Forekids Foundations Inc Dba Zurich Classic of New Orleans

Nonprofit profile at a glance

EIN
581940111
IRS 990 coverage
2011–2024
Forms available
Form 990 2024, Form 990-EZ 2014
Location
Avondale, LA, USA
Phone
5043423000
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Private Independent Foundations

Official website

Reported finances

Revenue
$20,706,585
Expenses
$19,192,628
Assets
$17,514,853
Liabilities
$5,373,206

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

Leadership & pay

18 people listed

Executive titles in this filing

  • STEVE WORTHY (CEO)

Highest reported compensation

  • STEVE WORTHY (CEO): $550,754 total reported compensation
  • CHRIS KENYON (VP OF SALES & MARKETING): $207,212 total reported compensation

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

Overview

Mission

The primary purpose of the foundation is the promotion of social welfare for the community of new orleans by promoting, managing, and sponsoring an annual pga tour golf tournament.

What it reported doing in 2024

Net proceeds from golf tournament contributed to other 501(c)(3) organizations, for more information see schedule i - grants and other assistance to organization

Operating model

Revenue model
Earned-program. 88% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 83% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Total assets are small relative to annual expenses; liquid coverage is unknown and some filed totals do not add up.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 71
  • Accountability: 100
  • Sustainability: 51
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 91.5%; rating input score 91
  • Program expense ratio: 97.1%; rating input score 97
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 17th 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: Limited
  • Grant itemization coverage: 70%; rating input score 70; 14th 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; 66th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 7.3%; rating input score 61; 61st percentile among comparable filings
  • Total-asset coverage ratio: 0.91; rating input score 33; 33rd percentile among comparable filings
  • Liabilities to assets ratio: 0.31; rating input score 46; 46th percentile among comparable filings
  • Officer compensation ratio: 3.9%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: 4.2% per year; rating input score 100; 36th percentile among comparable filings
  • Revenue growth: 3.3% per year; rating input score 100; 28th percentile among comparable filings
  • Asset growth: 9.5% per year; rating input score 100; 63rd percentile among comparable filings

Details

  • Where the money goes: 91.5% of revenue deployed · 97.1% of spending went to programs
  • Governance: 16 of 16 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $18.6M in reported program spending
  • Leadership: top reported pay $551K · 18 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $309K reported
  • Consistency: 29 of 30 current checks pass · 1 finding to review
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 13 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 62 filed money-flow records
  • Related organizations: 60 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Sustainability: Total-asset coverage ratio scored 33/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Liabilities to assets ratio scored 46/100.