Regional Economic Development Corporation of Sw Pa

Nonprofit profile at a glance

EIN
251636676
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Pittsburgh, PA, USA
Phone
4123156440
Rating
63
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Official website

Reported finances

Revenue
$323,611
Expenses
$34,010
Assets
$5,771,426
Liabilities
$6,884,484

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

Leadership & pay

17 people listed

Executive titles in this filing

  • SMITH DONALD F JR (PRESIDENT)

Highest reported compensation

  • SMITH DONALD F JR (PRESIDENT): $712,374 total reported compensation
  • WHITE TIMOTHY F (SENIOR VP - DEVELOPMENT): $453,770 total reported compensation
  • GOLDSTROM MICHAEL (SENIOR VP - REAL ESTATE): $382,083 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The regional economic development corporation of sw pa was established to promote community development in southwestern Pennsylvania through the conduct of a number of activities, including the operation of a revolving loan fund.

What it reported doing in 2024

The regional economic development corporation of sw pa plans to accumulate a pool of funds, which will be made available to qualified businesses and other development organizations throughout the region to achieve the desired result of creating jobs and promoting industrial growth in economically depressed areas.

Operating model

Revenue model
Earned-program. 67% 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

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 revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 39
  • Transparency & Controls: 82
  • Accountability: 84
  • Sustainability: 76
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 9.5%; rating input score 10
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 87.5%; rating input score 88; 24th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 89.5%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 169.7; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 1.19; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 1,167.4%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: 9.8% per year; rating input score 100; 69th percentile among comparable filings
  • Revenue growth: -11.9% per year; rating input score 0; 5th percentile among comparable filings
  • Asset growth: -0.8% per year; rating input score 0; 21st percentile among comparable filings

Details

  • Where the money goes: 9.5% of revenue deployed · 100% of spending went to programs
  • Governance: 7 of 8 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $34K in reported program spending
  • Leadership: top reported pay $712K · 17 people listed · 4 of 6 pay-setting controls reported
  • Consistency: 16 of 16 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 27 filed related-organization links
  • 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 10/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.