Tri-county Industries Inc

Nonprofit profile at a glance

EIN
560859662
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Rocky Mount, NC, USA
Phone
2529773800
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$3,872,722
Expenses
$3,465,973
Assets
$7,593,400
Liabilities
$858,463

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

Leadership & pay

4 people listed

Executive titles in this filing

  • MARGARET SHARPE (PRESIDENT)

Highest reported compensation

  • MARGARET SHARPE (PRESIDENT): $101,250 total reported compensation

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

Overview

Mission

Tci is dedicated to making a positive impact on the lives of those who have diabilities or disadvantages by providing work assessment, job training and job placement services.

What it reported doing in 2024

Production acitivites provide work training, including assembly, inpsection, material handling and housekeeping to persons with disabilities and disadvantages. Clients perform work for area industries. Production activities not only provide wages for individuals, it is the means to teach appropriate work behaviors and the importance of good quality work.

Operating model

Revenue model
Grant-funded. 64% of the money available for current operations came from government grants.
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

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Program spending has declined or grown slowly and some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 62
  • Transparency & Controls: 85
  • Accountability: 95
  • Sustainability: 63
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 67.3%; rating input score 67
  • Program expense ratio: 74.4%; rating input score 74
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 20th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 10.5%; rating input score 63; 63rd percentile among comparable filings
  • Total-asset coverage ratio: 2.19; rating input score 65; 65th percentile among comparable filings
  • Liabilities to assets ratio: 0.11; rating input score 56; 56th percentile among comparable filings
  • Officer compensation ratio: 2.9%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: -3% per year; rating input score 0; 7th percentile among comparable filings
  • Revenue growth: 1.1% per year; rating input score 100; 16th percentile among comparable filings
  • Asset growth: 10.6% per year; rating input score 100; 61st percentile among comparable filings

Details

  • Where the money goes: 67.3% of revenue deployed · 74.4% of spending went to programs
  • Governance: 11 of 11 board members independent · 7 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $2.6M in reported program spending
  • Leadership: top reported pay $101K · 4 people listed
  • Consistency: 23 of 24 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules
  • Filing history: 12 filing years from 2012 to 2024
  • 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.
  • 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.

  • High — Growth: Program expense growth scored 0/100.
  • Moderate — Transparency & Controls: Schedule D land buildings reconciliation did not reconcile in the filed values.
  • Review — Accountability: Governance controls: Whistleblower policy not reported.
  • Review — Sustainability: Liabilities to assets ratio scored 56/100.