The Bay Park Conservancy Inc

What it reported doing in 2025

The Bay Park Conservancy is leading the planning, development and management of a signature public park along Sarasota Bay known as "The Bay". Designed to be "One Park for All", The Bay is open and accessible, free and welcoming to the full and rich diversity of the community, now and for generations to come. The Bay conserves, preserves and transforms 53 acres of precious city-owned land along Sarasota Bay into a blue and green oasis, providing a sustainable bayfront gathering place to the community to experience and enjoy a wide range of uses, free programs and events. The first 12 acre phase of the park opened in October 2022 to more than 50,000 people. Since then, there have been more than one million visitors to the park. The second 12 acre phase began construction in the summer of 2024 and will cost an estimated $65m, $48m of which is being funded by a tax increment financing district revenue backed City bond, and the $17m balance from private donations and other government grants. The following three projects were completed in 2025: (1) The rehabilitation, renovation, and repurposing of architecturally, culturally, and historically significant buildings that are listed on the National Register of Historic Places, the Bayfront Community Center, the Former Chidsey Public Library, and the Sarasota Garden Club. (2) The rehabilitation and rebuilding of the south seawall at the 10th Street public boat launch basin, and the addition of new more resilient day docks. (3) The addition of redesigned, new, and improved park frontage on North Tamiami Trail, including landscaped and tree lined bicycle and walking paths, and an upgraded parking lot. Phase 2 construction will continue in 2026 and be completed in 2027. The park will be completed in three phases in 9 to 10 years for an estimated capital cost of $175-200m.

Financial Efficiency

• Mission deployment rate: 83.9%; rating input score 84
• Program expense ratio: 97.8%; rating input score 98
• Fundraising efficiency: $127.27 raised per $1 spent on fundraising; rating input score 87; 87th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
• Pay-setting controls: 3 of 6 controls in place; rating input score 50
  • Compensation committee: Missing
  • Independent consultant: Pass
  • Other Form 990s reviewed: Missing
  • Written employment contract: Missing
  • Compensation survey or study: Pass
  • Board or committee approval: Pass
• 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; 64th percentile among comparable filings
• Governance controls: 8 of 8 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: NotApplicable
  • Other executive compensation review process: Pass
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 14.5%; rating input score 67; 67th percentile among comparable filings
• Total-asset coverage ratio: 0.9; rating input score 26; 26th percentile among comparable filings
• Liabilities to assets ratio: 0.12; rating input score 64; 64th percentile among comparable filings
• Officer compensation ratio: 1.1%; rating input score 86; 86th percentile among comparable filings

Growth

• Program expense growth: 25% per year; rating input score 100; 91st percentile among comparable filings
• Revenue growth: 23.7% per year; rating input score 100; 94th percentile among comparable filings
• Asset growth: 20.7% per year; rating input score 100; 91st percentile among comparable filings