First Founders Assurance Company
Nonprofit profile at a glance
- EIN
- 201384826
- IRS 990 coverage
- 2008–2023
- Forms available
- Form 990 2023
- Location
- Chester, NJ, USA
- Phone
- 4055836072
- Rating confidence
- Limited
- Sector
- AIDS
Reported finances
- Revenue
- $562,255
- Expenses
- $292,635
- Assets
- $7,897,620
- Liabilities
- $1,747,737
Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.
Leadership & pay
4 people listed
Executive titles in this filing
- JOHN K DAILY (PRESIDENT & DIRECTOR)
Highest reported compensation
- JOHN K DAILY (PRESIDENT & DIRECTOR): $211,621 total reported compensation
- BRUCE S HASKELL (SECRETARY,TREASURER & DIR): $145,705 total reported compensation
- RICHARD RAMSAY (DIRECTOR): $4,500 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The company's primary business is surety with a specialization in providing united states customs bonds and other federal bonds related to the import and export industry.
What it reported doing in 2023
Specializes in providing united states customs bonds and other federal bonds related to the import and export industry.
Operating model
- Revenue model
- Earned-program. 66% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
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: NotEnoughData
- Transparency & Controls: 60
- Accountability: 48
- Sustainability: 82
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
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: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 50%; rating input score 50; 11th percentile among comparable filings
- Governance controls: 4 of 9 controls in place; rating input score 44
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: Fail
- Other executive compensation review process: Fail
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 48%; rating input score 92; 92nd percentile among comparable filings
- Total-asset coverage ratio: 26.99; rating input score 98; 98th percentile among comparable filings
- Liabilities to assets ratio: 0.22; rating input score 31; 31st percentile among comparable filings
- Officer compensation ratio: 5.8%; rating input score 51; 51st percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: 1.5% per year; rating input score 100; 24th percentile among comparable filings
- Asset growth: 6.7% per year; rating input score 100; 47th percentile among comparable filings
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 2 of 4 board members independent · 4 of 9 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $212K · 4 people listed · 0 of 6 pay-setting controls reported
- Consistency: 11 of 11 current checks pass
- Schedules: 5 filed schedules · includes executive pay
- Filing history: 14 filing years from 2008 to 2023
- Contacts: How to reach this organization
- Money network: 4 filed money-flow records
- Related organizations: 2 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.
- High — Transparency & Controls: Pay-setting controls scored 0/100.
- Review — Accountability: Independent voting board scored 50/100.
- Moderate — Accountability: Governance controls: 5 of 9 not reported.
- Moderate — Sustainability: Liabilities to assets ratio scored 31/100.
- Review — Sustainability: Officer compensation ratio scored 51/100.