West Bank Community Development Corporation

Nonprofit profile at a glance

EIN
510168908
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Minneapolis, MN, USA
Phone
6126730478
Rating
87
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$193,336
Expenses
$419,944
Assets
$1,951,567
Liabilities
$18,943

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

Leadership & pay

11 people listed

Executive titles in this filing

  • KEN PRESLAN (PRESIDENT)
  • DAVID SWANSON (VICE PRESIDENT)
  • NIIOBLITE HARPER (ASSISTANT VICE PRESIDENT)
  • DAVID HOFFMAN-DACHELET (EXECUTIVE DIRECTOR)

Highest reported compensation

  • DAVID HOFFMAN-DACHELET (EXECUTIVE DIRECTOR): $121,769 total reported compensation

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

Overview

Mission

Through the ownership of various assets, the organization improves the quality of life of residents by maintaining and preserving affordable housing stock and commercial buildings, giving residents a voice in the decision making process related to those assets, and providing institutional expertise on a wide variety of development topics affecting the cedar-riverside area.

What it reported doing in 2024

The west bank cdc, inc is a community-directed organization responsible for community building and asset management decisions on behalf of the residents of the cedar riverside neighborhood. The wbcdc has responsibility for a variety of affordable housing projects, commercial buildings, and resident/property owner puds within the cedar-riverside neighborhood of minneapolis.

Operating model

Revenue model
Earned-program. 98% 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. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 90
  • Accountability: 100
  • Sustainability: 31
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 82.5%; rating input score 82
  • Fundraising efficiency: $0.33 raised per $1 spent on fundraising; rating input score 4; 4th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • 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: -117.2%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 4.65; rating input score 78; 78th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 46; 46th percentile among comparable filings
  • Officer compensation ratio: 29%; rating input score 12; 12th percentile among comparable filings

Growth

  • Program expense growth: 0.8% per year; rating input score 100; 34th percentile among comparable filings
  • Revenue growth: 2.6% per year; rating input score 100; 38th percentile among comparable filings
  • Asset growth: 4% per year; rating input score 100; 42nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 82.5% of spending went to programs
  • Governance: 10 of 10 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $346K in reported program spending
  • Leadership: top reported pay $122K · 11 people listed
  • Consistency: 22 of 22 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 3 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.
  • 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 — Financial Efficiency: Fundraising efficiency scored 4/100.
  • High — Sustainability: Operating margin scored 2/100.
  • High — Sustainability: Officer compensation ratio scored 12/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 46/100.