262 Foundation Inc

Nonprofit profile at a glance

EIN
043279990
IRS 990 coverage
2019–2024
Forms available
Form 990 2024, Form 990-EZ 2018
Location
Hopkinton, MA, USA
Phone
5085093484
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Education N.E.C.

Reported finances

Revenue
$300,469
Expenses
$360,514
Assets
$857,012
Liabilities
$462,607

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

Leadership & pay

4 people listed

Executive titles in this filing

  • TIMOTHY KILDUFF (PRESIDENT)
  • MICHAEL NEECE (CEO)

Highest reported compensation

  • TIMOTHY KILDUFF (PRESIDENT): $42,000 total reported compensation

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

Overview

Mission

To support the hopkinton and metrowest community-buildingsocial programs through initiative and strategic investmentin local projects and programs with a focus on health, recreationand civic image.

What it reported doing in 2024

Grants and expenses to support various charitable organization to assist with funding athletic events and expenses to prmote events.

Operating model

Revenue model
Donor-supported. 98% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 97% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 90
  • Accountability: 5
  • Sustainability: 29
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 7th percentile among comparable filings
  • Governance controls: 1 of 8 controls in place; rating input score 12
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -20%; rating input score 14; 14th percentile among comparable filings
  • Total-asset coverage ratio: 2.38; rating input score 63; 63rd percentile among comparable filings
  • Liabilities to assets ratio: 0.54; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 11.7%; rating input score 27; 27th percentile among comparable filings

Growth

  • Program expense growth: 25.2% per year; rating input score 100; 88th percentile among comparable filings
  • Revenue growth: 14.6% per year; rating input score 100; 81st percentile among comparable filings
  • Asset growth: 9.4% per year; rating input score 100; 64th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 0 of 11 board members independent · 1 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $361K in reported program spending
  • Leadership: top reported pay $42K · 4 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 6 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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 — Accountability: Independent voting board scored 0/100.
  • High — Accountability: Governance controls: 6 of 7 not reported.
  • High — Sustainability: Operating margin scored 14/100.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • High — Sustainability: Officer compensation ratio scored 27/100.