Business Finland USA Inc

Nonprofit profile at a glance

EIN
205107192
IRS 990 coverage
2022–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
2122302600
Rating
30
Verdict
REVIEW
Rating confidence
Moderate
Sector
Chambers of Commerce & Business Leagues

Reported finances

Revenue
$2,975,296
Expenses
$2,975,296
Assets
$67,367
Liabilities
$55,295

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

Leadership & pay

2 people listed

Executive titles in this filing

  • PETRI HAAHTI (President)

People named in this filing

  • PETRI HAAHTI (President)
  • MARIANNE ASIKAINEN (Director)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

The organization's mission is to promote finnish businesses in north america and related business advisory activities. They have been providing business advice and have been performing this service since inception and plan to continue doing so for the foreseeable future.

What it reported doing in 2024

In 2020, Business Finland, launched a new funding instrument to help Finnish companies survive the pandemic. We processed nearly 30,000 applications and provided funding for more than 20,000 projects. We granted innovation fund for companies totlaing Eur 486.8 million. In 2021, Business Finland granted 701 million in funding, of which 561 million wen tto companies. In addition, we were able to get EUR 530 Million granted to finish companies.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

REVIEW - The filed numbers largely add up. 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: 0
  • Transparency & Controls: 90
  • Accountability: 0
  • Sustainability: 28
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • 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: 0%; rating input score 0; 3rd percentile among comparable filings
  • Governance controls: 0 of 7 controls in place; rating input score 0
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 0%; rating input score 33; 33rd percentile among comparable filings
  • Total-asset coverage ratio: 0.02; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: 0.82; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 23% per year; rating input score 100; 91st percentile among comparable filings
  • Asset growth: -34.7% per year; rating input score 0; 0th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 0 of 2 board members independent · 0 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 2 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • 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.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Accountability: Independent voting board scored 0/100.
  • High — Accountability: Governance controls: 6 of 6 not reported.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 33/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.