Michigan City Economic Development Corp

Nonprofit profile at a glance

EIN
237258115
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
Michigan City, IN, USA
Phone
2198731211
Rating
85
Verdict
STRONG
Rating confidence
Standard

Official website

Reported finances

Revenue
$861,407
Expenses
$833,672
Assets
$1,033,412
Liabilities
$132,043

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

Leadership & pay

16 people listed

People named in this filing

  • LINDA SIMMONS (PAST CHAIR)
  • BRENDA TEMPLE (SECRETARY)
  • KATIE EATON (BOARD MEMBER)

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

Economic development / job creation

What it reported doing in 2024

Staff attended various conventions, trade shows, etc to market Michigan citys industrial sites and business incentives. Also hosted a dinner to recognize business within the community. Organization was a member of local and state organization involved in economic development. Commissioned a strategic plan to guide future efforts. Made contributions to charitable organizations.

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

STRONG - The filed numbers largely add up and a large share of available resources goes toward mission work. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 69
  • Transparency & Controls: 100
  • Accountability: 100
  • Sustainability: 50
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 66.2%; rating input score 66
  • Program expense ratio: 68.1%; rating input score 68
  • Fundraising efficiency: $145.9 raised per $1 spent on fundraising; rating input score 90; 90th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 7 of 7 controls in place; rating input score 100
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 3.2%; rating input score 45; 45th percentile among comparable filings
  • Total-asset coverage ratio: 1.24; rating input score 50; 50th percentile among comparable filings
  • Liabilities to assets ratio: 0.13; rating input score 39; 39th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 15.4% per year; rating input score 100; 76th percentile among comparable filings
  • Revenue growth: 16.5% per year; rating input score 100; 81st percentile among comparable filings
  • Asset growth: 14.7% per year; rating input score 100; 72nd percentile among comparable filings

Details

  • Where the money goes: 66.2% of revenue deployed · 68.1% of spending went to programs
  • Governance: 15 of 15 board members independent · 7 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $568K in reported program spending
  • Leadership: top reported pay $0 · 16 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 3 filed schedules · includes major donors
  • Filing history: 5 filing years from 2020 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.
  • 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 45/100.
  • Review — Sustainability: Total-asset coverage ratio scored 50/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 39/100.