Floridamakes Inc

Nonprofit profile at a glance

EIN
273518899
IRS 990 coverage
2014–2024
Forms available
Form 990 2024, Form 990-N 2013
Location
Orlando, FL, USA
Phone
4074507206
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Official website

Reported finances

Revenue
$9,488,029
Expenses
$9,788,964
Assets
$1,410,311
Liabilities
$1,322,503

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

Leadership & pay

21 people listed

Executive titles in this filing

  • KEVIN CARR (CHIEF EXECUTIVE OFFICER)
  • ZORAIDA VELASCO (EXECUTIVE VICE PRESIDENT)

Highest reported compensation

  • KEVIN CARR (CHIEF EXECUTIVE OFFICER): $357,560 total reported compensation
  • ROVENA PANDO (CHIEF FINANCIAL OFFICER): $233,962 total reported compensation
  • MARIA ALFANO (CHIEF OPERATING OFFICER): $211,117 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 improve the productivity and technological performance of small- and medium-sized manufacturers throughout the state of Florida by providing business assessments, business networks, leadership and workforce training, and in-plant consultative engagements.

What it reported doing in 2024

Floridamakes is part of the nationwide national institute of standards and technology's manufacturing extension partnership (nist mep) system that was created to address the needs of local manufacturers, with the mission of supporting the growth and competitive ability of u.s. Manufacturing. Mep centers deliver a high return on investment. At the national level, for every one dollar of federal investment, mep clients generate nearly $19 in new sales, which translates to $2.5 billion annually. And for every $2,001 of federal investment, mep helps companies create or retain one u.s. Manufacturing job. Continued on schedule owhat that means for manufacturers working with floridamakes is a focus on results for the company. Our services are designed to help further the goals for profitability and growth and position them for the future. Depending on the needs and goals, that may include helping to solve a specific manufacturing problem, increase productivity, adopt best practices, determine how core capabilities might be used to enter a new market, or enhance processes through appropriate advanced technology or training.

Operating model

Revenue model
Grant-funded. 63% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 99% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 83
  • Accountability: 91
  • Sustainability: 15
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 92.3%; rating input score 92
  • Program expense ratio: 89.5%; rating input score 89
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 91.7%; rating input score 92; 22nd percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -3.2%; rating input score 24; 24th percentile among comparable filings
  • Total-asset coverage ratio: 0.14; rating input score 4; 4th percentile among comparable filings
  • Liabilities to assets ratio: 0.94; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: 17%; rating input score 16; 16th percentile among comparable filings

Growth

  • Program expense growth: 15.6% per year; rating input score 100; 79th percentile among comparable filings
  • Revenue growth: 15.6% per year; rating input score 100; 83rd percentile among comparable filings
  • Asset growth: 16.6% per year; rating input score 100; 78th percentile among comparable filings

Details

  • Where the money goes: 92.3% of revenue deployed · 89.5% of spending went to programs
  • Governance: 11 of 12 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $8.8M in reported program spending
  • Leadership: top reported pay $358K · 21 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $187K reported
  • Consistency: 36 of 36 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 9 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 12 filed money-flow records
  • Related organizations: 4 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 — Sustainability: Operating margin scored 24/100.
  • High — Sustainability: Total-asset coverage ratio scored 4/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.
  • High — Sustainability: Officer compensation ratio scored 16/100.