Fintech71

Nonprofit profile at a glance

EIN
821260781
IRS 990 coverage
2017–2020
Forms available
Form 990 2020
Location
Columbus, OH, USA
Phone
6146346161
Rating confidence
Limited
Sector
Economic Development

Official website

Reported finances

Revenue
$0
Expenses
$412,189
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • MATTHEW ARMSTEAD (DIRECTOR, PRESIDENT AND EX)

People named in this filing

  • CHERYL LEBENS (DIRECTOR AND CHAIRPERSON)
  • KEN GAVRITY (DIRECTOR AND VICE-CHAIRPER)
  • MARK NELSEN (DIRECTOR, SECRETARY AND TR)

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 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To establish and operate an educational "accelerator" program for start-up and early-growth-stage companies engaged in the development of new technologies for the financial services sector. Second, to foster economic growth and development in Ohio. Third, to provide educational programming regarding technology and entrepreneurship; and lastly, to potentially make distributions to other charitable organizations that share similar charitable missions, or otherwise support fintech71's charitable mission.

What it reported doing in 2020

To establish and operate an educational "accelerator" program for start-up and early-growth-stage companies engaged in the development of new technologies for the financial services sector.

Operating model

Revenue model
No positive adjusted resources. The filing reports no positive adjusted operating resources.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: 71
  • Transparency & Controls: 93
  • Accountability: 76
  • Sustainability: 8
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: 94.8%; rating input score 95
  • Fundraising efficiency: Limited

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: 100%; rating input score 100; 80th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • 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: Limited
  • Total-asset coverage ratio: 0; rating input score 2; 2nd percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 61; 61st percentile among comparable filings

Growth

  • Program expense growth: 68.3% per year; rating input score 100; 97th percentile among comparable filings
  • Revenue growth: -137.4% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: -65% per year; rating input score 0; 2nd percentile among comparable filings

Details

  • Where the money goes: 94.8% of spending went to programs
  • Governance: 6 of 6 board members independent · 3 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $391K in reported program spending
  • Leadership: top reported pay $0 · 6 people listed
  • Consistency: 14 of 14 current checks pass
  • Schedules: 5 filed schedules · includes grants
  • Filing history: 4 filing years from 2017 to 2020
  • 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.

  • Moderate — Accountability: Governance controls: 3 of 6 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 2/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.