Centerstate Ceo Foundation Inc

Nonprofit profile at a glance

EIN
222305294
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Syracuse, NY, USA
Phone
3154701800
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$310,542
Expenses
$426,992
Assets
$1,547,973
Liabilities
$577,520

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

Leadership & pay

31 people listed

Executive titles in this filing

  • ROBERT SIMPSON (PRESIDENT)
  • JAMES REED (VICE PRESIDENT)
  • KELLY FURMAROLA (EXECUTIVE DIRECTOR)

Highest reported compensation

  • ROBERT SIMPSON (PRESIDENT): $434,054 total reported compensation
  • BEN SIO (SVP): $174,618 total reported compensation
  • MARIAN FRANCHER (SENIOR DIRECTOR OF FINANCE): $117,792 total reported compensation

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

Overview

Mission

To attract philanthropic support for centerstate ceo programs that remove barriers to economic prosperity for people and places. These programs help residents access quality jobs, inclusive workplaces, and entrepreneurship opportunities, as well as build vibrant neighborhood business centers.

What it reported doing in 2024

See schedule obased in syracuse, ny, the centerstate ceo foundation is a supporting organization to centerstate corporation for economic opportunity. Centerstate ceo foundation's mission is to attract philanthropic support for centerstate ceo programs that remove barriers to economic prosperity for people and places. Supported activities are designed in collaboration with community partners and include small business, workforce, and neighborhood development. Highlighted strategies and programs include: workforce innovation: through the work train program, centerstate ceo supports industry partnerships in a variety of sectors, including advanced manufacturing, construction, tech, cdl, and healthcare. Industry partnerships include employers, training and education providers, and community-based partners all working to develop strategies for filling good quality jobs along in demand career pathways. In collaboration with these partners, centerstate ceo build initiatives that activate talent from all across the region, including residents who are un or underemployed and/or in low demand or low paying fields. Work train has placed over 1,200 individuals in quality jobs, using feedback from jobseekers to improve programming to achieve more placements, retention, and advancement.small business development: through its up start program and growth + equity fund, centerstate ceo aims to support the launch, growth, and sustainability of small businesses across sectors. The up start team works closely with each business owner to develop customized business plans and troubleshoot challenges. The program leverages various partners across the region, including the sbdc and wise womens business center, to support these entrepreneurs. Started in 2022, the growth + equity fund aims to provide market solutions for emerging and growing small businesses that are not able to access capital from traditional lenders. Through the fund, centerstate works closely with business owners to help de-risk their ventures, positioning them to access the traditional financial market either in the future or as co-lenders. To date, all six growth + equity fund borrowers are up to date on payments with no defaults. Centerstate ceo also operated a pilot accelerator for startups led by entrepreneurs from disadvantaged backgrounds, which graduated five companies.

Operating model

Revenue model
Donor-supported. 96% of the money available for current operations came from contributions and gifts.
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 revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 70
  • Accountability: 88
  • Sustainability: 27
  • Growth: 60

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: 90.9%; rating input score 91; 13th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Pass
    • 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: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 95.8%; rating input score 96; 26th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -37.5%; rating input score 7; 7th percentile among comparable filings
  • Total-asset coverage ratio: 3.63; rating input score 73; 73rd percentile among comparable filings
  • Liabilities to assets ratio: 0.37; rating input score 14; 14th percentile among comparable filings
  • Officer compensation ratio: 60.1%; rating input score 2; 2nd percentile among comparable filings

Growth

  • Program expense growth: 3.5% per year; rating input score 100; 47th percentile among comparable filings
  • Revenue growth: -0.1% per year; rating input score 0; 23rd percentile among comparable filings
  • Asset growth: 7% per year; rating input score 100; 56th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 23 of 24 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $427K in reported program spending
  • Leadership: top reported pay $434K · 31 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 17 of 17 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 7 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 — Sustainability: Operating margin scored 7/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Officer compensation ratio scored 2/100.
  • High — Sustainability: Liabilities to assets ratio scored 14/100.