Winter Haven Economic Development

Nonprofit profile at a glance

EIN
453154152
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Winter Haven, FL, USA
Phone
8638375280
Rating confidence
Limited
Sector
Public, Societal Benefit

Official website

Reported finances

Revenue
$589,058
Expenses
$510,738
Assets
$610,841
Liabilities
$122,489

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

Leadership & pay

38 people listed

Executive titles in this filing

  • BRUCE LYON (PRESIDENT/CEO)

Highest reported compensation

  • BRUCE LYON (PRESIDENT/CEO): $198,913 total reported compensation

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

Overview

Mission

Our mission is to assist the public and private sector to grow a resilient, inclusive, and equitable economy in winter haven. The whedc occupies a unique position in winter haven, working for the benefit of community and economic growth. The whedc staff and investors use our vision and technical expertise to assist the community and whedc stakeholders with growth, engagement, collaboration, guidance, and vision.

What it reported doing in 2024

Developed promotional materials to improve the organization's presence in the community and foster expansion of existing business and industry, attract new high-skill, high wage business and industry: expand economic and job opportunities for winter haven residents; broaden the local tax base and enhance relationships with local, regional, state, national and international economic development organizations and agencies.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 64
  • Accountability: 95
  • Sustainability: 50
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • 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: 7 of 9 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Limited
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 13.3%; rating input score 67; 67th percentile among comparable filings
  • Total-asset coverage ratio: 1.2; rating input score 48; 48th percentile among comparable filings
  • Liabilities to assets ratio: 0.2; rating input score 31; 31st percentile among comparable filings
  • Officer compensation ratio: 38.9%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 6.2% per year; rating input score 100; 50th percentile among comparable filings
  • Asset growth: 10.4% per year; rating input score 100; 60th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 38 of 38 board members independent · 7 of 9 filing controls reported
  • Programs: 2 filed program accomplishments
  • Leadership: top reported pay $199K · 38 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 10 of 10 current checks pass
  • Schedules: 3 filed schedules · includes executive pay
  • Filing history: 8 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 48/100.
  • High — Sustainability: Officer compensation ratio scored 4/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 31/100.