Foundation for Vision Research
Nonprofit profile at a glance
- EIN
- 815141432
- IRS 990 coverage
- 2017–2024
- Forms available
- Form 990 2024, Form 990-N 2016
- Location
- Grand Rapids, MI, USA
- Phone
- 6169542020
- Rating
- 66
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Eye Diseases, Blindness & Vision Impairments Research
Reported finances
- Revenue
- $931,107
- Expenses
- $743,053
- Assets
- $1,413,174
- Liabilities
- $1,233
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
7 people listed
Executive titles in this filing
- DR THOMAS M AABERG JR (PRESIDENT)
Highest reported compensation
- DR SCOTT J WESTHOUSE (BOARD MEMBER): $977,727 total reported compensation
- DR NATHAN F PEZDA (TREASURER): $960,991 total reported compensation
- DR LILIYA S SUTHERLAND (SECRETARY): $935,851 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 fund research devoted to the vision sciences including investigation for better understanding of the causes of vision loss. To conduct research to further understand vision loss and develop treatments to address those conditions. To receive and administer funds and assets for charitable, educational and scientific purposes as set forth in section 501(c)(3) of the internal revenue code of 1986, as amended (the "code"), or any corresponding provision of any subsequent federal tax laws, including the making of distributions to organizations that qualify as exempt organizations under code section 501(c)(3). To conduct educational events directed to health care professionals and the public to bring attention to vision threatening eye diseases and provide information as to potential preventative measures.
What it reported doing in 2024
In furtherence of its exempt purpose the foundation continues vision research to better understand the causes of vision loss and to develop treatments to address those conditions.
Operating model
- Revenue model
- Earned-program. 93% 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 - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and a relatively small share of voting board members are independent.
Rating breakdown
- Financial Efficiency: 75
- Transparency & Controls: 65
- Accountability: 43
- Sustainability: 64
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 76.4%; rating input score 76
- Program expense ratio: 98%; rating input score 98
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Missing
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 33.3%; rating input score 33; 10th percentile among comparable filings
- Governance controls: 5 of 9 controls in place; rating input score 56
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Fail
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 20.2%; rating input score 76; 76th percentile among comparable filings
- Total-asset coverage ratio: 1.9; rating input score 63; 63rd percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
- Officer compensation ratio: 56.8%; rating input score 1; 1st percentile among comparable filings
Growth
- Program expense growth: 19.1% per year; rating input score 100; 81st percentile among comparable filings
- Revenue growth: 13.3% per year; rating input score 100; 75th percentile among comparable filings
- Asset growth: 23.1% per year; rating input score 100; 85th percentile among comparable filings
Details
- Where the money goes: 76.4% of revenue deployed · 98% of spending went to programs
- Governance: 2 of 6 board members independent · 5 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $728K in reported program spending
- Leadership: top reported pay $978K · 7 people listed · 0 of 6 pay-setting controls reported
- Consistency: 29 of 29 current checks pass
- Schedules: 6 filed schedules · includes major donors and executive pay
- Filing history: 8 filing years from 2017 to 2024
- Contacts: How to reach this organization
- Money network: 2 filed money-flow records
- Related organizations: 2 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: Pay-setting controls scored 0/100.
- Moderate — Accountability: Independent voting board scored 33/100.
- Review — Accountability: Governance controls: 3 of 8 not reported.
- High — Sustainability: Officer compensation ratio scored 1/100.