Florida Foundation Seed Producers Inc
Nonprofit profile at a glance
- EIN
- 590931036
- IRS 990 coverage
- 2013–2024
- Forms available
- Form 990 2024
- Location
- Greenwood, FL, USA
- Phone
- 8505944721
- Rating
- 78
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Research Institutes and Public Policy Analysis
Reported finances
- Revenue
- $24,309,407
- Expenses
- $23,032,212
- Assets
- $28,734,145
- Liabilities
- $12,021,857
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
15 people listed
Executive titles in this filing
- Ricky Hartley (President)
- Sam Greenwood (Vice President)
- Cole McNair (President)
Highest reported compensation
- John Beuttenmuller (EDSecTreasurer): $234,755 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To ensure foundation seed and nursery stocks of the best-known varieties adaptable to the climate and soils are available annually to Florida farmers and producers.
What it reported doing in 2024
The Organization works with the Institute of Food and Agricultural Sciences of the University of Florida for the purposes of increasing foundation seed from the point at which a variety is developed by a trained plant breeder to the state where ample stocks are made available to qualified seed producers. The Organization owns 500 acres of land near Mariana, Florida. The Organization owns farming equipment, processing equipment and storage facilities that it uses to grow, harvest and process foundation seed products. The majority of the costs incurred are included in the cost of goods sold, line 10b of Part VIII.
Operating model
- Revenue model
- Earned-program. 98% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Grant intermediary. The nonprofit sent 74% of its reported program spending out as grants.
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and some filing-based governance responses are negative or unanswered.
Rating breakdown
- Financial Efficiency: 84
- Transparency & Controls: 64
- Accountability: 90
- Sustainability: 53
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 92.1%; rating input score 92
- Program expense ratio: 99.1%; rating input score 99
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
- Pay-setting controls: 2 of 6 controls in place; rating input score 33
- Compensation committee: Pass
- 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: Scored; rating input score 0
- Grant itemization coverage: 99.9%; rating input score 100; 39th percentile among comparable filings
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 66th 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: Fail
- CEO compensation review process: NotApplicable
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 5.3%; rating input score 55; 55th percentile among comparable filings
- Total-asset coverage ratio: 1.25; rating input score 44; 44th percentile among comparable filings
- Liabilities to assets ratio: 0.42; rating input score 35; 35th percentile among comparable filings
- Officer compensation ratio: 1%; rating input score 85; 85th percentile among comparable filings
Growth
- Program expense growth: 33.3% per year; rating input score 100; 96th percentile among comparable filings
- Revenue growth: 27.9% per year; rating input score 100; 96th percentile among comparable filings
- Asset growth: 8.5% per year; rating input score 100; 57th percentile among comparable filings
Details
- Where the money goes: 92.1% of revenue deployed · 99.1% of spending went to programs
- Governance: 13 of 13 board members independent · 6 of 8 filing controls reported
- Programs: 2 filed program accomplishments · $22.8M in reported program spending
- Leadership: top reported pay $235K · 15 people listed · 2 of 6 pay-setting controls reported
- Highest-paid contractors: 1 contractor listed · $250K reported
- Consistency: 31 of 31 current checks pass
- Schedules: 8 filed schedules · includes foreign activity, grants, and executive pay
- Filing history: 12 filing years from 2013 to 2024
- Contacts: How to reach this organization
- Money network: 4 filed money-flow records
- Related organizations: 5 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: Foreign activity oversight scored 0/100.
- Review — Accountability: Governance controls: 2 of 8 not reported.
- Review — Sustainability: Operating margin scored 55/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 44/100.
- Moderate — Sustainability: Liabilities to assets ratio scored 35/100.