FJC – A Foundation of Philanthropic Funds

What it reported doing in 2024

Agency loan fund. A bespoke impact investment offered to our donors as part of our standard investment menu, fjc's agency loan fund (alf), allows donors the opportunity to invest a portion of their accounts in loans to a diversified pool of nonprofit organizations. Fjc staff originate and underwrite these loans, which are approved by a subcommittee of fjc's board, which maintains rigorous credit standards. Interest and principal payments from the loans grow the accounts of participating donors (typically between 4-6% per annum). In addition to fjc's rigorous credit standards, credit enhancement on the pool protects donors from principal losses. Since its inception, fjc has deployed over $400 million in loans through alf. Fjc currently has $16.4 million in loans outstanding with 13 nonprofit borrowers.

Financial Efficiency

• Mission deployment rate: 67.3%; rating input score 67
• Program expense ratio: 95.5%; rating input score 95
• Fundraising efficiency: $591.09 raised per $1 spent on fundraising; rating input score 94; 94th percentile among comparable filings

Transparency & Controls

• Consistency checks: 88.2%; rating input score 88; 2nd percentile among comparable filings
• Pay-setting controls: 3 of 6 controls in place; rating input score 50
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Pass
  • Written employment contract: Missing
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: 2 of 8 controls in place; rating input score 25
  • Claims monitoring procedures: Pass
  • Requires narrative reports: Fail
  • Conducts field audits: Fail
  • May suspend future funding: Fail
  • Requires financial reports: Fail
  • Conducts site visits: Fail
  • Requires grant agreements: Pass
  • May require repayment: Fail
• Grant itemization coverage: 96.5%; rating input score 97; 29th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 76th percentile among comparable filings
• Governance controls: 8 of 9 controls in place; rating input score 89
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Pass
  • CEO compensation review process: Pass
  • 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: 37.6%; rating input score 94; 94th percentile among comparable filings
• Total-asset coverage ratio: 9.34; rating input score 90; 90th percentile among comparable filings
• Liabilities to assets ratio: 0.09; rating input score 84; 84th percentile among comparable filings
• Officer compensation ratio: 3.2%; rating input score 35; 35th percentile among comparable filings

Growth

• Program expense growth: 4.7% per year; rating input score 100; 37th percentile among comparable filings
• Revenue growth: 11% per year; rating input score 100; 80th percentile among comparable filings
• Asset growth: 7.7% per year; rating input score 100; 57th percentile among comparable filings