Fund for the Aged Inc

Overview

Mission

Our mission is to empower older adults to enhance purpose and well-being through a portfolio of innovative health care services.

What it reported doing in 2024

The foundation creates meaningful philanthropic partnerships with individual donors, foundations, corporations, and agencies. Donations fund a wide array of programs including but not limited to palliative care, volunteer support, intergenerational youth programs, technology initiatives, dinning assistance, and religious life programming.

Operating model

Revenue model
Donor-supported. 85% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

Nonprofit profile at a glance

EIN
133603516
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
New York, NY, USA
Phone
2128705000
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Fund Raising and Fund Distribution

Official website

Reported finances

Revenue
$7,258,050
Expenses
$7,819,001
Assets
$95,100,235
Liabilities
$194,508

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

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 69
  • Accountability: 81
  • Sustainability: 49
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 77.9%; rating input score 78
  • Fundraising efficiency: $3.34 raised per $1 spent on fundraising; rating input score 10; 10th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.4%; rating input score 94; 24th 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: 99.5%; rating input score 99; 39th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 83.3%; rating input score 83; 16th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -7.7%; rating input score 16; 16th percentile among comparable filings
  • Total-asset coverage ratio: 12.16; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 10.4%; rating input score 29; 29th percentile among comparable filings

Growth

  • Program expense growth: -3% per year; rating input score 0; 7th percentile among comparable filings
  • Revenue growth: -7.4% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: 1.1% per year; rating input score 100; 16th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 77.9% of spending went to programs
  • Governance: 5 of 6 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $6.1M in reported program spending
  • Leadership: top reported pay $1.1M · 11 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $235K reported
  • Consistency: 36 of 37 current checks pass · 1 finding to review
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 annual filings from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 8 filed money-flow records
  • Related organizations: 24 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Financial Efficiency: Fundraising efficiency scored 10/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 16/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Officer compensation ratio scored 29/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.

Leadership & pay

11 people listed

Highest reported compensation

  • JEFFREY I FARBER MD (PRESIDENT & CEO): $1,116,400 total reported compensation
  • MARK WEISS (CFO): $568,601 total reported compensation
  • ALYSSA HERMAN (CHIEF DEVELOPMENT OFFICER): $380,496 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024.