Morristown Partners Inc T/a Morristown Partnership

Nonprofit profile at a glance

EIN
223307187
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Morristown, NJ, USA
Phone
9734551133
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Chambers of Commerce & Business Leagues

Official website

Reported finances

Revenue
$2,023,052
Expenses
$1,388,707
Assets
$1,150,839
Liabilities
$584,632

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

Leadership & pay

19 people listed

Executive titles in this filing

  • RYAN DAWSON (PRESIDENT)

Highest reported compensation

  • JENNIFER WEHRING (EXECUTIVE DI): $151,691 total reported compensation

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

Overview

Mission

Foster and encourage self-help programs to enhance the local business climate, provide administrative and other services to benefit business, employees, residents and consumers and promote and preserve the cultural, historic, touristic and civic interests of the town of morristown and its special improvement district.

What it reported doing in 2024

Revitalization of morristown through local gift certificate program, support of local business community, streetscape design and lamp post maintenance, business recruitment and retention, marketing, promotions, events and capital improvement projects. Marketing and promotions 921,704 built enviroment 121,886 business sector engagement 141,284 financial strategy and business development 57,514 public affairs and advocacy 33,276

Operating model

Revenue model
Grant-funded. 69% of the money available for current operations came from government grants.
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 - A large share of available resources goes toward mission work and the filed numbers largely add up. Total assets are small relative to annual expenses; liquid coverage is unknown and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 76
  • Transparency & Controls: 70
  • Accountability: 97
  • Sustainability: 55
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 63.1%; rating input score 63
  • Program expense ratio: 91.9%; rating input score 92
  • Fundraising efficiency: $367.23 raised per $1 spent on fundraising; rating input score 95; 95th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 94.7%; rating input score 95; 25th percentile among comparable filings
  • Governance controls: 8 of 8 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: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 31.4%; rating input score 85; 85th percentile among comparable filings
  • Total-asset coverage ratio: 0.83; rating input score 31; 31st percentile among comparable filings
  • Liabilities to assets ratio: 0.51; rating input score 21; 21st percentile among comparable filings
  • Officer compensation ratio: 10.9%; rating input score 27; 27th percentile among comparable filings

Growth

  • Program expense growth: 6.8% per year; rating input score 100; 49th percentile among comparable filings
  • Revenue growth: 5.5% per year; rating input score 100; 45th percentile among comparable filings
  • Asset growth: 4.5% per year; rating input score 100; 32nd percentile among comparable filings

Details

  • Where the money goes: 63.1% of revenue deployed · 91.9% of spending went to programs
  • Governance: 18 of 19 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.3M in reported program spending
  • Leadership: top reported pay $152K · 19 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 26 of 26 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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: Total-asset coverage ratio scored 31/100.
  • High — Sustainability: Liabilities to assets ratio scored 21/100.
  • High — Sustainability: Officer compensation ratio scored 27/100.