Penmar Development Corporation

Nonprofit profile at a glance

EIN
522030202
IRS 990 coverage
2012–2016
Forms available
Form 990 2016
Location
Cascade, MD, USA
Phone
3012414050
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Economic Development

Official website

Reported finances

Revenue
$264,465
Expenses
$1,734,477
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2016. Amounts in USD.

Leadership & pay

17 people listed

Executive titles in this filing

  • DoRIS J NIPPS (eXECUTIVE DIRECTOR/Secreta)

Highest reported compensation

  • DoRIS J NIPPS (eXECUTIVE DIRECTOR/Secreta): $77,645 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2016. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Penmar was created to oversee the redevelopment, for clivilian uses, of fort ritchie, a former u.s. Army garrison in Washington county, Maryland. Major activities consist of the creation of economic development through creating quality jobs and the conveyance of the fort back to the private sector.

What it reported doing in 2016

Fort Ritchie offers a unique residential district with 96 units available that range from two to four bedrooms. When compared to the neighboring metro areas, Fort Ritchie's residential district poses significant quality of life improvements with highly competitive rates and resort-style surroundings.

Operating model

Revenue model
Earned-program. 97% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 77% for direct work, and 23% for 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 total spending goes to programs and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 70
  • Transparency & Controls: 93
  • Accountability: 90
  • Sustainability: 5
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 42%; rating input score 42
  • 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: 100%; rating input score 100; 79th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -555.8%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 4.5%; rating input score 40; 40th percentile among comparable filings

Growth

  • Program expense growth: -11.4% per year; rating input score 0; 15th percentile among comparable filings
  • Revenue growth: -53.5% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: -29.5% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 42% of spending went to programs
  • Governance: 18 of 18 board members independent · 6 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $729K in reported program spending
  • Leadership: top reported pay $78K · 17 people listed
  • Consistency: 29 of 29 current checks pass
  • Schedules: 4 filed schedules · includes grants
  • Filing history: 5 filing years from 2012 to 2016
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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.

  • Moderate — Financial Efficiency: Program expense ratio scored 42/100.
  • High — Sustainability: Operating margin scored 0/100.
  • Review — Accountability: Governance controls: 2 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 1/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 40/100.