Garnet Impact Inc

Nonprofit profile at a glance

EIN
873938296
IRS 990 coverage
2022–2024
Forms available
Form 990 2024
Location
Tallahassee, FL, USA
Phone
4072340974
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Support N.E.C.

Official website

Reported finances

Revenue
$2,804,062
Expenses
$2,930,720
Assets
$91,567
Liabilities
$132

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

Leadership & pay

6 people listed

Executive titles in this filing

  • ED BURR (PRESIDENT)
  • WILL COWEN (CEO)

Highest reported compensation

  • WILL COWEN (CEO): $99,744 total reported compensation

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

Overview

Mission

Designed to empower fsu student-athletes to positively impact underserved communities in the tallahassee area.

What it reported doing in 2024

The organization has provided 2,500+ hours of local, regional, and national nil activation opportunities and appearances for over 250 student-athletes. Through the organization, fsu student-athletes can optimize their brand and access monetization opportunities in cooperation with donors, businesses, and community partners. Currently, the organization is serving student-athletes from: baseball, basketball, cheerleading, beach volleyball, soccer, softball, tennis, volleyball, swimming and diving. The organization is an approved non-profit organization.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 94
  • Accountability: 90
  • Sustainability: 29
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 93.4%; rating input score 93
  • Program expense ratio: 89.4%; rating input score 89
  • 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: 100%; rating input score 100; 72nd 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: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -4.5%; rating input score 21; 21st percentile among comparable filings
  • Total-asset coverage ratio: 0.03; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 92; 92nd percentile among comparable filings
  • Officer compensation ratio: 3.4%; rating input score 66; 66th percentile among comparable filings

Growth

  • Program expense growth: 52.7% per year; rating input score 100; 97th percentile among comparable filings
  • Revenue growth: 39.1% per year; rating input score 100; 96th percentile among comparable filings
  • Asset growth: -58.5% per year; rating input score 0; 0th percentile among comparable filings

Details

  • Where the money goes: 93.4% of revenue deployed · 89.4% of spending went to programs
  • Governance: 5 of 5 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $2.6M in reported program spending
  • Leadership: top reported pay $100K · 6 people listed
  • Consistency: 25 of 25 current checks pass
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Sustainability: Operating margin scored 21/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • High — Growth: Asset growth scored 0/100.