Southeast Regional Development Corp

Nonprofit profile at a glance

EIN
621594643
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Memphis, TN, USA
Phone
9013469002
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Economic Development

Reported finances

Revenue
$7,815
Expenses
$93,207
Assets
$6,073,176
Liabilities
$802

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

Leadership & pay

2 people listed

Highest reported compensation

  • J W Gibson (Director): $80,000 total reported compensation

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

Overview

Mission

Provide Low Income Housing

Operating model

Revenue model
Investment-supported. 66% of the money available for current operations came from recurring investment income.
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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 90
  • Accountability: 10
  • Sustainability: 35
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • 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: 0%; rating input score 0; 9th percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -1,092.7%; rating input score 5; 5th percentile among comparable filings
  • Total-asset coverage ratio: 65.16; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 37; 37th percentile among comparable filings
  • Officer compensation ratio: 85.8%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: 8.2% per year; rating input score 100; 72nd percentile among comparable filings
  • Revenue growth: 3.3% per year; rating input score 100; 72nd percentile among comparable filings
  • Asset growth: -1.8% per year; rating input score 0; 31st percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 0 of 2 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $93K in reported program spending
  • Leadership: top reported pay $80K · 2 people listed
  • Consistency: 19 of 19 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 10 filing years from 2015 to 2024
  • 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.

  • High — Accountability: Independent voting board scored 0/100.
  • High — Accountability: Governance controls: 6 of 8 not reported.
  • High — Sustainability: Operating margin scored 5/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 4/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 37/100.