Christopher D Corbett Memorial Fund Inc

Nonprofit profile at a glance

EIN
475373881
IRS 990-EZ coverage
2017–2024
Forms available
Form 990-EZ 2024, Form 990-N 2015
Location
Waterbury, CT, USA
Phone
2037540509
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Reported finances

Revenue
$47,475
Expenses
$21,273
Assets
$405,639

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

Leadership & pay

4 people listed

Executive titles in this filing

  • JOSEPH RAINONE (PRESIDENT)
  • PETER MORGAN (VICE PRESIDENT)

People named in this filing

  • JOSEPH RAINONE (PRESIDENT)
  • PETER MORGAN (VICE PRESIDENT)
  • F DAVID CORBETT (FINANCIAL OFFICER)

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

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

Overview

Mission

Provide scholarships which benefit students who demonstrate a financial need and attend or plan to attend a parochial grammar school in the greater waterbury area and scholarships to students who evince an interest in law enforcement and have demonstrated financial aid and good grades.

What it reported doing in 2024

Scholarships & grants awarded

Operating model

Revenue model
Other-operating. 70% of the money available for current operations came from other operating 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 total spending goes to programs and the filed numbers largely add up. A relatively small share of available resources goes toward mission work and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 72
  • Transparency & Controls: 82
  • Sustainability: 78
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 58.6%; rating input score 59
  • Program expense ratio: 95%; rating input score 95

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
  • Major donor itemization: Limited

Sustainability

  • Operating margin: 55.2%; rating input score 92; 92nd percentile among comparable filings
  • Total-asset coverage ratio: 19.07; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 56; 56th percentile among comparable filings

Growth

  • Program expense growth: 10.6% per year; rating input score 100; 73rd percentile among comparable filings
  • Revenue growth: -7.3% per year; rating input score 0; 29th percentile among comparable filings
  • Asset growth: 11.3% per year; rating input score 100; 75th percentile among comparable filings

Details

  • Where the money goes: 58.6% of revenue deployed · 95% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 1 filed program accomplishment · $20K in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 7 of 7 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 6 filing years from 2017 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.

Key Signals

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

  • Review — Financial Efficiency: Mission deployment rate scored 59/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Sustainability: Officer compensation ratio scored 56/100.