Alma Financial Assistance Corp

Nonprofit profile at a glance

EIN
470863848
IRS 990 coverage
2016–2022
Forms available
Form 990 2022
Location
Deerfield Beach, FL, USA
Phone
9544219506
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Financial Counseling

Official website

Reported finances

Revenue
$396,022
Expenses
$381,985
Assets
$43,343
Liabilities
$14,618

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

3 people listed

Executive titles in this filing

  • ALBERTO LARREA (PRES. EXECUTIVE DIRECTOR)

Highest reported compensation

  • ALBERTO LARREA (PRES. EXECUTIVE DIRECTOR): $105,712 total reported compensation
  • RUBEN SANDOVAL (FINANCE DIRECTOR): $82,312 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Alma's mission is to provide participants and the general public of puerto rico with education on consumer budgeting, consumer buying practices and managing consumer debt to improve the individual's understanding of their financial problems and to improve their ability to address those problems, and to provide debt counseling services for financial distressed consumers, including but not limited to negotiating with creditors to arrange for repayment programs.

What it reported doing in 2022

During fiscal year 2022-2023, the effects of the 2020 pandemic outbreak continued to have a disruptive effect on the community activities of the corporation in puerto rico. To cope with the restrictions that were put in place during the pandemic and there on, following the pandemic the corporation changed its community outreach from in person community financial educational activities such as workshops, seminars, classes, to providing its financial education on line, through educational materials. The corporation has made available free educational materials to the consumers in puerto rico through its website, and videos placed in social media. Individual consumer counseling sessions have been mainly provided through telephone sessions and video conferences, to the consumers that have contacted the corporation for help with their financial situations. Alma's website educational materials have been accessed by 1,011 new users during the 2022-2023 period and it has provided financial counseling services by telephone to 810 consumers during the same period.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
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.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 75
  • Transparency & Controls: 90
  • Accountability: 86
  • Sustainability: 27
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 83.1%; rating input score 83
  • Program expense ratio: 86.2%; rating input score 86
  • 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 3.5%; rating input score 49; 49th percentile among comparable filings
  • Total-asset coverage ratio: 0.11; rating input score 6; 6th percentile among comparable filings
  • Liabilities to assets ratio: 0.34; rating input score 16; 16th percentile among comparable filings
  • Officer compensation ratio: 49.2%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: -22.3% per year; rating input score 0; 5th percentile among comparable filings
  • Revenue growth: -21.2% per year; rating input score 0; 3rd percentile among comparable filings
  • Asset growth: -27.9% per year; rating input score 0; 2nd percentile among comparable filings

Details

  • Where the money goes: 83.1% of revenue deployed · 86.2% of spending went to programs
  • Governance: 3 of 3 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $329K in reported program spending
  • Leadership: top reported pay $106K · 3 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 7 filing years from 2016 to 2022
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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.

  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 6/100.
  • Moderate — Sustainability: Operating margin scored 49/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 4/100.
  • High — Sustainability: Liabilities to assets ratio scored 16/100.