Budgit Foundation Incorporated

Nonprofit profile at a glance

EIN
824389185
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-N 2024
Location
Washington, DC, USA
Phone
2407843645
Rating
69
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Human Service Organizations

Official website

Reported finances

Revenue
$659,802
Expenses
$753,225
Assets
$452,447
Liabilities
$235,349

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

Leadership & pay

3 people listed

Executive titles in this filing

  • OLUSEUN ONIGBINDE (PRESIDENT/CE)

Highest reported compensation

  • OLUSEUN ONIGBINDE (PRESIDENT/CE): $294,072 total reported compensation
  • ABIOLA AFOLABI (SEC./INT'L P): $67,337 total reported compensation

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

Overview

Mission

The main activity of the organization will be to use creative technology to simplify public information, stimulating a community of active citizens and enabling their right to demand accountability, institutional reforms, efficient service delivery and equitable society. Additionally, the organization will offer budget access with impact analysis for marginalized persons, civic technology, policy analysis, budget simplification, and artificial intelligence for good.

What it reported doing in 2024

Delivery of an interactive engine to visualize the budgets by citizens, support for access to public budgets in senegal and ghana as supported by the hewlett foundation, redesign of current website for chicago budget analysis and visualization. These activities will be conducted by the board of directors, volunteers, and any paid professionals that the organization chooses to hire. The activities will be headquartered in Washington d.c, though we hope to have a national reach. The organization allocates 60% of its total time to its programmatic activities towards significantly expanding its impact in west africa, while 40% will be dedicated to fundraising initiatives. The activities will be funded through donations, corporate sponsors, and grants. The organization will allocate 100% of its overall expenses to its activities.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 74% for direct work, and 26% for grants.

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 the filing reports few safeguards for money sent abroad.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 62
  • Accountability: 43
  • Sustainability: 16
  • 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: 91.7%; rating input score 92; 12th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • 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: 99.2%; rating input score 99; 49th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 33.3%; rating input score 33; 10th percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: -14.2%; rating input score 13; 13th percentile among comparable filings
  • Total-asset coverage ratio: 0.6; rating input score 28; 28th percentile among comparable filings
  • Liabilities to assets ratio: 0.52; rating input score 15; 15th percentile among comparable filings
  • Officer compensation ratio: 48%; rating input score 2; 2nd percentile among comparable filings

Growth

  • Program expense growth: 69% per year; rating input score 100; 97th percentile among comparable filings
  • Revenue growth: 32.6% per year; rating input score 100; 93rd percentile among comparable filings
  • Asset growth: 84.9% per year; rating input score 100; 99th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 1 of 3 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $753K in reported program spending
  • Leadership: top reported pay $294K · 3 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 22 of 23 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors, foreign activity, and executive pay
  • Filing history: 3 filing years from 2022 to 2024
  • 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.

  • Moderate — Accountability: Independent voting board scored 33/100.
  • High — Transparency & Controls: Foreign activity oversight: 7 of 8 not reported.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Sustainability: Operating margin scored 13/100.
  • High — Sustainability: Total-asset coverage ratio scored 28/100.
  • High — Sustainability: Officer compensation ratio scored 2/100.
  • High — Sustainability: Liabilities to assets ratio scored 15/100.
  • Review — Transparency & Controls: Foreign grant itemization did not reconcile in the filed values.