American Foundation for Bulgaria Inc

Nonprofit profile at a glance

EIN
200361839
IRS 990 coverage
2018–2024
Forms available
Form 990 2024
Location
Boston, MA, USA
Phone
2128421228
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Educational Services and Schools - Other

Reported finances

Revenue
$697,433
Expenses
$751,692
Assets
$1,816,066
Liabilities
$7,315

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

Leadership & pay

6 people listed

Executive titles in this filing

  • Theodore Vassilev (Executive Director)

Highest reported compensation

  • Alexey Hristov (Director): $34,792 total reported compensation

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

Overview

Mission

Promote a broader understanding of Bulgaria by Americans.

What it reported doing in 2024

To sponsor and organize conferences, seminars in the field of sciences, arts and culture as well as facilitate exchange between Bulgaria and the USA in the above.

Operating model

Revenue model
Donor-supported. 79% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 70% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

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 the filing reports few safeguards for money sent abroad.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 64
  • Accountability: 60
  • Sustainability: 45
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 94%; rating input score 94
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 85.7%; rating input score 86; 2nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: 1 of 8 controls in place; rating input score 12
    • 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: Fail
    • May require repayment: Fail
  • Grant itemization coverage: 47.6%; rating input score 48; 28th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 83.3%; rating input score 83; 19th percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Limited
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -7.8%; rating input score 20; 20th percentile among comparable filings
  • Total-asset coverage ratio: 2.42; rating input score 70; 70th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 75; 75th percentile among comparable filings
  • Officer compensation ratio: 4.6%; rating input score 54; 54th percentile among comparable filings

Growth

  • Program expense growth: -2.5% per year; rating input score 0; 11th percentile among comparable filings
  • Revenue growth: -1.4% per year; rating input score 0; 10th percentile among comparable filings
  • Asset growth: -4.4% per year; rating input score 0; 7th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 94% of spending went to programs
  • Governance: 5 of 6 board members independent · 2 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $707K in reported program spending
  • Leadership: top reported pay $35K · 6 people listed
  • Consistency: 27 of 30 current checks pass · 3 findings to review
  • Schedules: 8 filed schedules · includes major donors, foreign activity, and grants
  • Filing history: 6 filing years from 2018 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 2 filed related-organization links
  • 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: Governance controls: 5 of 7 not reported.
  • High — Transparency & Controls: Foreign activity oversight: 7 of 8 not reported.
  • Moderate — Transparency & Controls: Grant itemization coverage scored 48/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 20/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Transparency & Controls: Foreign grant itemization did not reconcile in the filed values.
  • Review — Sustainability: Officer compensation ratio scored 54/100.