Garden of Dreams Foundation

Nonprofit profile at a glance

EIN
133979726
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
2124654170
Rating
74
Verdict
SUPPORTED
Rating confidence
Standard
Sector
Public Foundations

Official website

Reported finances

Revenue
$8,931,458
Expenses
$8,537,226
Assets
$6,870,672
Liabilities
$1,181,829

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

Leadership & pay

26 people listed

People named in this filing

  • BARRY WATKINS (CHAIRMAN)
  • DAVID VINIAR (CO-VICE CHAIRPERSON)
  • GARY FUHRMAN (CO-VICE CHAIRPERSON)

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 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Our mission is supported by three core pillars: 1) community projects - we provide direct financial support for improvements to community facilities, as well as for community-based sports, entertainment and media projects, that enhance the environment of young people where they live and grow. 2) education - we provide scholarships for college and trade schools as well as mentorship and career exposure programs that open the doors to opportunities and impact our young people's futures. 3) inspiration & joy - we provide unforgettable experiences that inspire young people in our communities, and foster healing and joy.

What it reported doing in 2024

Events at madison square garden, radio city music hall, teams' training center and other venues: the foundation provides access to events such as concerts, sporting events and a talent show, as well as programming such as mentoring & educational opportunities at various venues, including msg, radio city music hall, msg training center & other venues. The foundation also supports the children of its partner organizations through various direct donations throughout the year, such as an adopt-a-family drive during the holiday season in which msg employees can purchase necessary food, clothing & other items for specific families.

Operating model

Revenue model
Donor-supported. 98% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 79% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing does not identify recipients for some grant dollars and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 74
  • Transparency & Controls: 79
  • Accountability: 88
  • Sustainability: 48
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 78%; rating input score 78
  • Program expense ratio: 81.1%; rating input score 81
  • Fundraising efficiency: $9.98 raised per $1 spent on fundraising; rating input score 37; 37th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.7%; rating input score 95; 25th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 34.4%; rating input score 34; 14th 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: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: Pass

Sustainability

  • Operating margin: 4.4%; rating input score 49; 49th percentile among comparable filings
  • Total-asset coverage ratio: 0.8; rating input score 30; 30th percentile among comparable filings
  • Liabilities to assets ratio: 0.17; rating input score 47; 47th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: -4.1% per year; rating input score 0; 6th percentile among comparable filings
  • Revenue growth: -3.1% per year; rating input score 0; 5th percentile among comparable filings
  • Asset growth: 0.6% per year; rating input score 100; 14th percentile among comparable filings

Details

  • Where the money goes: 78% of revenue deployed · 81.1% of spending went to programs
  • Governance: 23 of 23 board members independent · 5 of 7 filing controls reported
  • Programs: 4 filed program accomplishments · $6.9M in reported program spending
  • Leadership: top reported pay $0 · 26 people listed
  • Consistency: 29 of 30 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors and grants
  • Filing history: 11 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 4 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 — Transparency & Controls: Grant itemization coverage scored 34/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 37/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 49/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 30/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Liabilities to assets ratio scored 47/100.