Quinlin Economic Development Corporation

Nonprofit profile at a glance

EIN
752708994
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Quinlan, TX, USA
Phone
9033563306
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$816,738
Expenses
$361,075
Assets
$4,006,903
Liabilities
$47,837

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

Leadership & pay

7 people listed

Executive titles in this filing

  • Tommy Underwood (Vice President)
  • Adam Slaughter (President)

People named in this filing

  • Teresa Snyder (Secretary)
  • Jacky Goleman (Treasurer)
  • Bobby Clay (Member)

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

Promote economic development in the city of quinlan, Texas and promote the public interest as provided by the Texas development corporation act of 1979.

What it reported doing in 2024

Quinlan economic development corporation provides funds necessary to enhance economic development in the city of quinlan, teas. Quinlan economic development corporation provided funds for improved infrastructure during the year.

Operating model

Revenue model
Other-operating. 84% of the money available for current operations came from other operating 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

SUPPORTED - 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 some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 49
  • Transparency & Controls: 100
  • Accountability: 94
  • Sustainability: 89
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 43.6%; rating input score 44
  • Program expense ratio: 74.2%; rating input score 74
  • 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • 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: 55.8%; rating input score 94; 94th percentile among comparable filings
  • Total-asset coverage ratio: 11.1; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 67; 67th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 4.8% per year; rating input score 100; 41st percentile among comparable filings
  • Revenue growth: 8.9% per year; rating input score 100; 62nd percentile among comparable filings
  • Asset growth: 10.2% per year; rating input score 100; 59th percentile among comparable filings

Details

  • Where the money goes: 43.6% of revenue deployed · 74.2% of spending went to programs
  • Governance: 7 of 7 board members independent · 6 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $361K in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Consistency: 43 of 43 current checks pass
  • Schedules: 3 filed schedules
  • 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 44/100.
  • Review — Accountability: Governance controls: Whistleblower policy not reported.