Wayne Economic Development Council Inc

Nonprofit profile at a glance

EIN
341686471
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Wooster, OH, USA
Phone
3302642411
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$647,151
Expenses
$598,070
Assets
$329,388
Liabilities
$9,161

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

Leadership & pay

22 people listed

Executive titles in this filing

  • MARIBETH BURNS (PRESIDENT)

Highest reported compensation

  • MARIBETH BURNS (PRESIDENT): $165,394 total reported compensation

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

Overview

Mission

To maximize the development and utilization of the human and economic resources of the wayne county georgraphical area in order to create or preserve jobs and employment opportunities and improve the welfare of people of the area.

What it reported doing in 2024

Coordinate and integrate the activities of governmental, educational and community organizations whose stated purposes include the retention and expansion of existing business and industry in wayne county, Ohio.promote and attract new business and industry to wayne county by acting as a liason for prospective non-retail employers with educational community and state and local government entities.attend, participate in, and organize community meetings and forums to communicate awareness of current events and quality growth issues impacting wayne county, ohiothousands of wayne county individual and business residents benefit from wedc's efforts to improve the community.

Operating model

Revenue model
Membership-supported. 94% of the money available for current operations came from membership dues.
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 - 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 total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 75
  • Transparency & Controls: 74
  • Accountability: 71
  • Sustainability: 42
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 71.6%; rating input score 72
  • Program expense ratio: 77.3%; rating input score 77
  • Fundraising efficiency: $63.73 raised per $1 spent on fundraising; rating input score 81; 81st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Pass
    • 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: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 95.5%; rating input score 95; 25th percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 7.6%; rating input score 56; 56th percentile among comparable filings
  • Total-asset coverage ratio: 0.55; rating input score 26; 26th percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 59; 59th percentile among comparable filings
  • Officer compensation ratio: 27.7%; rating input score 8; 8th percentile among comparable filings

Growth

  • Program expense growth: 1.2% per year; rating input score 100; 22nd percentile among comparable filings
  • Revenue growth: 1.5% per year; rating input score 100; 21st percentile among comparable filings
  • Asset growth: -4.6% per year; rating input score 0; 7th percentile among comparable filings

Details

  • Where the money goes: 71.6% of revenue deployed · 77.3% of spending went to programs
  • Governance: 21 of 22 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $463K in reported program spending
  • Leadership: top reported pay $165K · 22 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 27 of 27 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 12 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 2 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.

  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 26/100.
  • Review — Sustainability: Operating margin scored 56/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 8/100.
  • Review — Sustainability: Liabilities to assets ratio scored 59/100.