Southeast Colorado Enterprise Development Inc

Nonprofit profile at a glance

EIN
841096907
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Lamar, CO, USA
Phone
7193363850
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Official website

Reported finances

Revenue
$1,541,796
Expenses
$1,364,126
Assets
$11,821,689
Liabilities
$2,321,977

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

Leadership & pay

19 people listed

Highest reported compensation

  • STEPHANIE GONZALES (EXECUTIVE DI): $95,244 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 provide economic assistance to individuals and businesses in southeast Colorado that do not qualify for traditional financing. Loans are primarly made to new, start-up businesses or businesses that are having difficulty with traditional financing. Loans have been made to home owners to improve their personal residences by upgrading windows, doors, and heating.

What it reported doing in 2024

Revolving loan fund-provides incentives and develops promotional activities to market and advertise advantages of locating a business in se Colorado, create a positive identity, encourage retention, and expansion of existing businesses, promote redevelopment and attract new businesses. Generally enhance the economic growth of southeast Colorado. This includes the Colorado division of housing-single family owner occupied rehabilitation loan program for home owners living in baca, kiowa, and prowers counties to provide low interest rate loans. The program has made approximately 315 loan to individuals living in the authorized area since 1995. The average loan amount is approximately 16,450. The program serves low to moderate income households with low fixed rate interest and favorable repayment terms.

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. Some filing-based governance responses are negative or unanswered and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 90
  • Accountability: 79
  • Sustainability: 66
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 88.6%; rating input score 89
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

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: 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: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 11.5%; rating input score 64; 64th percentile among comparable filings
  • Total-asset coverage ratio: 8.67; rating input score 91; 91st percentile among comparable filings
  • Liabilities to assets ratio: 0.2; rating input score 32; 32nd percentile among comparable filings
  • Officer compensation ratio: 7%; rating input score 47; 47th percentile among comparable filings

Growth

  • Program expense growth: 11.7% per year; rating input score 100; 68th percentile among comparable filings
  • Revenue growth: 14.8% per year; rating input score 100; 78th percentile among comparable filings
  • Asset growth: 2% per year; rating input score 100; 25th percentile among comparable filings

Details

  • Where the money goes: 88.6% of revenue deployed · 100% of spending went to programs
  • Governance: 18 of 18 board members independent · 4 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $1.4M in reported program spending
  • Leadership: top reported pay $95K · 19 people listed
  • Consistency: 27 of 27 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

  • Review — Accountability: Governance controls: 4 of 8 not reported.
  • Moderate — Sustainability: Liabilities to assets ratio scored 32/100.
  • Moderate — Sustainability: Officer compensation ratio scored 47/100.