The University of Connecticut Foundation Inc

Overview

Mission

See schedule o

What it reported doing in 2024

Scholarships, awards and fellowships - the university of Connecticut foundation, inc. Receives gifts on behalf of donors restricted to the support of financial aid for university of Connecticut students. To ensure compliance with all university, federal and state financial aid requirements, the university selects the student recipients and makes the awards directly to students. After receiving appropriate documentation from the university, the foundation provides grants to the university to fund financial aid expenditures. The expenditures are funded from investment income earned on endowment funds and gifts restricted for financial aid.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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
066070722
IRS 990 coverage
2009–2024
Forms available
Form 990 2024, Form 990-T 2024, Form 990-N 2022
Headquarters
Storrs, CT, USA
Phone
8604865000
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Official website

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 total spending goes to programs and the filing reports few safeguards for money sent abroad.

Rating breakdown

  • Financial Efficiency: 60
  • Transparency & Controls: 74
  • Accountability: 98
  • Sustainability: 81
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 72%; rating input score 72
  • Program expense ratio: 56.6%; rating input score 57
  • Fundraising efficiency: $2.45 raised per $1 spent on fundraising; rating input score 8; 8th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 96.8%; rating input score 97; 50th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 18.5%; rating input score 86; 86th percentile among comparable filings
  • Total-asset coverage ratio: 8.38; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0.07; rating input score 85; 85th percentile among comparable filings
  • Officer compensation ratio: 3.2%; rating input score 34; 34th percentile among comparable filings

Growth

  • Program expense growth: 4% per year; rating input score 100; 31st percentile among comparable filings
  • Revenue growth: 6.7% per year; rating input score 100; 58th percentile among comparable filings
  • Asset growth: 6.2% per year; rating input score 100; 46th percentile among comparable filings

Details

  • Where the money goes: 72% of revenue deployed · 56.6% of spending went to programs
  • Governance: 30 of 31 board members independent · 9 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $64.3M in reported program spending
  • Leadership: top reported pay $640K · 41 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $3.6M reported
  • Consistency: 45 of 45 current checks pass
  • Schedules: 11 filed schedules · includes major donors, foreign activity, grants, executive pay, and related organizations
  • Filing history: 16 annual filings from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 12 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Leadership & pay

41 people listed

Highest reported compensation

  • AMY YANCEY (PRESIDENT AND CEO): $639,610 total reported compensation
  • DAVID CARNEY (SVP FINANCE AND CFO): $458,478 total reported compensation
  • LAURA PADRON (SVP ADVANCEMENT SERVICES (THRU 7/24)): $422,319 total reported compensation

Source: IRS Form 990. Selected filing: FY2024.