Monadnock Economic Development Corp

Nonprofit profile at a glance

EIN
020395538
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Keene, NH, USA
Phone
6033521000
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Official website

Reported finances

Revenue
$3,229,341
Expenses
$3,612,969
Assets
$13,322,601
Liabilities
$13,124,610

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

Leadership & pay

13 people listed

Executive titles in this filing

  • TODD HORNER (PRESIDENT)
  • CODY MORRISON (EXECUTIVE DIRECTOR)

Highest reported compensation

  • CODY MORRISON (EXECUTIVE DIRECTOR): $98,359 total reported compensation

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

Overview

Mission

Promotion of business development and relocations to the monadnock region of New Hampshire.

What it reported doing in 2024

Promoting of business development and relocations to the monadnock region of New Hampshire.

Operating model

Revenue model
Donor-supported. 75% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Expenses are high relative to revenue and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 67
  • Transparency & Controls: 92
  • Accountability: 95
  • Sustainability: 37
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 64.3%; rating input score 64
  • Program expense ratio: 93.7%; rating input score 94
  • Fundraising efficiency: Limited

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 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -11.9%; rating input score 11; 11th percentile among comparable filings
  • Total-asset coverage ratio: 3.69; rating input score 78; 78th percentile among comparable filings
  • Liabilities to assets ratio: 0.99; rating input score 5; 5th percentile among comparable filings
  • Officer compensation ratio: 2.7%; rating input score 71; 71st percentile among comparable filings

Growth

  • Program expense growth: -5.1% per year; rating input score 0; 5th percentile among comparable filings
  • Revenue growth: -1.7% per year; rating input score 0; 7th percentile among comparable filings
  • Asset growth: 1.6% per year; rating input score 100; 18th percentile among comparable filings

Details

  • Where the money goes: 64.3% of revenue deployed · 93.7% of spending went to programs
  • Governance: 12 of 12 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $3.4M in reported program spending
  • Leadership: top reported pay $98K · 13 people listed
  • Consistency: 31 of 31 current checks pass
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Sustainability: Operating margin scored 11/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Liabilities to assets ratio scored 5/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.