Fabnewport Inc

Nonprofit profile at a glance

EIN
463237048
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Newport, RI, USA
Phone
4014390160
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Education N.E.C.

Official website

Reported finances

Revenue
$1,131,496
Expenses
$1,147,875
Assets
$580,201
Liabilities
$35,694

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

Leadership & pay

11 people listed

Executive titles in this filing

  • STEVEN HEATH (EXECUTIVE DIRECTOR)

Highest reported compensation

  • STEVEN HEATH (EXECUTIVE DIRECTOR): $100,894 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 ensure youth have equitable access to the opportunities, resources, and relationships so they can thrive today and in the future.

What it reported doing in 2024

Summer programmingeach summer, the newport experience (nex) provides approximately 100 newport students with a six-week immersion that combines community partnerships, experiential learning, and exploration of their city to broaden horizons. Learners participate in outdoor and in-lab activities such as design and making, surfing, cycling, hiking, and farming. These experiences cultivate confidence, creativity, and resilience while providing opportunities otherwise inaccessible to many young people, particularly those from socioeconomically disadvantaged backgrounds in newport's north end. The organization also received $235,679 in funding from grants and individual donors in support of this initiative.

Operating model

Revenue model
Donor-supported. 71% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 72
  • Transparency & Controls: 86
  • Accountability: 90
  • Sustainability: 32
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 77.1%; rating input score 77
  • Program expense ratio: 76.3%; rating input score 76
  • Fundraising efficiency: $9.75 raised per $1 spent on fundraising; rating input score 37; 37th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 22nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • 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: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -1.4%; rating input score 31; 31st percentile among comparable filings
  • Total-asset coverage ratio: 0.51; rating input score 24; 24th percentile among comparable filings
  • Liabilities to assets ratio: 0.06; rating input score 49; 49th percentile among comparable filings
  • Officer compensation ratio: 8.8%; rating input score 41; 41st percentile among comparable filings

Growth

  • Program expense growth: 17.6% per year; rating input score 100; 79th percentile among comparable filings
  • Revenue growth: 14.6% per year; rating input score 100; 78th percentile among comparable filings
  • Asset growth: 18% per year; rating input score 100; 78th percentile among comparable filings

Details

  • Where the money goes: 77.1% of revenue deployed · 76.3% of spending went to programs
  • Governance: 9 of 9 board members independent · 6 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $875K in reported program spending
  • Leadership: top reported pay $101K · 11 people listed
  • Consistency: 32 of 33 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 9 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 — Financial Efficiency: Fundraising efficiency scored 37/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • Moderate — Sustainability: Operating margin scored 31/100.
  • High — Sustainability: Total-asset coverage ratio scored 24/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 41/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 49/100.