Frank Lloyd Wright's Rowing Boathouse Corporation

Nonprofit profile at a glance

EIN
161592799
IRS 990 coverage
2010–2018
Forms available
Form 990 2018, Form 990-N 2012
Location
Buffalo, NY, USA
Phone
7162704955
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Swimming & Other Water Recreation

Official website

Reported finances

Revenue
$216,647
Expenses
$170,326
Assets
$3,510,498
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2018. Amounts in USD.

Leadership & pay

11 people listed

Executive titles in this filing

  • JOHN D MEYERS (PRESIDENT)

People named in this filing

  • JOHN D MEYERS (PRESIDENT)
  • FRANK FONTANA (SECRETARY)
  • BILL ALLEN (TREASURER)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2018. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

By constructing a boathouse designed by frank lloyd wright- to enrich buffalo's waterfront experience by providing a significant architectural tourism destination, a center for rowing

What it reported doing in 2018

To provide a thriving waterfront destination used by the community for events and to provide a rowing venue. Tours are provided to educate the community on the extraorindary achitecture.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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. The required major-donor schedule is missing or incomplete and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 75
  • Transparency & Controls: 75
  • Accountability: 94
  • Sustainability: 84
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 77.1%; rating input score 77
  • 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: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: No; rating input score 0
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 21.4%; rating input score 80; 80th percentile among comparable filings
  • Total-asset coverage ratio: 20.61; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 84; 84th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 71; 71st percentile among comparable filings

Growth

  • Program expense growth: -4% per year; rating input score 0; 24th percentile among comparable filings
  • Revenue growth: -2.4% per year; rating input score 0; 22nd percentile among comparable filings
  • Asset growth: -3.4% per year; rating input score 0; 20th percentile among comparable filings

Details

  • Where the money goes: 77.1% of revenue deployed · 98% of spending went to programs
  • Governance: 11 of 11 board members independent · 6 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $167K in reported program spending
  • Leadership: top reported pay $0 · 11 people listed
  • Consistency: 18 of 18 current checks pass
  • Schedules: 3 filed schedules · includes major donors
  • Filing history: 8 filing years from 2010 to 2018
  • Contacts: How to reach this organization
  • 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: Major donor itemization scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.