Upper Arkansas Area Development Corporation

Nonprofit profile at a glance

EIN
841129143
IRS 990 coverage
2010–2022
Forms available
Form 990 2022
Location
Canon City, CO, USA
Phone
7192751675
Rating
88
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$120,960
Expenses
$411,924
Assets
$2,881,771
Liabilities
$114,809

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

9 people listed

People named in this filing

  • KEVIN DAY (DIRECTOR)
  • JEFF FIEDLER (SECRETARY-TR)
  • RUSTY GRANZELLA (DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide small business loans that will assist in economic development and to obtain grants to assist low-income housing projects

What it reported doing in 2022

The corporation lends money to small businesses located in the geographic area of the corporation with the intent of creating jobs to stimulate economic development

Operating model

Revenue model
Earned-program. 95% of the money available for current operations came from fees and other program revenue.
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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 90
  • Accountability: 94
  • Sustainability: 38
  • 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; 63rd 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: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -240.5%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 7; rating input score 85; 85th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 37; 37th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 70; 70th percentile among comparable filings

Growth

  • Program expense growth: 12.1% per year; rating input score 100; 75th percentile among comparable filings
  • Revenue growth: 2% per year; rating input score 100; 41st percentile among comparable filings
  • Asset growth: 11% per year; rating input score 100; 68th 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 · 6 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $412K in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 13 filing years from 2010 to 2022
  • Contacts: How to reach this organization
  • 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.

Key Signals

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

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Sustainability: Operating margin scored 1/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • Moderate — Sustainability: Liabilities to assets ratio scored 37/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.