Main Street Lexington

Nonprofit profile at a glance

EIN
463289690
IRS 990 coverage
2017–2024
Forms available
Form 990 2024
Location
Lexington, VA, USA
Phone
5403194181
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community Improvement, Capacity Building N.E.C.

Official website

Reported finances

Revenue
$483,825
Expenses
$164,679
Assets
$481,472
Liabilities
$72,818

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

Leadership & pay

12 people listed

Executive titles in this filing

  • DAVID FEINAUER (PRESIDENT)

Highest reported compensation

  • REBECCA LOGAN (FORMER EXEC): $49,920 total reported compensation
  • JEREMY FRANKLIN (EXECUTIVE DI): $23,024 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 increase the economic prosperity and cultural vitality of our community, reestablishing downtown lexington as the vibrant economic and cultutal nexus of our area, while maintaining its unique character

What it reported doing in 2024

Promoting and revitalizing historic downtown lexington Virginia

Operating model

Revenue model
Donor-supported. 64% of the money available for current operations came from contributions and gifts.
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: 50
  • Transparency & Controls: 92
  • Accountability: 69
  • Sustainability: 68
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 26.6%; rating input score 27
  • Program expense ratio: 78%; rating input score 78
  • Fundraising efficiency: $51.3 raised per $1 spent on fundraising; rating input score 77; 77th 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: 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: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 66%; rating input score 95; 95th percentile among comparable filings
  • Total-asset coverage ratio: 2.92; rating input score 68; 68th percentile among comparable filings
  • Liabilities to assets ratio: 0.15; rating input score 22; 22nd percentile among comparable filings
  • Officer compensation ratio: 44.3%; rating input score 5; 5th percentile among comparable filings

Growth

  • Program expense growth: -10.8% per year; rating input score 0; 10th percentile among comparable filings
  • Revenue growth: 1.8% per year; rating input score 100; 34th percentile among comparable filings
  • Asset growth: 13.6% per year; rating input score 100; 75th percentile among comparable filings

Details

  • Where the money goes: 26.6% of revenue deployed · 78% of spending went to programs
  • Governance: 10 of 10 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $128K in reported program spending
  • Leadership: top reported pay $50K · 12 people listed
  • Consistency: 20 of 20 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 6 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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 — Financial Efficiency: Mission deployment rate scored 27/100.
  • High — Accountability: Governance controls: 5 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 5/100.
  • High — Sustainability: Liabilities to assets ratio scored 22/100.