Forward Community Investments Inc

Nonprofit profile at a glance

EIN
391815578
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Madison, WI, USA
Phone
6082573863
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Business and Industry

Reported finances

Revenue
$3,661,266
Expenses
$3,006,726
Assets
$34,802,949
Liabilities
$18,352,957

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

Leadership & pay

15 people listed

Executive titles in this filing

  • RYAN ZERWER (PRESIDENT & CEO)

Highest reported compensation

  • RYAN ZERWER (PRESIDENT & CEO): $243,062 total reported compensation
  • ROBERT BEACH (CHIEF OPERATING OFFICER): $180,937 total reported compensation
  • EVAN REED (DIRECTOR OF LENDING): $164,792 total reported compensation

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

Overview

Mission

We invest in people, projects, and organizations that create lasting impact, addressing community needs in innovative and effective ways. By leveraging a network of partnerships and creative financing, we ensure individuals and neighborhoods across Wisconsin have access to the resources they need to prosper.

What it reported doing in 2024

Community lending services - fci's lending services incorporate activities essential to providing loans to fci's clients. Those services include developing and maintaining client, lender and investor relations; processing loan requests; underwriting; loan servicing; technical assistance and consulting for clients; and raising and servicing investments. Over its lifetime, fci has disbursed a little more than $106.8 million to benefit organizations and initiatives throughout Wisconsin. Over the years, fci's loans have created or sustained 2,659 units of affordable housing and indirectly provided services to more than 721,000 low-income individuals. And, through business incubation strategies and expanded community facilities, fci nonprofit borrowers have created or retained more than 6,870 jobs for Wisconsin residents and added over 1,764 new daycare slots.some of fci's accomplishments for community lending services in 2024 include: closed 17 new and refinanced loans totaling $4.6 million in two different counties. The funds were used for community facilities, affordable housing, working capital and lines of credit. Closed just over $27 million in new market tax credit transaction.fci borrowers received one-on-one technical assistance and advice on topics ranging from managing cash flow to monitoring construction budgets to developing multi-year projections.

Operating model

Revenue model
Earned-program. 83% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% 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 - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 55
  • Transparency & Controls: 71
  • Accountability: 100
  • Sustainability: 65
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 46.1%; rating input score 46
  • Program expense ratio: 60.8%; rating input score 61
  • Fundraising efficiency: $91.08 raised per $1 spent on fundraising; rating input score 86; 86th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 13th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd 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: 17.9%; rating input score 74; 74th percentile among comparable filings
  • Total-asset coverage ratio: 11.58; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0.53; rating input score 20; 20th percentile among comparable filings
  • Officer compensation ratio: 33.1%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: -1.5% per year; rating input score 0; 10th percentile among comparable filings
  • Revenue growth: 2.8% per year; rating input score 100; 25th percentile among comparable filings
  • Asset growth: 6.6% per year; rating input score 100; 43rd percentile among comparable filings

Details

  • Where the money goes: 46.1% of revenue deployed · 60.8% of spending went to programs
  • Governance: 9 of 9 board members independent · 9 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $1.8M in reported program spending
  • Leadership: top reported pay $243K · 15 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 33 of 33 current checks pass
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • Related organizations: 38 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 46/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 4/100.
  • High — Sustainability: Liabilities to assets ratio scored 20/100.