Research Park Corporation

Nonprofit profile at a glance

EIN
582087281
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Baton Rouge, LA, USA
Phone
2252181100
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Economic Development

Official website

Reported finances

Revenue
$4,296,253
Expenses
$4,452,364
Assets
$20,085,002
Liabilities
$859,602

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

Leadership & pay

14 people listed

Executive titles in this filing

  • CALVIN MILLS JR (INTERIM PRESIDENT & CEO)
  • FREDERICK STEPHEN LOY (EXECUTIVE DIRECTOR)

Highest reported compensation

  • FREDERICK STEPHEN LOY (EXECUTIVE DIRECTOR): $192,368 total reported compensation
  • CALVIN MILLS JR (INTERIM PRESIDENT & CEO): $182,292 total reported compensation

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

Overview

Mission

Research park corporation was organized to attract industries to baton rouge and the state of Louisiana. The organization's mission is to accelerate the growth of high-potential technology enabled companies by providing them with coaching, capital and connections.

What it reported doing in 2024

Developing a research park for the city of baton rouge in order to attract various industries to Louisiana. Research park corporation worked with approximately 40 start-up companies in 2023 by providing the start-ups with all of the physical things needed to start a business, such as office space, furniture, phones, internet connectivity, and use of a shared conference room. Research park corporation also provides business counseling in the areas of accounting, finance, tax credits, marketing, and public relations. Research park corporation also educates the start-up companies and links them to resources in the community through in house educational workshops, advisory board programs, and its strategic partner network.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Revenue has declined or grown slowly and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 74
  • Accountability: 100
  • Sustainability: 48
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 86.5%; rating input score 86
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • 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: 8 of 8 controls in place; rating input score 100
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -3.6%; rating input score 23; 23rd percentile among comparable filings
  • Total-asset coverage ratio: 4.51; rating input score 82; 82nd percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 72; 72nd percentile among comparable filings
  • Officer compensation ratio: 8.4%; rating input score 35; 35th percentile among comparable filings

Growth

  • Program expense growth: 2.5% per year; rating input score 100; 25th percentile among comparable filings
  • Revenue growth: -1.2% per year; rating input score 0; 8th percentile among comparable filings
  • Asset growth: 0% per year; rating input score 100; 12th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 86.5% of spending went to programs
  • Governance: 11 of 11 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $3.8M in reported program spending
  • Leadership: top reported pay $192K · 14 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 2 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 — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 23/100.
  • Moderate — Sustainability: Officer compensation ratio scored 35/100.