Wilmington Apartment Association
Nonprofit profile at a glance
- EIN
- 824404554
- IRS 990 coverage
- 2020–2024
- Forms available
- Form 990 2024, Form 990-N 2019
- Location
- Wilmington, NC, USA
- Phone
- 9106208393
- Rating
- 68
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Chambers of Commerce & Business Leagues
Reported finances
- Revenue
- $353,966
- Expenses
- $319,620
- Assets
- $202,115
- Liabilities
- $3,793
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
16 people listed
Executive titles in this filing
- KAREN SPAID (PRESIDENT)
- DORIANE MURRAY (VICE PRESIDENT/SPECIAL PROJECTS)
- KRYSTI KESER (PAST PRESIDENT)
People named in this filing
- KAREN SPAID (PRESIDENT)
- DORIANE MURRAY (VICE PRESIDENT/SPECIAL PROJECTS)
- HALEY PHILIP (TREASURER)
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 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To promote the general welfare of the rental housing industry by maintaining professional standards and sound business practices among its members for the best interest of the industry & those served.
What it reported doing in 2024
To provide events where industry professionals can meet each other, exchange ideas, learn about new legislation, and new products and services available.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Hybrid. The nonprofit split its reported program spending across 75% for direct work, and 25% for affiliated organizations.
The verdict
SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 49
- Transparency & Controls: 90
- Accountability: 70
- Sustainability: 49
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 52.7%; rating input score 53
- Program expense ratio: 57.7%; rating input score 58
- Fundraising efficiency: Limited
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: 2 of 7 controls in place; rating input score 29
- Conflict-of-interest policy: Fail
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: NotApplicable
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 9.7%; rating input score 59; 59th percentile among comparable filings
- Total-asset coverage ratio: 0.63; rating input score 29; 29th percentile among comparable filings
- Liabilities to assets ratio: 0.02; rating input score 41; 41st percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings
Growth
- Program expense growth: 28.1% per year; rating input score 100; 89th percentile among comparable filings
- Revenue growth: 13.8% per year; rating input score 100; 80th percentile among comparable filings
- Asset growth: 14.3% per year; rating input score 100; 76th percentile among comparable filings
Details
- Where the money goes: 52.7% of revenue deployed · 57.7% of spending went to programs
- Governance: 16 of 16 board members independent · 2 of 7 filing controls reported
- Programs: 2 filed program accomplishments · $184K in reported program spending
- Leadership: top reported pay $0 · 16 people listed
- Consistency: 23 of 23 current checks pass
- Schedules: 2 filed schedules
- Filing history: 5 filing years from 2020 to 2024
- Contacts: How to reach this organization
- 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 — Financial Efficiency: Mission deployment rate scored 53/100.
- Review — Financial Efficiency: Program expense ratio scored 58/100.
- High — Accountability: Governance controls: 4 of 6 not reported.
- High — Sustainability: Total-asset coverage ratio scored 29/100.
- Review — Sustainability: Operating margin scored 59/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 41/100.