Financial Managers Society Philadelphia Chapter
Nonprofit profile at a glance
- EIN
- 232198324
- IRS 990 coverage
- 2020–2024
- Forms available
- Form 990 2024
- Location
- Wayne, PA, USA
- Phone
- 4843954048
- Rating
- 84
- Verdict
- STRONG
- Rating confidence
- Moderate
Reported finances
- Revenue
- $55,291
- Expenses
- $67,984
- Assets
- $282,772
- Liabilities
- $48,860
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
14 people listed
Executive titles in this filing
- Virginia Wright (President)
- Falesha Grasty (Vice-President)
People named in this filing
- John Carrozza (Director)
- Lisa Thouin (Director)
- Shannon Croll (Director)
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
The corporation is incorporated under the nonprofit corporation law of the commonwealth of Pennsylvania for the following purpose or purposes: a) to study operations, financial management, systems, procedures, accounting, auditing, and data processing techniques used by financial institutions, and to devise ways and means of improving the same. B) to promote high standards of practice in operations, systems, procedures, financial management, accounting, auditing, and data processing. C) to further the professional development of operations and financial executives, controllers, treasurers, accountants, auditors, and systems personnel employed by financial institutions and supportive organizations. D) to utilize the professional abilities and specialized skills within the membership, and to improve and coordinate the laws, regulations, and supervisory procedures affecting the operations members' organizations. E) to provide a forum for the exchange of information and the sharing of expe
What it reported doing in 2024
Program: August Golf Outing Date: 8/5/2024 No. of Attendees: 79 Expenses: $23,079 Description: Annual golf outing for FMS members and sponsors. We had breakfast, lunch, golf outing and dinner. The educational event, sponsored by FHLB Pittsburgh, covered regional economic and banking topics.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Hybrid. The nonprofit split its reported program spending across 80% for direct work, 16% for grants, and 4% for member benefits.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 89
- Transparency & Controls: 90
- Accountability: 70
- Sustainability: 40
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 100%; rating input score 100
- 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: 90.9%; rating input score 91; 54th percentile among comparable filings
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
- Governance controls: 2 of 7 controls in place; rating input score 29
- Conflict-of-interest policy: Fail
- 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: -23%; rating input score 38; 38th percentile among comparable filings
- Total-asset coverage ratio: 4.16; rating input score 46; 46th percentile among comparable filings
- Liabilities to assets ratio: 0.17; rating input score 16; 16th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings
Growth
- Program expense growth: 8.1% per year; rating input score 100; 72nd percentile among comparable filings
- Revenue growth: 16% per year; rating input score 100; 92nd percentile among comparable filings
- Asset growth: 4.6% per year; rating input score 100; 64th percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 100% of spending went to programs
- Governance: 14 of 14 board members independent · 2 of 7 filing controls reported
- Programs: 3 filed program accomplishments · $41K in reported program spending
- Leadership: top reported pay $0 · 14 people listed
- Consistency: 19 of 19 current checks pass
- Schedules: 4 filed schedules · includes grants
- Filing history: 5 filing years from 2020 to 2024
- 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.
- High — Accountability: Governance controls: 4 of 6 not reported.
- Moderate — Sustainability: Operating margin scored 38/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 46/100.
- High — Sustainability: Liabilities to assets ratio scored 16/100.