Charter Oak State College Foundation Inc

Nonprofit profile at a glance

EIN
060969831
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
New Britain, CT, USA
Phone
8605153889
Rating
85
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$445,773
Expenses
$542,753
Assets
$2,896,440
Liabilities
$0

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

Leadership & pay

15 people listed

Executive titles in this filing

  • GLENN DAVIS (PRESIDENT)
  • ALBERT SCHMID (VICE PRESIDENT)
  • JOYCE PETRELLA (IMMEDIATE PAST PRESIDENT)
  • CAROL HALL (EXECUTIVE DIRECTOR)

People named in this filing

  • GLENN DAVIS (PRESIDENT)
  • ALBERT SCHMID (VICE PRESIDENT)
  • JOE WAXMAN (SECRETARY)

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 mission of the charter oak state college foundation is to expand access to higher education by supporting charter oak state college students and programs through private philanthropy. The foundation provides scholarships, grants, degree completion assistance, and related support to reduce financial barriers, promote educational equity, and advance economic and career mobility. Through donor and endowment support, the foundation seeks to improve outcomes for students and graduates while strengthening the workforce and the communities served by the college.

What it reported doing in 2024

Women in transition program (wit) - established in 2000 to break the cycle of poverty, the wit program is a proven formula that helps low-income single mothers earn a college degree with no to minimal debt. The program eliminates barriers such as, covers the cost of tuition, fees, and books; and provides the necessary technology and access. While the college platform addresses home front, childcare, and transportation challenges; plus offers academic support, tutoring, and coaching. The support and resources strategically remove hindrances, enabling students to focus on their studies and reach degree completion. The program awards assistance to approximately 35 women each academic year.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Grant intermediary. The nonprofit sent 97% of its reported program spending out as grants.

The verdict

STRONG - 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 fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 94
  • Accountability: 76
  • Sustainability: 47
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 76.7%; rating input score 77
  • Fundraising efficiency: $12.72 raised per $1 spent on fundraising; rating input score 46; 46th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 80th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • 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: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -21.8%; rating input score 13; 13th percentile among comparable filings
  • Total-asset coverage ratio: 5.34; rating input score 80; 80th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 36.9% per year; rating input score 100; 93rd percentile among comparable filings
  • Revenue growth: 16.2% per year; rating input score 100; 84th percentile among comparable filings
  • Asset growth: 2% per year; rating input score 100; 33rd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 76.7% of spending went to programs
  • Governance: 12 of 12 board members independent · 3 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $416K in reported program spending
  • Leadership: top reported pay $0 · 15 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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: Governance controls: 4 of 7 not reported.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 46/100.
  • High — Sustainability: Operating margin scored 13/100.