Tri-county Economic Development Corporation

Nonprofit profile at a glance

EIN
611125577
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Covington, KY, USA
Phone
8593440040
Rating confidence
Limited

Official website

Reported finances

Revenue
$5,521,200
Expenses
$3,239,326
Assets
$14,430,781
Liabilities
$5,897,662

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

Leadership & pay

27 people listed

Executive titles in this filing

  • LEE A CRUME (PRESIDENT & CEO)
  • KIMBERLY ROSSETTI (VICE PRESIDENT OF ECONOMIC)
  • CHRISTINE RUSSELL (VICE PRESIDENT OF STRATEGY)

Highest reported compensation

  • LEE A CRUME (PRESIDENT & CEO): $395,767 total reported compensation
  • CHRISTINE RUSSELL (VICE PRESIDENT OF STRATEGY): $188,571 total reported compensation
  • KIMBERLY ROSSETTI (VICE PRESIDENT OF ECONOMIC): $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

Build a world-class economy in northern Kentucky through the expansion of existing businesses and the creation and attraction of high quality, primary industry employers.

What it reported doing in 2024

Provision of economic development services to boone, campbell and kenton counties and the municipalities and business interests therein comprised of marketing, attraction, business retension & expansion and entrepreneurial support on a regional, cooperative and unified basis.

Operating model

Revenue model
Donor-supported. 80% of the money available for current operations came from contributions and gifts.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 78
  • Accountability: 100
  • Sustainability: 70
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 88.9%; rating input score 89; 3rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 99%; rating input score 99; 37th 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: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: 41.3%; rating input score 89; 89th percentile among comparable filings
  • Total-asset coverage ratio: 4.45; rating input score 82; 82nd percentile among comparable filings
  • Liabilities to assets ratio: 0.41; rating input score 26; 26th percentile among comparable filings
  • Officer compensation ratio: 34.1%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 6.5% per year; rating input score 100; 51st percentile among comparable filings
  • Asset growth: 17.6% per year; rating input score 100; 80th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 21 of 21 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $396K · 27 people listed · 3 of 6 pay-setting controls reported
  • Consistency: 11 of 12 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 12 filed money-flow records
  • Related organizations: 7 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 4/100.
  • High — Sustainability: Liabilities to assets ratio scored 26/100.