Mchenry County Economic Development Corporaton

Nonprofit profile at a glance

EIN
363849857
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Crystal Lake, IL, USA
Phone
8158930895
Rating
80
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$388,469
Expenses
$295,954
Assets
$115,296
Liabilities
$1,420

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

Leadership & pay

11 people listed

People named in this filing

  • Karen Halstead (Director)
  • STEVE RANKINS (Treasurer)
  • SHARMELLA HARRIS (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

To promote the economic health of mchenry county, il through retention, expansion and attraction of commerce and industry which is conducive to an optimal quality of life for its citizen

What it reported doing in 2024

Promoting economic health of mchenry county through retention, expansion and attaction of commerce & industry. Facilitating an economic development structure enabling the community to promote the same good for their residents.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 77% for direct work, and 23% for member benefits.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 73
  • Transparency & Controls: 90
  • Accountability: 88
  • Sustainability: 55
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 72.4%; rating input score 72
  • Program expense ratio: 86.1%; rating input score 86
  • Fundraising efficiency: $9.57 raised per $1 spent on fundraising; rating input score 38; 38th 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 23.8%; rating input score 77; 77th percentile among comparable filings
  • Total-asset coverage ratio: 0.39; rating input score 20; 20th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 44; 44th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 3.9% per year; rating input score 100; 49th percentile among comparable filings
  • Revenue growth: -0.2% per year; rating input score 0; 23rd percentile among comparable filings
  • Asset growth: 8.3% per year; rating input score 100; 60th percentile among comparable filings

Details

  • Where the money goes: 72.4% of revenue deployed · 86.1% of spending went to programs
  • Governance: 17 of 17 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 11 people listed
  • Consistency: 25 of 25 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 13 filing years from 2011 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.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 38/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Total-asset coverage ratio scored 20/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 44/100.