Financial Literacy Partnership Assoc

Nonprofit profile at a glance

EIN
273572131
IRS 990 coverage
2013–2013
Forms available
Form 990 2013
Location
Philadelphia, PA, USA
Phone
2676480882
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Remedial Reading, Reading Encouragement

Official website

Reported finances

Revenue
$4,250
Expenses
$4,204
Assets
$46
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2013. Amounts in USD.

Leadership & pay

3 people listed

Executive titles in this filing

  • ERICA BECK (PRESIDENT)
  • DONNA TILLMAN (VICE PRESIDENT)

People named in this filing

  • ERICA BECK (PRESIDENT)
  • DONNA TILLMAN (VICE PRESIDENT)
  • ANDRE MCMILLAN (TREASURER)

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 2013. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The Financial Literacy Partnership Association, Inc. is a non-profit organization formed in response to the growing need to educate schoolchildren and adults on the foundational principles of personal finance. Organized exclusively for charitable and educational purposes, the mission of the organization is to teach the foundational principles of personal financial management to inspire financial literacy and promote a desire to successfully build and sustain wealth.

What it reported doing in 2013

In the Fall of 2014, getFIT was held at the Lenfest Center in Philadelphia, PA. This program, which stands for get Financial Intelligence Training, furthered the organization's exempt purpose by teaching adults foundational principles of financial management. The program was sponsored by the Lenfest Center and reached a total of 45 adults in the Hunting Park section of Philadelphia, PA. This section of Philadelphia, PA is predominantly low to moderate income individuals. The program began in October 2014 and was completed in December 2014.

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: 67
  • Transparency & Controls: 90
  • Accountability: 82
  • Sustainability: 44
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 71.3%; rating input score 71
  • Program expense ratio: 72.1%; rating input score 72
  • Fundraising efficiency: $3.63 raised per $1 spent on fundraising; rating input score 32; 32nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd 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; 64th percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 1.1%; rating input score 57; 57th percentile among comparable filings
  • Total-asset coverage ratio: 0.01; rating input score 3; 3rd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 73; 73rd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 62; 62nd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 71.3% of revenue deployed · 72.1% of spending went to programs
  • Governance: 3 of 3 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $3K in reported program spending
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 14 of 15 current checks pass · 1 finding to review
  • Schedules: 2 filed schedules
  • Contacts: How to reach this organization
  • 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 32/100.
  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Total-asset coverage ratio scored 3/100.
  • Review — Sustainability: Operating margin scored 57/100.