Fleet Reserve Association Education Foundation

Nonprofit profile at a glance

EIN
263336867
IRS 990 coverage
2010–2022
Forms available
Form 990 2022, Form 990-N 2019
Location
Alexandria, VA, USA
Phone
7036831400
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Official website

Reported finances

Revenue
$52,344
Expenses
$122,240
Assets
$1,360,391
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • JOSEPH BARNES (PRESIDENT)

People named in this filing

  • JOSEPH BARNES (PRESIDENT)
  • GARY BLACKBURN (SECRETARY)
  • STEVE COX (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 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide scholarships and grants for charitable and educational purposes to deserving members of the military sea services and their families.

What it reported doing in 2022

The foundation provided 22 scholarships to eligible students in the united states.

Operating model

Revenue model
Investment-supported. 79% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 85% of its reported program spending out as grants.

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 revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 94
  • Accountability: 76
  • Sustainability: 44
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 76.2%; rating input score 76
  • 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: 100%; rating input score 100; 80th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th 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: -133.5%; rating input score 21; 21st percentile among comparable filings
  • Total-asset coverage ratio: 11.13; rating input score 64; 64th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 70; 70th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 61; 61st percentile among comparable filings

Growth

  • Program expense growth: 1.1% per year; rating input score 100; 57th percentile among comparable filings
  • Revenue growth: -4.2% per year; rating input score 0; 49th percentile among comparable filings
  • Asset growth: 19.3% per year; rating input score 100; 91st percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 76.2% of spending went to programs
  • Governance: 6 of 6 board members independent · 3 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $93K in reported program spending
  • Leadership: top reported pay $0 · 6 people listed
  • Consistency: 20 of 20 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 12 filing years from 2010 to 2022
  • 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 — Accountability: Governance controls: 3 of 6 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 21/100.