Foundations in Faith Inc

Nonprofit profile at a glance

EIN
061448345
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Norwalk, CT, USA
Phone
2034161392
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Affiliation
Christianity

Reported finances

Revenue
$2,493,595
Expenses
$1,893,051
Assets
$38,425,727
Liabilities
$2,301,752

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

Leadership & pay

16 people listed

Executive titles in this filing

  • Kelly Weldon (Executive Director)

Highest reported compensation

  • Anne O McCrory (Secretary): $257,869 total reported compensation
  • Bishop Frank J Caggiano (Director): $62,401 total reported compensation
  • Kelly Weldon (Executive Director): $47,888 total reported compensation

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

Overview

Mission

Support catholic education, vocation, and seminary education, priests' residence and retirement fund and diocesan ministries and programs.

Operating model

Revenue model
Investment-supported. 79% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

STRONG - 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 revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 68
  • Accountability: 93
  • Sustainability: 83
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 98.9%; rating input score 99
  • Program expense ratio: 89.5%; rating input score 89
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 10th 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: 98.2%; rating input score 98; 34th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 87.5%; rating input score 88; 19th 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: 24.1%; rating input score 80; 80th percentile among comparable filings
  • Total-asset coverage ratio: 20.3; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.06; rating input score 67; 67th percentile among comparable filings
  • Officer compensation ratio: 1.8%; rating input score 77; 77th percentile among comparable filings

Growth

  • Program expense growth: 2.1% per year; rating input score 100; 23rd percentile among comparable filings
  • Revenue growth: -3.2% per year; rating input score 0; 5th percentile among comparable filings
  • Asset growth: 3% per year; rating input score 100; 24th percentile among comparable filings

Details

  • Where the money goes: 98.9% of revenue deployed · 89.5% of spending went to programs
  • Governance: 14 of 16 board members independent · 9 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $1.7M in reported program spending
  • Leadership: top reported pay $258K · 16 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 21 of 22 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 43 filed money-flow records
  • Related organizations: 32 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.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.