Wayne Economic Development Corporation

Nonprofit profile at a glance

EIN
160955314
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Lyons, NY, USA
Phone
3159465919
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Official website

Reported finances

Revenue
$707,846
Expenses
$663,364
Assets
$7,230,680
Liabilities
$100,000

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

Leadership & pay

10 people listed

Executive titles in this filing

  • BRIAN PINCELLI (EXECUTIVE DIRECTOR/CEO)

Highest reported compensation

  • BRIAN PINCELLI (EXECUTIVE DIRECTOR/CEO): $143,040 total reported compensation
  • KATHLEEN BRONSON (DEPUTY DIRECTOR/COO): $122,078 total reported compensation
  • JAMIE CORTEVILLE (FISCAL OFFICER/CFO): $92,386 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 corporation was formed to lessen the burdens of government and act in the public interest; to facilitate economic activities throughout wayne county, ny including the location and expansion of civic, industrial and commercial facilities, the creation of new and improved job opportunities, the reduction of unemployment and the improvement of the well-being of its communities and residents.

What it reported doing in 2024

To facilitate economic activities throughout wayne county, ny including the location and expansion of civic, industrial and commercial facilities, the creation of new and improved job opportunities, the reduction of unemployment and the improvement of the well-being of its communities and residents.

Operating model

Revenue model
Other-operating. 77% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 87% 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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 87
  • Accountability: 86
  • Sustainability: 65
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 93.1%; rating input score 93
  • Program expense ratio: 98.1%; rating input score 98
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 16th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 91.2%; rating input score 91; 39th 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: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • 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: 6.3%; rating input score 53; 53rd percentile among comparable filings
  • Total-asset coverage ratio: 10.9; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 66; 66th percentile among comparable filings
  • Officer compensation ratio: 8.2%; rating input score 43; 43rd percentile among comparable filings

Growth

  • Program expense growth: 6% per year; rating input score 100; 47th percentile among comparable filings
  • Revenue growth: 8.4% per year; rating input score 100; 60th percentile among comparable filings
  • Asset growth: 14% per year; rating input score 100; 70th percentile among comparable filings

Details

  • Where the money goes: 93.1% of revenue deployed · 98.1% of spending went to programs
  • Governance: 7 of 7 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $651K in reported program spending
  • Leadership: top reported pay $143K · 10 people listed
  • Consistency: 20 of 21 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 6 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.

  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • Review — Sustainability: Operating margin scored 53/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 43/100.