The Met Development Inc

Nonprofit profile at a glance

EIN
832503851
IRS 990 coverage
2019–2024
Forms available
Form 990 2024
Location
Lexington, KY, USA
Phone
8592310054
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Economic Development

Reported finances

Revenue
$1,394,642
Expenses
$1,342,850
Assets
$26,104,344
Liabilities
$20,058,217

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

Leadership & pay

3 people listed

Executive titles in this filing

  • KEVIN SMITH (PRESIDENT)

Highest reported compensation

  • KEVIN SMITH (PRESIDENT): $294,446 total reported compensation

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

Overview

Mission

To engage in economic development by revitalizing a severely economically distressed community.

What it reported doing in 2024

Development and leasing of infrastructure to provide affordable housing, healthy food, and affordable healthcare to a severely economically distressed community in lexington, ky.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 89% 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. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 68
  • Accountability: 69
  • Sustainability: 51
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 94.7%; rating input score 95
  • Program expense ratio: 98.4%; rating input score 98
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd 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: Fail
    • 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: Pass

Sustainability

  • Operating margin: 3.7%; rating input score 47; 47th percentile among comparable filings
  • Total-asset coverage ratio: 19.44; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.77; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: 31.9% per year; rating input score 100; 91st percentile among comparable filings
  • Revenue growth: -22.4% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: 5.8% per year; rating input score 100; 42nd percentile among comparable filings

Details

  • Where the money goes: 94.7% of revenue deployed · 98.4% of spending went to programs
  • Governance: 3 of 3 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.3M in reported program spending
  • Leadership: top reported pay $294K · 3 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 20 of 20 current checks pass
  • Schedules: 6 filed schedules · includes grants and executive pay
  • Filing history: 5 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 2 filed related-organization links
  • 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Accountability: Governance controls: 5 of 7 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 47/100.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.