Ftc Qalicb Inc

Nonprofit profile at a glance

EIN
842654905
IRS 990 coverage
2019–2024
Forms available
Form 990 2024
Location
Jackson, MS, USA
Phone
6017098963
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Single Organization Support

Reported finances

Revenue
$245,488
Expenses
$849,365
Assets
$14,238,938
Liabilities
$16,130,142

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

Leadership & pay

5 people listed

Highest reported compensation

  • SUSAN GARRARD (DIRECTOR): $153,464 total reported compensation
  • SARAH SKELTON (DIRECTOR): $131,596 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 develop and construct a museum to benefit, support, perform the charitable functions of, or to carry out the charitable purposes, of the Mississippi children's museum. Ftc obtained the status of a qualified active low-income community business in order to construct, develop and equip a children's museum in meridian, Mississippi through a new markets tax credit (nmtc) transaction.

What it reported doing in 2024

To develop and construct a museum to benefit, support, perform the charitable functions of, or to carry out the charitable purposes, of the Mississippi children's museum.

Operating model

Revenue model
Earned-program. 95% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 89% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 75
  • Accountability: 100
  • Sustainability: 33
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 97.4%; rating input score 97
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • 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: 100%; rating input score 100; 80th 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; 63rd percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • 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: -246%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 16.76; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 1.13; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 2.2%; rating input score 35; 35th percentile among comparable filings

Growth

  • Program expense growth: 25.5% per year; rating input score 100; 88th percentile among comparable filings
  • Revenue growth: -23% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: -3.1% per year; rating input score 0; 14th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 97.4% of spending went to programs
  • Governance: 5 of 5 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $827K in reported program spending
  • Leadership: top reported pay $153K · 5 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 20 of 20 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 6 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 3 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 — Sustainability: Operating margin scored 1/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.
  • Moderate — Sustainability: Officer compensation ratio scored 35/100.