The Legacy Project Inc

Nonprofit profile at a glance

EIN
541771178
IRS 990 coverage
2014–2023
Forms available
Form 990 2023
Location
Lynchburg, VA, USA
Phone
4348453455
Rating
80
Verdict
STRONG
Rating confidence
Standard
Sector
Historical Societies, Related Historical Activities

Reported finances

Revenue
$57,462
Expenses
$81,335
Assets
$637,959
Liabilities
$49,853

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

17 people listed

Executive titles in this filing

  • Ms Valeria P Chambers (President & Director)
  • Mrs Phyllistine Mosley (Vice President & Director)
  • Ms Talea D Teasley (Executive Director)

Highest reported compensation

  • Ms Talea D Teasley (Executive Director): $16,540 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To collect, preserve and store historical artifacts, documents and memorabilia relating to significant contributions of the African American Community in Lynchburg and its environs.

What it reported doing in 2023

Rehabilitated two 100 year old houses into modern buildings and museum. Collected photos, artifacts, and documents for rotating exhibitions and programs on all aspects of local African American history and culture. The number of visitors to the museum in 2023 was 500.

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. Some filing-based governance responses are negative or unanswered and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 76
  • Transparency & Controls: 100
  • Accountability: 69
  • Sustainability: 37
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 84.4%; rating input score 84
  • Program expense ratio: 57%; rating input score 57
  • Fundraising efficiency: $214.98 raised per $1 spent on fundraising; rating input score 94; 94th percentile among comparable filings

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; 64th percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -41.5%; rating input score 34; 34th percentile among comparable filings
  • Total-asset coverage ratio: 7.84; rating input score 57; 57th percentile among comparable filings
  • Liabilities to assets ratio: 0.08; rating input score 19; 19th percentile among comparable filings
  • Officer compensation ratio: 20.3%; rating input score 13; 13th percentile among comparable filings

Growth

  • Program expense growth: 2.9% per year; rating input score 100; 61st percentile among comparable filings
  • Revenue growth: 2.1% per year; rating input score 100; 70th percentile among comparable filings
  • Asset growth: -0.2% per year; rating input score 0; 40th percentile among comparable filings

Details

  • Where the money goes: 84.4% of revenue deployed · 57% of spending went to programs
  • Governance: 16 of 16 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $46K in reported program spending
  • Leadership: top reported pay $17K · 17 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 10 filing years from 2014 to 2023
  • 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.

  • High — Accountability: Governance controls: 5 of 7 not reported.
  • Review — Financial Efficiency: Program expense ratio scored 57/100.
  • Moderate — Sustainability: Operating margin scored 34/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Total-asset coverage ratio scored 57/100.
  • High — Sustainability: Officer compensation ratio scored 13/100.
  • High — Sustainability: Liabilities to assets ratio scored 19/100.