Finseca Foundation

Nonprofit profile at a glance

EIN
521727202
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Washington, DC, USA
Phone
7036419400
Rating
58
Verdict
MIXED
Rating confidence
Moderate
Sector
Human Service Organizations

Official website

Reported finances

Revenue
$1,191,460
Expenses
$1,087,060
Assets
$3,519,945
Liabilities
$368,379

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

Leadership & pay

12 people listed

Executive titles in this filing

  • MARC CADIN (CEO)
  • BONNIE GODSMAN (PRESIDENT)

Highest reported compensation

  • MARC CADIN (CEO): $1,100,918 total reported compensation
  • BONNIE GODSMAN (PRESIDENT): $650,149 total reported compensation

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

Overview

Mission

The mission of finseca foundation is to encourage educational and research endeavors to advance the art and science of agency management in life insurance and related financial services.

What it reported doing in 2024

Research: finseca foundation conducts and provides research to help financial security professionals better serve the needs of american consumers seeking to achieve financial security. The foundation also provides resources for americans to become more financially empowered consumers of financial products and services. Finally, the foundation is advancing and championing the next generation of financial security professionals by identifying top talent from diverse communities.

Operating model

Revenue model
Donor-supported. 88% 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

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 39
  • Transparency & Controls: 65
  • Accountability: 90
  • Sustainability: 57
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 44.9%; rating input score 45
  • Program expense ratio: 40.6%; rating input score 41
  • Fundraising efficiency: $2.51 raised per $1 spent on fundraising; rating input score 7; 7th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • 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: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 8.8%; rating input score 59; 59th percentile among comparable filings
  • Total-asset coverage ratio: 3.24; rating input score 77; 77th percentile among comparable filings
  • Liabilities to assets ratio: 0.1; rating input score 42; 42nd percentile among comparable filings
  • Officer compensation ratio: 18.9%; rating input score 16; 16th percentile among comparable filings

Growth

  • Program expense growth: -3.7% per year; rating input score 0; 9th percentile among comparable filings
  • Revenue growth: 1.1% per year; rating input score 100; 19th percentile among comparable filings
  • Asset growth: -2% per year; rating input score 0; 12th percentile among comparable filings

Details

  • Where the money goes: 44.9% of revenue deployed · 40.6% of spending went to programs
  • Governance: 10 of 10 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $442K in reported program spending
  • Leadership: top reported pay $1.1M · 12 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 23 of 23 current checks pass
  • Schedules: 8 filed schedules · includes major donors and executive pay
  • Filing history: 12 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 3 filed related-organization links
  • 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: Mission deployment rate scored 45/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 41/100.
  • High — Financial Efficiency: Fundraising efficiency scored 7/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Operating margin scored 59/100.
  • High — Sustainability: Officer compensation ratio scored 16/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 42/100.