Charity Report

  • Issued: October 2022
  • Expires: October 2024

The Parklands of Floyds Fork

Accredited Charity

Meets Standards

502-584-0350

471 W Main St Ste 202
Louisville, KY 40202-4292

https://www.theparklands.org/
Accredited Charity

502-584-0350

471 W Main St Ste 202
Louisville, KY 40202-4292

https://www.theparklands.org/
Accredited Charity

Accredited Charity

Meets Standards

Standards For Charity Accountability

Governance

  1. Board Oversight

    Oversight of Operations and Staff: Standard 1

    Description
    Organizations shall have a board of directors that provides adequate oversight of the charity's operations and its staff. Indication of adequate oversight includes, but is not limited to, regularly scheduled appraisals of the CEO's performance, evidence of disbursement controls such as board approval of the budget, fundraising practices, establishment of a conflict of interest policy, and establishment of accounting procedures sufficient to safeguard charity finances.

    The organization meets this standard.

  2. Board Size

    Number of Board Members: Standard 2

    Description
    Soliciting organizations shall have a board of directors with a minimum of five voting members.

    The organization meets this standard.

  3. Board Meetings

    Frequency and Attendance of Board Meetings: Standard 3

    Description
    An organization shall have a minimum of three evenly spaced meetings per year of the full governing body with a majority in attendance, with face-to-face participation. A conference call of the full board can substitute for one of the three meetings of the governing body. For all meetings, alternative modes of participation are acceptable for those with physical disabilities.

    The organization meets this standard.

  4. Board Compensation

    Compensated Board Members: Standard 4

    Description
    Not more than one or 10% (whichever is greater) directly or indirectly compensated person(s) serving as voting member(s) of the board. Compensated members shall not serve as the board's chair or treasurer.

    The organization meets this standard.

  5. Conflict of Interest

    Conflict of Interest: Standard 5

    Description
    No transaction(s) in which any board or staff members have material conflicting interests with the charity resulting from any relationship or business affiliation. Factors that will be considered when concluding whether or not a related party transaction constitutes a conflict of interest and if such a conflict is material, include, but are not limited to: any arm's length procedures established by the charity; the size of the transaction relative to like expenses of the charity; whether the interested party participated in the board vote on the transaction; if competitive bids were sought and whether the transaction is one-time, recurring or ongoing.

    The organization meets this standard.

Measuring Effectiveness

  1. Effectiveness Policy

    Board Policy on Effectiveness: Standard 6

    Description
    Have a board policy of assessing, no less than every two years, the organization's performance and effectiveness and of determining future actions required to achieve its mission.

    The organization meets this standard.

  2. Effectiveness Report

    Board Approval of Written Report on Effectiveness: Standard 7

    Description
    Submit to the organization's governing body, for its approval, a written report that outlines the results of the aforementioned performance and effectiveness assessment and recommendations for future actions.

    The organization meets this standard.

Finances

  1. Program Expenses

    Program Service Expense Ratio: Standard 8

    Description
    Spend at least 65% of its total expenses on program activities.

    The organization meets this standard.

  2. Fundraising Expenses

    Fundraising Expense Ratio: Standard 9

    Description
    Spending should be no more than 35% of related contributions on fundraising. Related contributions include donations, legacies, and other gifts received as a result of fundraising efforts.

    The organization meets this standard.

  3. Accumulating Funds

    Ending Net Assets: Standard 10

    Description
    Avoid accumulating funds that could be used for current program activities. To meet this standard, the charity's unrestricted net assets available for use should not be more than three times the size of the past year's expenses or three times the size of the current year's budget, whichever is higher.

    The organization meets this standard.

  4. Audit Report

    Financial Statements: Standard 11

    Description
    Make available to all, on request, complete annual financial statements prepared in accordance with generally accepted accounting principles. When total annual gross income exceeds $1 million, these statements should be audited in accordance with generally accepted auditing standards. For charities whose annual gross income is less than $1 million, a review by a certified public accountant is sufficient to meet this standard. For charities whose annual gross income is less than $250,000, an internally produced, complete financial statement is sufficient to meet this standard.

    The organization meets this standard.

  5. Detailed Expense Breakdown

    Detailed Functional Breakdown of Expenses: Standard 12

    Description
    Include in the financial statements a breakdown of expenses (e.g., salaries, travel, postage, etc.) that shows what portion of these expenses was allocated to program, fundraising, and administrative activities. If the charity has more than one major program category, the schedule should provide a breakdown for each category.

    The organization meets this standard.

  6. Accurate Expense Reporting

    Accuracy of Expenses in Financial Statements: Standard 13

    Description
    Accurately report the charity's expenses, including any joint cost allocations, in its financial statements. For example, audited or unaudited statements which inaccurately claim zero fundraising expenses or otherwise understate the amount a charity spends on fundraising, and/or overstate the amount it spends on programs will not meet this standard.

    The organization meets this standard.

  7. Budget Plan

    Budget: Standard 14

    Description
    Have a board-approved annual budget for its current fiscal year, outlining projected expenses for major program activities, fundraising, and administration.

    The organization meets this standard.

Fundraising & Info

  1. Truthful Materials

    Misleading Appeals: Standard 15

    Description
    Have solicitations and informational materials, distributed by any means, that are accurate, truthful and not misleading, both in whole and in part. Appeals that omit a clear description of program(s) for which contributions are sought will not meet this standard. A charity should also be able to substantiate that the timing and nature of its expenditures are in accordance with what is stated, expressed, or implied in the charity's solicitations.

    The organization meets this standard.

