North Carolinas Eastern Alliance Corporation

Nonprofit profile at a glance

EIN
510422797
IRS 990 coverage
2019–2022
Forms available
Form 990 2022, Form 990-N 2013
Location
Edenton, NC, USA
Phone
2524824333
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community Service Clubs

Official website

Reported finances

Revenue
$270,119
Expenses
$263,101
Assets
$85,333
Liabilities
$73,311

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

11 people listed

Executive titles in this filing

  • VANN ROGERSON (PRESIDENT/CEO)

Highest reported compensation

  • VANN ROGERSON (PRESIDENT/CEO): $3,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To promote and encourage economic development within the territorial jurisdiction of the region by fostering development projects to provide land, buildings, facilities, programs, information and data systems, and infrastructure requirements for business and industry in North Carolina's eastern region.

What it reported doing in 2022

Helps to recruit new businesses into the region, as well as help expand existing businesses by assisting with site locations and grants. They also work with the local community colleges to educate the citizens of the region so to make the area more appealing to potential new businesses.

Operating model

Revenue model
Grant-funded. 98% of the money available for current operations came from government grants.
Distribution model
Grant intermediary. The nonprofit sent 96% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 92
  • Accountability: 16
  • Sustainability: 32
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 96.1%; rating input score 96
  • Program expense ratio: 98.6%; rating input score 99
  • 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: 0%; rating input score 0; 7th percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • 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: Fail

Sustainability

  • Operating margin: 2.6%; rating input score 47; 47th percentile among comparable filings
  • Total-asset coverage ratio: 0.32; rating input score 15; 15th percentile among comparable filings
  • Liabilities to assets ratio: 0.86; rating input score 7; 7th percentile among comparable filings
  • Officer compensation ratio: 1.1%; rating input score 38; 38th percentile among comparable filings

Growth

  • Program expense growth: -25.4% per year; rating input score 0; 5th percentile among comparable filings
  • Revenue growth: -9.7% per year; rating input score 0; 7th percentile among comparable filings
  • Asset growth: -43.1% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 96.1% of revenue deployed · 98.6% of spending went to programs
  • Governance: 0 of 11 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $259K in reported program spending
  • Leadership: top reported pay $3K · 11 people listed
  • Consistency: 17 of 17 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 4 filing years from 2019 to 2022
  • 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.

  • High — Accountability: Independent voting board scored 0/100.
  • Moderate — Accountability: Governance controls: 5 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 15/100.
  • Moderate — Sustainability: Operating margin scored 47/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 7/100.
  • Moderate — Sustainability: Officer compensation ratio scored 38/100.