True Access Capital Corporation

Nonprofit profile at a glance

EIN
510345258
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Wilmington, DE, USA
Phone
3026526774
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Financial Institutions

Official website

Reported finances

Revenue
$4,611,925
Expenses
$3,764,504
Assets
$25,632,139
Liabilities
$14,088,039

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

Leadership & pay

15 people listed

Executive titles in this filing

  • VANDELL HAMPTON JR (PRESIDENT & CEO)

Highest reported compensation

  • VANDELL HAMPTON JR (PRESIDENT & CEO): $206,039 total reported compensation
  • LORENZO MERINO (SVP, DIRECTOR OF LENDING): $131,254 total reported compensation

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

Overview

Mission

Building a thriving community by empowering a diverse base of entrepreneurs and businesses through access to capital, education, advocacy and opportunity.

What it reported doing in 2024

During 2024, true access capital corporation made new loans as follows: micro loan fund - $320,300, business growth fund - $1,077,900, community facility fund - $598,900, commercial real estate fund - $3,096,600. Small business loans - one of tacc's primary objectives is providing financing and support services for small business enterprises. Through this program, tacc creates jobs and builds wealth in emerging markets throughout the state of Delaware and southeastern Pennsylvania. Tacc has two primary small business lending programs - the micro loan fund and the business growth fund. The commercial real estate and community facility fund focuses on providing capital for community-based projects, such as mixed-use properties (residential & retail), not-for-profit organizations other than housing developers, child care centers and other community facilities. This fund provides up to $500,000 per obligor with a maximum term of five years. The objective of the community development loan program is to address all other lending that does not fall specifically within the parameters of the affordable housing or small business lending products. Through the community development lending product tacc is empowered to bring some benefit to a particular community in the form of, for example, a new child care center, a health care provider, or by assisting with the purchase or rehabilitation of office space for a non-profit organization.

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 96% 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 liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 72
  • Accountability: 95
  • Sustainability: 67
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 73.7%; rating input score 74
  • Program expense ratio: 89.1%; rating input score 89
  • Fundraising efficiency: $68.35 raised per $1 spent on fundraising; rating input score 82; 82nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.1%; rating input score 94; 23rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 93.3%; rating input score 93; 28th 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: 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: 18.4%; rating input score 75; 75th percentile among comparable filings
  • Total-asset coverage ratio: 6.81; rating input score 87; 87th percentile among comparable filings
  • Liabilities to assets ratio: 0.55; rating input score 19; 19th percentile among comparable filings
  • Officer compensation ratio: 9%; rating input score 33; 33rd percentile among comparable filings

Growth

  • Program expense growth: 11.9% per year; rating input score 100; 70th percentile among comparable filings
  • Revenue growth: 11.3% per year; rating input score 100; 73rd percentile among comparable filings
  • Asset growth: 10.8% per year; rating input score 100; 62nd percentile among comparable filings

Details

  • Where the money goes: 73.7% of revenue deployed · 89.1% of spending went to programs
  • Governance: 13 of 13 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $3.4M in reported program spending
  • Leadership: top reported pay $206K · 15 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 37 of 38 current checks pass · 1 finding to review
  • Schedules: 8 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: 10 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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 — Accountability: Governance controls: Whistleblower policy not reported.
  • High — Sustainability: Liabilities to assets ratio scored 19/100.
  • Moderate — Sustainability: Officer compensation ratio scored 33/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.