Corundum Convergence Institute

Nonprofit profile at a glance

EIN
934508245
IRS 990 coverage
2024–2024
Forms available
Form 990 2024, Form 990-EZ 2023
Location
Cambridge, MA, USA
Phone
2039740356
Rating
62
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Fund Raising and Fund Distribution

Official website

Reported finances

Revenue
$998,386
Expenses
$243,779
Assets
$739,240
Liabilities
$20,345

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

Leadership & pay

9 people listed

Executive titles in this filing

  • SHUNSUKE NAGAO (PRESIDENT)

People named in this filing

  • SHUNSUKE NAGAO (PRESIDENT)
  • NAOHIRO TAKEMOTO (TREASURER)
  • JOSH SCHULMAN (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

See schedule o

What it reported doing in 2024

Awarding research grants to organization and projects addressing various areas of scientific exploration

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 73% of its reported program spending out as grants.

The verdict

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

Rating breakdown

  • Financial Efficiency: 43
  • Transparency & Controls: 75
  • Accountability: 76
  • Sustainability: 84
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 18.6%; rating input score 19
  • Program expense ratio: 76%; rating input score 76
  • Fundraising efficiency: $26.55 raised per $1 spent on fundraising; rating input score 66; 66th percentile among comparable filings

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: 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: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • 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: 75.6%; rating input score 97; 97th percentile among comparable filings
  • Total-asset coverage ratio: 3.03; rating input score 75; 75th percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 59; 59th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 200% per year; rating input score 100; 100th percentile among comparable filings
  • Asset growth: 199.7% per year; rating input score 100; 100th percentile among comparable filings

Details

  • Where the money goes: 18.6% of revenue deployed · 76% of spending went to programs
  • Governance: 8 of 8 board members independent · 3 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $185K in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 18 of 18 current checks pass
  • Schedules: 5 filed schedules · includes major donors, foreign activity, and grants
  • Contacts: How to reach this organization
  • Money network: 2 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.

  • High — Financial Efficiency: Mission deployment rate scored 19/100.
  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • Moderate — Accountability: Governance controls: 3 of 6 not reported.
  • Review — Sustainability: Liabilities to assets ratio scored 59/100.