Tri-county Economic Development Charitable Corporation

Nonprofit profile at a glance

EIN
832547630
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-EZ 2019, Form 990-N 2020
Location
Covington, KY, USA
Phone
8593440040
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Fund Raising and Fund Distribution

Reported finances

Revenue
$168,061
Expenses
$1,127,562
Assets
$1,667,929
Liabilities
$400,201

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

Leadership & pay

13 people listed

Executive titles in this filing

  • LEE CRUME (PRESIDENT & CEO)

Highest reported compensation

  • LEE CRUME (PRESIDENT & CEO): $395,767 total reported compensation
  • CHRISTINE RUSSELL (VP OF STRATEGY): $188,571 total reported compensation
  • KIMBERLY ROSSETTI (VP OF ECONOMIC DEVELOPMENT): $158,965 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 misison of the tri-county economic development charitable corporation is to provide private-sector leadership and resources to the tri-county economic development corporation (tri-ed) in marketing and promoting the three northern Kentucky counties on a national and international basis, as a location for new or expanding (1) manufacturing projects (2) office projects, (3) warehouse/distribution projects, and (4) large commercial and service projects.

What it reported doing in 2024

Support services rendered to the tri-county economic development corportation, which provide boone, campbell, and kenton counties and the municipalities and business interests therein with professional economic development services comprised of: addressing the current and future workforce needs of northern Kentucky, indetify and prepare sites for subsequent private commercial and industrial development that exceeds community employment and wage targets, and provide data, insights, and a forum to community leaders that contribute to prosperity, growth and equity in the region.

Operating model

Revenue model
Donor-supported. 77% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 75% for direct work, and 25% for grants.

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: 89
  • Transparency & Controls: 71
  • Accountability: 77
  • Sustainability: 21
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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; 80th percentile among comparable filings
  • 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: 4 of 9 controls in place; rating input score 44
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -570.9%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 1.48; rating input score 51; 51st percentile among comparable filings
  • Liabilities to assets ratio: 0.24; rating input score 18; 18th percentile among comparable filings
  • Officer compensation ratio: 3.7%; rating input score 34; 34th percentile among comparable filings

Growth

  • Program expense growth: 34.5% per year; rating input score 100; 92nd percentile among comparable filings
  • Revenue growth: 7.2% per year; rating input score 100; 63rd percentile among comparable filings
  • Asset growth: 30.1% per year; rating input score 100; 92nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 8 of 8 board members independent · 4 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.1M in reported program spending
  • Leadership: top reported pay $396K · 13 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 22 of 22 current checks pass
  • Schedules: 6 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 3 filing years from 2022 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.
  • Moderate — Accountability: Governance controls: 5 of 9 not reported.
  • High — Sustainability: Operating margin scored 0/100.
  • Review — Sustainability: Total-asset coverage ratio scored 51/100.
  • High — Sustainability: Liabilities to assets ratio scored 18/100.
  • Moderate — Sustainability: Officer compensation ratio scored 34/100.