Solano Economic Devco Corp

Nonprofit profile at a glance

EIN
911790564
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Fairfield, CA, USA
Phone
7078641855
Rating
43
Verdict
MIXED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$1,280,101
Expenses
$1,291,739
Assets
$3,961,903
Liabilities
$3,745,368

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

Leadership & pay

49 people listed

Executive titles in this filing

  • Christopher E Rico (President / CEO)
  • J Paul Harrington (Vice President)

Highest reported compensation

  • Christopher E Rico (President / CEO): $225,441 total reported compensation
  • J Paul Harrington (Vice President): $156,495 total reported compensation

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

Overview

Mission

To bring greater prosperity to the people, businesses, and communities of Solano County through partnerships, projects, and programs that focus on Business Attraction, Business Retention and Expansion, and projects that serve the Public Good.

What it reported doing in 2024

Revolving Loan Program: In partnership with the County of Solano, utilizing American Rescue Plan (ARPA) funds, we collaborated with three local lenders, First Northern Bank, Travis Credit Union and Valley Strong Credit union to create a revolving loan fund to assist local small businesses with financial recovery from the impacts of Covid 19.

Operating model

Revenue model
Earned-program. 98% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

MIXED - 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: 0
  • Transparency & Controls: 64
  • Accountability: 95
  • Sustainability: 39
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • 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: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • 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: -0.9%; rating input score 33; 33rd percentile among comparable filings
  • Total-asset coverage ratio: 3.07; rating input score 76; 76th percentile among comparable filings
  • Liabilities to assets ratio: 0.95; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: 29.6%; rating input score 7; 7th percentile among comparable filings

Growth

  • Program expense growth: -34.6% per year; rating input score 0; 1st percentile among comparable filings
  • Revenue growth: 10.3% per year; rating input score 100; 67th percentile among comparable filings
  • Asset growth: 28% per year; rating input score 100; 89th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 47 of 47 board members independent · 7 of 8 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $225K · 49 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 15 of 32 current checks pass · 17 findings to review
  • Schedules: 6 filed schedules · includes executive pay
  • Filing history: 9 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 33/100.
  • Review — Accountability: Governance controls: Document-retention policy not reported.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX Advertising column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX CompCurrentOfficersDirectors column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX ConferencesMeetings column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX DepreciationDepletion column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX FeesForServicesAccounting column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX FeesForServicesLegal column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX FeesForServicesOther column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX InformationTechnology column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX Insurance column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX Occupancy column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX OfficeExpenses column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX OtherEmployeeBenefits column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX OtherSalariesAndWages column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX PayrollTaxes column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX PensionPlanContributions column sum did not reconcile in the filed values.
  • Moderate — Transparency & Controls: Part IX Travel column sum did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.
  • High — Sustainability: Officer compensation ratio scored 7/100.