Center for Financial Training Inc

Nonprofit profile at a glance

EIN
061367018
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Farmington, CT, USA
Phone
8007955242
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Adult, Continuing Education

Official website

Reported finances

Revenue
$750,896
Expenses
$996,984
Assets
$752,507
Liabilities
$15,560

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

Leadership & pay

9 people listed

Executive titles in this filing

  • MARTA CAREY (PRESIDENT & CEO)
  • RENEE FEW (ASSISTANT VICE PRESIDENT)

Highest reported compensation

  • MARTA CAREY (PRESIDENT & CEO): $236,438 total reported compensation
  • RENEE FEW (ASSISTANT VICE PRESIDENT): $106,934 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 center for financial training is dedicated to providing professionally administered banker education and training that continually meets the educational needs of bank, credit union, and other employees in the financial services industry.

What it reported doing in 2024

Continuing educational programs, forums and seminars for the financial services community

Operating model

Revenue model
Earned-program. 90% 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. Expenses are high relative to revenue and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 72
  • Transparency & Controls: 77
  • Accountability: 84
  • Sustainability: 20
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87.5%; rating input score 88
  • Program expense ratio: 68.5%; rating input score 69
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 90.9%; rating input score 91; 23rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -32.8%; rating input score 5; 5th percentile among comparable filings
  • Total-asset coverage ratio: 0.75; rating input score 34; 34th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 62; 62nd percentile among comparable filings
  • Officer compensation ratio: 34.4%; rating input score 5; 5th percentile among comparable filings

Growth

  • Program expense growth: -12.3% per year; rating input score 0; 4th percentile among comparable filings
  • Revenue growth: -12.4% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: -0.6% per year; rating input score 0; 16th percentile among comparable filings

Details

  • Where the money goes: 87.5% of revenue deployed · 68.5% of spending went to programs
  • Governance: 10 of 11 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $683K in reported program spending
  • Leadership: top reported pay $236K · 9 people listed · 3 of 6 pay-setting controls reported
  • Consistency: 25 of 25 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 10 filing years from 2014 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.
  • 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 — Sustainability: Operating margin scored 5/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 34/100.
  • High — Sustainability: Officer compensation ratio scored 5/100.