The Development Corporation of Knox County

Nonprofit profile at a glance

EIN
581966772
IRS 990 coverage
2009–2022
Forms available
Form 990 2022
Location
Knoxville, TN, USA
Phone
8655465887
Rating
86
Verdict
STRONG
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Official website

Reported finances

Revenue
$632,758
Expenses
$2,119,012
Assets
$42,516,150
Liabilities
$649,521

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

Leadership & pay

15 people listed

Executive titles in this filing

  • MIKE ODOM (INTERIM PRESIDENT & CEO)

People named in this filing

  • M DOUGLAS CAMPBELL JR (VICE CHAIRMAN)
  • GEORGE H HEINS III (CHAIRMAN)
  • NANCY BARGER (DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

The development corporation will represent the greater knoxville area in managing and allocating land and other resources to strategically promote long-term quality business development specifically, the development corporation will work with interested businesses, create business and industrial location opportunities, assist existing businesses with land and training needs, foster entrepreneurial job creation, including management of knox county's business incubator, fairview technology center, and ensure allocation of resources for the enhancement of the long-term economic climate for knoxville and knox county.

What it reported doing in 2022

Tdc is charged with the responsibility of ensuring that knox county has land resources available for potential prospects. Tdc currently owns or manages acreage at centerpoint business park (approximately 6 acres), eastbridge business park (approximately 195 developable acres), westbridge business park (approximately 10 acres), pellisippi corporate center (approximately 77 developable acres), hardin business park (approximately 12 developable acres), karns valley business park (approximately 82 developable acres), and midway business park (approximately 337 acres). Tdc makes this land available to new businesses or for the expansion of existing businesses in accordance with its exempt purpose. Tdc is continually looking for land to purchase for future business parks. Key components of this service include property development, management, and marketing and sale of properties. Tdc additionally owns approximately 68 acres north of karns high school and is currently working on the development of this property into karns valley business park. The programs, services and activities that the corporation undertakes and/or manages are aimed at facilitating capital investment and job creation in knox county. In addition to the activities and programs the tdc has under its direct purview, it also provides staff and management services to several quasi-governmental boards that also provide unique programs and services on the county and city's behalf to promote job retention and growth, increasing capital investment in knox county, and undertaking special projects for the benefit of the citizens of knox county.

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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 92
  • Accountability: 94
  • Sustainability: 46
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 91.4%; rating input score 91
  • 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: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • 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: -234.9%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 20.06; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 68; 68th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 82; 82nd percentile among comparable filings

Growth

  • Program expense growth: 8% per year; rating input score 100; 60th percentile among comparable filings
  • Revenue growth: -1.5% per year; rating input score 0; 13th percentile among comparable filings
  • Asset growth: 2.4% per year; rating input score 100; 28th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 91.4% of spending went to programs
  • Governance: 13 of 13 board members independent · 6 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $1.9M in reported program spending
  • Leadership: top reported pay $0 · 15 people listed
  • Highest-paid contractors: 1 contractor listed · $271K reported
  • Consistency: 23 of 23 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 14 filing years from 2009 to 2022
  • 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 — Sustainability: Operating margin scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Audit committee oversight not reported.