Ogdensburg Growth Fund Development Corp

Nonprofit profile at a glance

EIN
383778273
IRS 990 coverage
2016–2019
Forms available
Form 990 2019
Location
Ogdensburg, NY, USA
Phone
3153937150
Rating
59
Verdict
MIXED
Rating confidence
Moderate
Sector
Economic Development

Reported finances

Revenue
$22,889
Expenses
$37,349
Assets
$1,957,084
Liabilities
$21,000

Source: IRS Form 990. Selected filing: tax year 2019. Amounts in USD.

Leadership & pay

12 people listed

People named in this filing

  • SCOTT WRIGHT (CHAIRMAN)
  • DALLAS SUTTON (SECRETARY)
  • MICHAEL BRASHAW (TREASURER)

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 2019. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To enhance the quality of life in ogdensburg by fostering cooperation between city government, economic development agencies and the private sector to strengthen businesses and create innovative economic, housing, and career development opportunities for area residents.

What it reported doing in 2019

Revolving loan program to support economic growth and local employment.

Operating model

Revenue model
Earned-program. 99% of the money available for current operations came from fees and other program revenue.
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

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 22
  • Transparency & Controls: 90
  • Accountability: 88
  • Sustainability: 50
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 29%; rating input score 29
  • Program expense ratio: 18%; rating input score 18
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd 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: Fail
    • Document-retention policy: Fail
    • 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: -63.2%; rating input score 25; 25th percentile among comparable filings
  • Total-asset coverage ratio: 52.4; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 31; 31st percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 61; 61st percentile among comparable filings

Growth

  • Program expense growth: -109.8% per year; rating input score 0; 2nd percentile among comparable filings
  • Revenue growth: 42.7% per year; rating input score 100; 98th percentile among comparable filings
  • Asset growth: 3.7% per year; rating input score 100; 65th percentile among comparable filings

Details

  • Where the money goes: 29% of revenue deployed · 18% of spending went to programs
  • Governance: 7 of 7 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $7K in reported program spending
  • Leadership: top reported pay $0 · 12 people listed
  • Consistency: 16 of 16 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 4 filing years from 2016 to 2019
  • Contacts: How to reach this organization
  • 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 — Financial Efficiency: Mission deployment rate scored 29/100.
  • High — Financial Efficiency: Program expense ratio scored 18/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Operating margin scored 25/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 31/100.