Rochester Economic Development Corporation

Nonprofit profile at a glance

EIN
222559522
IRS 990 coverage
2011–2023
Forms available
Form 990 2023
Location
Rochester, NY, USA
Phone
5859210500
Rating
64
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Official website

Reported finances

Revenue
$651,774
Expenses
$1,214,479
Assets
$12,244,297
Liabilities
$1,478,459

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

9 people listed

People named in this filing

  • DANA MILLER (CHAIR)
  • DR DT OGILVIE (VICE CHAIR)
  • KEITH CLEARY (TREASURER)

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 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Rochester economic development corporation (rocedc) is a private not-for-profit organization that exists to stimulate equitable economic growth that improves the quality of life in the city of rochester, New York.

What it reported doing in 2023

To reduce wealth disparities in middle income and poor rochester neighborhoods by creating and supporting locally owned micro and small neighborhood businesses and urban entrepreneurs.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Grant intermediary. The nonprofit sent 65% of its reported program spending out as grants.

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 a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 37
  • Transparency & Controls: 89
  • Accountability: 82
  • Sustainability: 42
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 48.7%; rating input score 49
  • Program expense ratio: 27.6%; rating input score 28
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 94.1%; rating input score 94; 25th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 95.9%; rating input score 96; 42nd percentile among comparable filings
  • 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: 4 of 7 controls in place; rating input score 57
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -86.3%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 10.08; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0.12; rating input score 41; 41st percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 12.8% per year; rating input score 100; 71st percentile among comparable filings
  • Revenue growth: 11.5% per year; rating input score 100; 71st percentile among comparable filings
  • Asset growth: -0.8% per year; rating input score 0; 16th percentile among comparable filings

Details

  • Where the money goes: 48.7% of revenue deployed · 27.6% of spending went to programs
  • Governance: 9 of 9 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $335K in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Highest-paid contractors: 1 contractor listed · $707K reported
  • Consistency: 29 of 30 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 13 filing years from 2011 to 2023
  • Contacts: How to reach this organization
  • Money network: 12 filed money-flow records
  • Related organizations: 12 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 49/100.
  • High — Financial Efficiency: Program expense ratio scored 28/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Sustainability: Operating margin scored 1/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Liabilities to assets ratio scored 41/100.