CLEMENTINE LOCKWOOD PETERSON FOUNDATION C/o Cummings & Lockwood (HST III)

Nonprofit profile at a glance

EIN
066377136
IRS 990 coverage
2020–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Stamford, CT, USA
Phone
2033514308
Rating
69
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Reported finances

Revenue
$1,150,169
Expenses
$1,567,211
Assets
$32,229,119
Liabilities
$0

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

Leadership & pay

3 people listed

Highest reported compensation

  • F Michael Donohue IV (Trustee): $57,666 total reported compensation
  • D Mark Gaston (Trustee): $57,666 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 support the Greenwich Library of Greenwich, Connecticut, giving preference to the Business Section and the Recorded Music Department of the Library.

What it reported doing in 2024

Clementine Lockwood Peterson Foundation (the trust) funded the purchase of land and the construction of a new wing of The Greenwich Library in the 1990's to house the Library's Business Section and Recorded Music Department. During the fiscal year ending 3/31/24, the trust funded all of the Wing's maintenance and operating expenses, as well as capital repairs to the facility, as reviewed and approved by the Trustees and the Library's Board.

Operating model

Revenue model
Investment-supported. 90% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 91% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and the filing reports few safeguards for money sent abroad.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 72
  • Accountability: 43
  • Sustainability: 47
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 87.1%; rating input score 87
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 33.3%; rating input score 33; 10th percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Limited
    • Other executive compensation review process: Limited
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -36.3%; rating input score 5; 5th percentile among comparable filings
  • Total-asset coverage ratio: 20.56; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 7.4%; rating input score 46; 46th percentile among comparable filings

Growth

  • Program expense growth: 1% per year; rating input score 100; 22nd percentile among comparable filings
  • Revenue growth: -29.7% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: -1.9% per year; rating input score 0; 12th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 87.1% of spending went to programs
  • Governance: 1 of 3 board members independent · 4 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.4M in reported program spending
  • Leadership: top reported pay $58K · 3 people listed
  • Highest-paid contractors: 1 contractor listed · $132K reported
  • Consistency: 14 of 14 current checks pass
  • Schedules: 5 filed schedules · includes foreign activity and grants
  • Filing history: 4 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 2 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.

  • Moderate — Accountability: Independent voting board scored 33/100.
  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • High — Sustainability: Operating margin scored 5/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 46/100.