43North Foundation Inc

Nonprofit profile at a glance

EIN
861647131
IRS 990 coverage
2022–2024
Forms available
Form 990 2024
Location
Buffalo, NY, USA
Phone
7163327980
Rating
56
Verdict
MIXED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$3,396,466
Expenses
$258,205
Assets
$61,207,539
Liabilities
$62,787

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

Leadership & pay

7 people listed

Highest reported compensation

  • ADAM PETRIE (TREASURER): $20,000 total reported compensation

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

Overview

Mission

Infuse our region with opportunities by investing in organizations, ideas, and innovation - and in making buffalo the best it can be

What it reported doing in 2024

Make buffalo the beacon of technological innovation and economic growth.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 6
  • Transparency & Controls: 92
  • Accountability: 90
  • Sustainability: 91
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 1.3%; rating input score 1
  • Program expense ratio: 16.8%; rating input score 17
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • 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: 92.4%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 237.05; rating input score 100; 100th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 92; 92nd percentile among comparable filings
  • Officer compensation ratio: 7.7%; rating input score 38; 38th percentile among comparable filings

Growth

  • Program expense growth: -9.8% per year; rating input score 0; 3rd percentile among comparable filings
  • Revenue growth: 84.7% per year; rating input score 100; 99th percentile among comparable filings
  • Asset growth: 12.6% per year; rating input score 100; 68th percentile among comparable filings

Details

  • Where the money goes: 1.3% of revenue deployed · 16.8% of spending went to programs
  • Governance: 7 of 7 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $43K in reported program spending
  • Leadership: top reported pay $20K · 7 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 — Financial Efficiency: Mission deployment rate scored 1/100.
  • High — Financial Efficiency: Program expense ratio scored 17/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 38/100.