Financial Beginnings Washington

Nonprofit profile at a glance

EIN
814631680
IRS 990 coverage
2020–2023
Forms available
Form 990 2023, Form 990-N 2016
Location
Portland, OR, USA
Phone
8004061876
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Education N.E.C.

Official website

Reported finances

Revenue
$308,196
Expenses
$306,263
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • RONECCA NORVELL (CEO)

Highest reported compensation

  • SARAH GRUBBS (Executive Dir.): $111,397 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Financial beginnings Washington empowers youth and adults to take control of their financial futures.

What it reported doing in 2023

Financial beginnings Washington increases the financial capability of youth and adults in our state. Doing so empowers them to live with less financial uncertainty, and increases life opportunities such as home ownership, higher education, and secure retirement. This is accomplished through delivering age-appropriate lessons for youth in grades k-12 as well as adults, working both in schools and community based organizations. Our programs reach all demographics but are designed to empower economincally vulnerable learners through inclusive financial education.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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 - The filed numbers largely add up and a large share of available resources goes toward mission work. Fundraising costs are high for each dollar raised and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 62
  • Transparency & Controls: 92
  • Accountability: 79
  • Sustainability: 21
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 68.8%; rating input score 69
  • Program expense ratio: 68.3%; rating input score 68
  • Fundraising efficiency: $2.63 raised per $1 spent on fundraising; rating input score 11; 11th 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: 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: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 0.6%; rating input score 43; 43rd percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 36.4%; rating input score 7; 7th percentile among comparable filings

Growth

  • Program expense growth: 5.7% per year; rating input score 100; 57th percentile among comparable filings
  • Revenue growth: -12.1% per year; rating input score 0; 5th percentile among comparable filings
  • Asset growth: -31.3% per year; rating input score 0; 2nd percentile among comparable filings

Details

  • Where the money goes: 68.8% of revenue deployed · 68.3% of spending went to programs
  • Governance: 4 of 4 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $209K in reported program spending
  • Leadership: top reported pay $111K · 6 people listed
  • Consistency: 22 of 22 current checks pass
  • Schedules: 7 filed schedules · includes major donors
  • Filing history: 4 filing years from 2020 to 2023
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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: Fundraising efficiency scored 11/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • Moderate — Sustainability: Operating margin scored 43/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 7/100.