Florida Bankers Educational Foundation

Nonprofit profile at a glance

EIN
596139568
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Tallahassee, FL, USA
Phone
8502242265
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Reported finances

Revenue
$307,325
Expenses
$174,888
Assets
$3,420,959
Liabilities
$31,857

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

Leadership & pay

12 people listed

Executive titles in this filing

  • LETICIA NEWTON (EXECUTIVE DIRECTOR)

Highest reported compensation

  • PAMELA RICCO (COO): $335,988 total reported compensation
  • LESLEY JORDAN (CFO): $258,743 total reported compensation
  • LETICIA NEWTON (EXECUTIVE DIRECTOR): $93,960 total reported compensation

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

Overview

Mission

It is the mission of the Florida bankers educational foundation to advance careers in banking.

What it reported doing in 2024

The foundation grants scholarship/loan assistance to bankers seeking to advance their college education and/or professional development. All loans granted contain a forgiveness feature which states that after a student graduates from college, the loan will be forgiven if the graduate completes one year of full-time continuous employment with a Florida bank. In 2024-2025, the foundation granted 6 scholarships/loans for $27,000.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 91% 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.

The verdict

SUPPORTED - 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 reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 70
  • Transparency & Controls: 77
  • Accountability: 91
  • Sustainability: 75
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 83.5%; rating input score 84
  • Program expense ratio: 70.9%; rating input score 71
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • 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: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: 43.1%; rating input score 89; 89th percentile among comparable filings
  • Total-asset coverage ratio: 19.56; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 46; 46th percentile among comparable filings
  • Officer compensation ratio: 66.8%; rating input score 2; 2nd percentile among comparable filings

Growth

  • Program expense growth: 8.2% per year; rating input score 100; 65th percentile among comparable filings
  • Revenue growth: 4.8% per year; rating input score 100; 51st percentile among comparable filings
  • Asset growth: 4.7% per year; rating input score 100; 46th percentile among comparable filings

Details

  • Where the money goes: 83.5% of revenue deployed · 70.9% of spending went to programs
  • Governance: 9 of 9 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $124K in reported program spending
  • Leadership: top reported pay $336K · 12 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 28 of 28 current checks pass
  • Schedules: 7 filed schedules · includes grants and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • 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.

  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Officer compensation ratio scored 2/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 46/100.