Team Volusia Economic Development Corporation

Nonprofit profile at a glance

EIN
273203032
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Daytona Beach, FL, USA
Phone
3862656332
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Chambers of Commerce & Business Leagues

Official website

Reported finances

Revenue
$1,265,081
Expenses
$1,130,179
Assets
$1,614,944
Liabilities
$570,785

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

Leadership & pay

53 people listed

Executive titles in this filing

  • KEITH NORDEN (CEO)

Highest reported compensation

  • KEITH NORDEN (CEO): $236,554 total reported compensation

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

Overview

Mission

The primary mission of the organization is to expand volusia county's economic base creating a competitively sustainable and diversified economy.

What it reported doing in 2024

Promote and foster economic devlopment in volusia county

Operating model

Revenue model
Membership-supported. 94% of the money available for current operations came from membership dues.
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. 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: 73
  • Transparency & Controls: 82
  • Accountability: 90
  • Sustainability: 50
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 69.2%; rating input score 69
  • Program expense ratio: 76.9%; rating input score 77
  • Fundraising efficiency: $60.36 raised per $1 spent on fundraising; rating input score 81; 81st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • 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: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 10.7%; rating input score 63; 63rd percentile among comparable filings
  • Total-asset coverage ratio: 1.43; rating input score 54; 54th percentile among comparable filings
  • Liabilities to assets ratio: 0.35; rating input score 22; 22nd percentile among comparable filings
  • Officer compensation ratio: 20.9%; rating input score 14; 14th percentile among comparable filings

Growth

  • Program expense growth: 29.4% per year; rating input score 100; 90th percentile among comparable filings
  • Revenue growth: 3.2% per year; rating input score 100; 32nd percentile among comparable filings
  • Asset growth: 5.2% per year; rating input score 100; 40th percentile among comparable filings

Details

  • Where the money goes: 69.2% of revenue deployed · 76.9% of spending went to programs
  • Governance: 52 of 52 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $869K in reported program spending
  • Leadership: top reported pay $237K · 53 people listed · 4 of 6 pay-setting controls reported
  • Consistency: 28 of 28 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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: 2 of 8 not reported.
  • Review — Sustainability: Total-asset coverage ratio scored 54/100.
  • High — Sustainability: Officer compensation ratio scored 14/100.
  • High — Sustainability: Liabilities to assets ratio scored 22/100.