Stones River Development Corporation

Nonprofit profile at a glance

EIN
823187371
IRS 990 coverage
2017–2024
Forms available
Form 990 2024
Location
Murfreesboro, TN, USA
Phone
6158939414
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Support

Reported finances

Revenue
$189,803
Expenses
$358,319
Assets
$20,589,124
Liabilities
$28,593

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

Leadership & pay

6 people listed

Executive titles in this filing

  • L THOMAS ROWE (EXECUTIVE DIRECTOR)

Highest reported compensation

  • L THOMAS ROWE (EXECUTIVE DIRECTOR): $220,793 total reported compensation

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

Overview

Mission

Assist low and moderate income individuals & their familes in obtaining adequate housing which they would not be able to afford without assistance or support. Finance, construct, lease, operate and act as the developer of affordable housing. Provide supportive services and community development activities to benefit low and moderate income individuals and families.

What it reported doing in 2024

Stones river development corporation seeks resources to develop affordable housing for low-income citizens in the rutherford county, Tennessee area

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

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 60
  • Accountability: 90
  • Sustainability: 40
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 87.1%; rating input score 87
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -88.8%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 57.46; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 55; 55th percentile among comparable filings
  • Officer compensation ratio: 8.2%; rating input score 30; 30th percentile among comparable filings

Growth

  • Program expense growth: 13.9% per year; rating input score 100; 77th percentile among comparable filings
  • Revenue growth: -30.7% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: 11.2% per year; rating input score 100; 69th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 87.1% of spending went to programs
  • Governance: 5 of 5 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $312K in reported program spending
  • Leadership: top reported pay $221K · 6 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 26 of 26 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 8 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Operating margin scored 2/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 30/100.
  • Review — Sustainability: Liabilities to assets ratio scored 55/100.