Fairhaven Industries Inc

Nonprofit profile at a glance

EIN
341023491
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Warren, OH, USA
Phone
3308477275
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Sheltered Employment

Reported finances

Revenue
$6,576,096
Expenses
$5,885,893
Assets
$3,981,156
Liabilities
$1,418,457

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

Leadership & pay

11 people listed

Executive titles in this filing

  • GEORGE ECONOMIDES (PRESIDENT)

Highest reported compensation

  • GEORGE PAROZ (EXECUTIVE DI): $118,111 total reported compensation

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

Overview

Mission

Mission statement: to provide excellent services while keeping all program options available while also expanding options to reach every potential individual in our program. We believe that person-centered, free thinking planning should be the first step in providing excellent services and developing new and exciting programs and jobs. Fairhaven industries, inc. Will focus on team first, positive training where all employees are considered team members and will work together to foster a strategic plan that will take us into the future of providing a vast array of services. Fairhaven industries, inc. Main mission is to assist the individuals who choose our program to reach their dreams and goals on an individual basis while fostering relationships inside and outside the workplace. We want to offer careers and programs that are tailored to each individual's personal goals. Vision statement: to provide excellent and diversified support and be the number one provider of choice in our area.

What it reported doing in 2024

Fairhaven industries, inc. Offers adult day services, transportation services, and residential programs for adults with developmental disabilities. The day workshops offer clients opportunities to work, earn a paycheck, and develop important social skills. The organization's non- medical transportation services help clients travel safely to and from day programs, workplaces, community outings, and to meet their daily needs. Through its residential services, fairhaven offers group activities, homemaker and personal care assistance, and operates a 24-hour residential facility that provides continuous care and support.

Operating model

Revenue model
Earned-program. 96% of the money available for current operations came from fees and other program 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Total assets are small relative to annual expenses; liquid coverage is unknown and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 68
  • Transparency & Controls: 90
  • Accountability: 100
  • Sustainability: 49
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 72.7%; rating input score 73
  • Program expense ratio: 82.1%; rating input score 82
  • Fundraising efficiency: Limited

Transparency & Controls

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

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 10.5%; rating input score 63; 63rd percentile among comparable filings
  • Total-asset coverage ratio: 0.68; rating input score 25; 25th percentile among comparable filings
  • Liabilities to assets ratio: 0.36; rating input score 30; 30th percentile among comparable filings
  • Officer compensation ratio: 2%; rating input score 76; 76th percentile among comparable filings

Growth

  • Program expense growth: 20.5% per year; rating input score 100; 86th percentile among comparable filings
  • Revenue growth: 21.1% per year; rating input score 100; 89th percentile among comparable filings
  • Asset growth: 18.5% per year; rating input score 100; 81st percentile among comparable filings

Details

  • Where the money goes: 72.7% of revenue deployed · 82.1% of spending went to programs
  • Governance: 9 of 9 board members independent · 8 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $4.8M in reported program spending
  • Leadership: top reported pay $118K · 11 people listed
  • Consistency: 30 of 30 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 13 filing years from 2012 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • High — Sustainability: Total-asset coverage ratio scored 25/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 30/100.