PPL Development Co Inc

Nonprofit profile at a glance

EIN
462271570
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Petersburg, VA, USA
Phone
8047332387
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Single Organization Support

Reported finances

Revenue
$476,877
Expenses
$472,077
Assets
$10,508,729
Liabilities
$0

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

Leadership & pay

4 people listed

Executive titles in this filing

  • Wayne M Crocker (President)
  • Robert C Walker (Vice President)

People named in this filing

  • Wayne M Crocker (President)
  • Robert C Walker (Vice President)
  • March Altman (Director)

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 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To acquire and hold title to property to be used as a public library for the City of Petersburg, Virginia, developing such property as a library, leasing such a library and collecting income therefrom, and turning over the entirety of such income, less expenses, to the Petersburg Library Foundation, Inc. (PLF), a non profit corporation exempt under section 501 (c)(3) of the Code; supporting the mission, programs, and efforts of PLF in respect of the development, use and operation of such library; and engaging in any other lawful acts or activities for which corporations may be organized under Virginia Non-Stock Corporation Act necessary to satisfy the foregoing purposes.

What it reported doing in 2024

The library is currently leased to the Petersburg Library Foundation. This program represents the expenses of the library as a public facility.

Operating model

Revenue model
Grant-funded. 70% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 96% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 92
  • Accountability: 88
  • Sustainability: 66
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 96.9%; rating input score 97
  • Program expense ratio: 97.8%; rating input score 98
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: 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: 1%; rating input score 42; 42nd percentile among comparable filings
  • Total-asset coverage ratio: 22.26; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: -5.7% per year; rating input score 0; 16th percentile among comparable filings
  • Revenue growth: 11.5% per year; rating input score 100; 76th percentile among comparable filings
  • Asset growth: -2.5% per year; rating input score 0; 16th percentile among comparable filings

Details

  • Where the money goes: 96.9% of revenue deployed · 97.8% of spending went to programs
  • Governance: 4 of 4 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $462K in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 19 of 19 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 11 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • 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.

  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 42/100.
  • High — Growth: Asset growth scored 0/100.