expenses
$270,007
Assets
$275,250
Liabilities
$234,166

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

Leadership & pay

7 people listed

People named in this filing

  • KIRK GROOMS (DIRECTOR)
  • JOSH KUNZE (DIRECTOR)
  • JEANIE STOTTS (DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

The organization provides funding to several business projects located within the zone area. This includes the current project of the riverfront development.

What it reported doing in 2024

Economic development of the riverfront through events held on the riverfront and improvements made to the riverfront.

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 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 a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 66
  • Transparency & Controls: 90
  • Accountability: 64
  • Sustainability: 60
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 64.1%; rating input score 64
  • Program expense ratio: 91.6%; rating input score 92
  • Fundraising efficiency: Limited

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: 1 of 7 controls in place; rating input score 14
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • 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: 30.4%; rating input score 83; 83rd percentile among comparable filings
  • Total-asset coverage ratio: 1.02; rating input score 41; 41st percentile among comparable filings
  • Liabilities to assets ratio: 0.85; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 32.8% per year; rating input score 100; 91st percentile among comparable filings
  • Revenue growth: 27.2% per year; rating input score 100; 92nd percentile among comparable filings
  • Asset growth: 1.3% per year; rating input score 100; 30th percentile among comparable filings

Details

  • Where the money goes: 64.1% of revenue deployed · 91.6% of spending went to programs
  • Governance: 7 of 7 board members independent · 1 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $247K in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Consistency: 19 of 19 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 9 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: Filed and resolved organization relationships.
  • 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 — Accountability: Governance controls: 5 of 6 not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 41/100.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.