Renaissance Covington Inc

Nonprofit profile at a glance

EIN
900126762
IRS 990 coverage
2015–2022
Forms available
Form 990 2022
Location
Covington, KY, USA
Phone
8594912220
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Reported finances

Revenue
$177,540
Expenses
$216,738
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

11 people listed

Executive titles in this filing

  • TORI LUCKENBACK (PRESIDENT)
  • CHELSEY O'CONNELL (VICE PRESIDENT)
  • NICK WADE (EXECUTIVE DIRECTOR)

People named in this filing

  • ERIN GRAHAM (BOARD MEMBER)
  • MORGAN DAVENPORT (BOARD MEMBER)
  • ELLA FRYE (BOARD 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 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The organization promotes economic development in the city of covington, Kentucky.

What it reported doing in 2022

Economic development & innovation - develop neighborhood wifi; retain and attract businesses; improve the business district; facilitate mortar entrepreneur program.

Operating model

Revenue model
Donor-supported. 95% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 59% for direct work, and 41% for grants.

The verdict

SUPPORTED - 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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 94
  • Accountability: 66
  • Sustainability: 16
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 98.2%; rating input score 98
  • Program expense ratio: 80.4%; rating input score 80
  • Fundraising efficiency: $16.42 raised per $1 spent on fundraising; rating input score 51; 51st percentile among comparable filings

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; 81st percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 91.7%; rating input score 92; 25th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -22.1%; rating input score 15; 15th 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: 0%; rating input score 70; 70th percentile among comparable filings

Growth

  • Program expense growth: -5.4% per year; rating input score 0; 19th percentile among comparable filings
  • Revenue growth: -5.3% per year; rating input score 0; 13th percentile among comparable filings
  • Asset growth: 5.8% per year; rating input score 100; 51st percentile among comparable filings

Details

  • Where the money goes: 98.2% of revenue deployed · 80.4% of spending went to programs
  • Governance: 11 of 12 board members independent · 2 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $174K in reported program spending
  • Leadership: top reported pay $0 · 11 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 7 filing years from 2015 to 2022
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Sustainability: Operating margin scored 15/100.
  • Review — Financial Efficiency: Fundraising efficiency scored 51/100.
  • 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 — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.