Surry County Economic Development Partnership Inc

Nonprofit profile at a glance

EIN
561946934
IRS 990 coverage
2009–2022
Forms available
Form 990 2022
Location
Mt Airy, NC, USA
Phone
3364019900
Rating
80
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$309,413
Expenses
$243,290
Assets
$414,477
Liabilities
$7,703

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

31 people listed

Executive titles in this filing

  • BLAKE MOYER (PRESIDENT)
  • TODD TUCKER (PRESIDENT)

Highest reported compensation

  • TODD TUCKER (PRESIDENT): $62,461 total reported compensation
  • BLAKE MOYER (PRESIDENT): $26,752 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To promote economic development in surry county, North Carolina, by supporting existing businesses and industry so they will continue to thrive and grow, and to attract new businesses and industry to the area.

What it reported doing in 2022

Assisted with industry expansion projects in surry county. Contributions received for the year ended 06/30/2023 were $308,971, functional expenses were $243,290 and other program service revenue was $442.

Operating model

Revenue model
Grant-funded. 71% of the money available for current operations came from government grants.
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 total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 92
  • Accountability: 79
  • Sustainability: 58
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 78.7%; rating input score 79
  • 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: 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 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 21.4%; rating input score 76; 76th percentile among comparable filings
  • Total-asset coverage ratio: 1.7; rating input score 54; 54th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 44; 44th percentile among comparable filings
  • Officer compensation ratio: 36.7%; rating input score 8; 8th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 0.3% per year; rating input score 100; 31st percentile among comparable filings
  • Asset growth: 2% per year; rating input score 100; 35th percentile among comparable filings

Details

  • Where the money goes: 78.7% of revenue deployed · 100% of spending went to programs
  • Governance: 17 of 17 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $243K in reported program spending
  • Leadership: top reported pay $62K · 31 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 3 filed schedules · includes major donors
  • Filing history: 14 filing years from 2009 to 2022
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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: 3 of 7 not reported.
  • Review — Sustainability: Total-asset coverage ratio scored 54/100.
  • High — Sustainability: Officer compensation ratio scored 8/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 44/100.