  2. Annual Report

    Annual Report: Standard 16

    Description
    Have an annual report available to all, on request, that includes: (a) the organization's mission statement, (b) a summary of the past year's program service accomplishments, (c) a roster of the officers and members of the board of directors, (d) financial information that includes (i) total income in the past fiscal year, (ii) expenses in the same program, fundraising and administrative categories as in the financial statements, and (iii) ending net assets.

    The organization meets this standard.

  3. Website Disclosures

    Web Site Disclosures: Standard 17

    Description
    Include on any charity websites that solicit contributions, the same information that is recommended for annual reports, as well as the mailing address of the charity and electronic access to its most recent IRS Form 990.

    The organization meets this standard.

  4. Donor Privacy

    Privacy for Written Appeals & Internet Privacy: Standard 18

    Description
    Address privacy concerns of donors by (a) providing in written appeals, at least annually, a means (e.g., such as a check off box) for both new and continuing donors to inform the charity if they do not want their name and address shared outside the organization, (b) providing a clear, prominent and easily accessible privacy policy on any of its websites that tells visitors (i) what information, if any, is being collected about them by the charity and how this information will be used, (ii) how to contact the charity to review personal information collected and request corrections, (iii) how to inform the charity (e.g., a check off box) that the visitor does not wish his/her personal information to be shared outside the organization, and (iv) what security measures the charity has in place to protect personal information.

    The organization meets this standard.

  5. Cause Marketing Disclosures

    Cause Related Marketing: Standard 19

    Description
    Clearly disclose how the charity benefits from the sale of products or services (i.e., cause-related marketing) that state or imply that a charity will benefit from a consumer sale or transaction. Such promotions should disclose, at the point of solicitation: (a) the actual or anticipated portion of the purchase price that will benefit the charity (e.g., 5 cents will be contributed to abc charity for every xyz company product sold), (b) the duration of the campaign (e.g., the month of October), (c) any maximum or guaranteed minimum contribution amount (e.g., up to a maximum of $200,000).

    The organization meets this standard.

  6. Complaints

    Complaints: Standard 20

    Description
    Respond promptly to and act on complaints brought to its attention by the BBB Wise Giving Alliance and/or local Better Business Bureaus about fundraising practices, privacy policy violations and/or other issues.

    The organization meets this standard.

Conclusion

The Parklands of Floyds Fork meets the 20 Standards for Charity Accountability.

Purpose

  • Year, State Incorporated

    2004, KY

  • Stated Purpose

    The Parklands of Floyds Fork serves as stewards entrusted to preserve and sustain unexcelled parklands that reflect the needs and values of the whole community. The goal of The Parklands of Floyds Fork is to operate and maintain a world-class park system that enhances quality of life and helps the community and economy grow in ways that are healthful, sustainable, and enjoyable for people of all ages and abilities, now and 100 years from now.


  • Also Known As:

    21st Century Parks, Inc.

Programs

The Parklands of Floyds Fork works daily to deliver a safe, clean, fun and beautiful park experience 365 days a year, for free for everyone to enjoy. The Parklands staff maintain the parks to world-class standards enhancing quality of life for the people in the region by providing valuable outdoor recreation opportunities for people of all ages and abilities. Walking, hiking, and running are some of the most accessible activities for improving health, exploring the park and experiencing nature. Families of all ages enjoy the playground amenities. Anglers can cast their lines in lakes, ponds, and along Floyds Fork year-round, which are periodically stocked with game fish. Paddlers can drift 20 miles along the Fork, the only water trail of its kind in the area. Paved paths, park road and rugged dirt trails offer great biking experiences. Sports fields offer fun for all ages, providing open spaces for a variety of activities. Gardeners get their hands dirty in the community gardens. In addition, ranger-led interpretive hikes and tours each month explore the places and stories of The Parklands.

For the year ended December 31, 2021, The Parklands of Floyds Fork program expenses were:

Park operations and horticulture $5,620,371
Facilities and events $457,437
Education $403,984
Program Expenses $6,481,792

Governance & Staff

  • CEO

    Mr. David F. Morgan, President

  • Board Chair

    Mr. Daniel H. Jones

  • Chair's Profession / Business Affiliation

    Founder, 21st Century Parks

  • Board Size

    10

  • Paid Staff Size

    57

Fundraising

Method(s) Used:
Direct mail appeals, Invitations to fundraising events, Print advertisements (newspapers, magazines, etc.), Grant proposals, Internet, Membership appeals, Appeals via Social Media (Facebook, etc.).

% of Related Contributions on Fundraising: 11.40%

Tax Status

This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.


Financial

The following information is based on The Parklands of Floyds Fork's Audited financial statements for the fiscal year ending December 31, 2021

Source of Funds
Contributions $2,250,188
Grants $1,150,500
Special events $637,871
Facility and events revenues $568,879
Paycheck Protection Program federal grant $440,314
Program fees $165,606
In-kind contributions $17,054
Net investment return $5,132
Other revenues $4,012
Total Income $5,239,556

Breakdown of Expenses

Total Income $5,239,556
Total Expenses: $7,818,111
Program Expenses $6,481,792
Fundraising Expenses $512,606
Administrative Expenses $823,713
Other Expenses $0
Expenses in Excess of Income $2,578,555
Beginning Net Assets $98,008,916
Other Changes In Net Assets $0
Ending Net Assets $95,430,361
Total Liabilities $1,138,547
Total Assets $96,568,908

Financial Notes

Ending net assets as reported above include $94,024,461 without donor restrictions and $1,405,900 with donor restrictions.

Total assets as reported above include $93,567,670 in park assets and equipment, net.

An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the  Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau ® is a registered service mark of International Association of Better Business Bureaus.

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