Editor’s note: E-City Beat continues our series on local NPOs, and here we start with some publicly available financial information on a local NPO, Great Falls Development Alliance. Sources include https://www.propublica.org/ and https://www.causeiq.com/. ECB will be regularly publishing similar information on such organizations, large and small, in the interest of public transparency.
Great Falls Development Authority — Form 990 Financial Breakdown
(Fiscal Year Ending June 2024)
Total Revenue
$9,946,706
Revenue Sources
| Source | Amount | % of Total |
|---|---|---|
| Program service revenue | $7,683,982 | 77.3% |
| Contributions / grants | $2,026,003 | 20.4% |
| Miscellaneous revenue | $224,209 | 2.3% |
| Rental income | $12,509 | 0.1% |
| Investment income | $3 | ~0% |
Key takeaway: Most revenue comes from program services (economic development financing, lending programs, etc.) rather than donations.
Expenses
Total Expenses:
$4,315,755
Major Expense Categories
| Category | Amount | % of Expenses |
|---|---|---|
| Other salaries & wages | $1,211,037 | 28.1% |
| Executive compensation | $243,267 | 5.6% |
| Remaining program/admin costs | ~$2.86M | ~66% |
These remaining expenses typically include:
- loan program administration
- project development costs
- professional services
- office operations
- programmatic expenses related to economic development initiatives.
Net Income (Surplus)
$5,630,951
This means revenue exceeded expenses substantially during the reporting year.
Assets, Liabilities, and Net Assets
| Category | Amount |
|---|---|
| Total Assets | $32,752,170 |
| Total Liabilities | $10,195,387 |
| Net Assets (equity) | $22,556,783 |
Assets include items such as:
- loan funds and receivables
- development project investments
- cash and financial accounts
- property or development holdings.
Liabilities typically include:
- loan obligations
- program financing commitments
- other operational liabilities.
Personnel / Payroll Snapshot
From the filing:
- Executive compensation: $243,267 total
- Other staff wages: $1,211,037
- Estimated staff: about 22 employees.
Top listed executive compensation:
| Name | Position | Salary | Other Comp |
|---|---|---|---|
| Brett Doney | President/CEO | $196,415 | $30,716 |
Board members generally receive no compensation.