Garnet Trust Foundation

Nonprofit profile at a glance

EIN
920463073
IRS 990 coverage
2023–2024
Forms available
Form 990 2024, Form 990-N 2022
Location
Columbia, SC, USA
Phone
4076709738
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Philanthropy, Charity, Voluntarism Promotion

Official website

Reported finances

Revenue
$4,678,630
Expenses
$4,548,000
Assets
$113,190
Liabilities
$0

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

Leadership & pay

10 people listed

People named in this filing

  • BARRY BODIFORD (MEMBER)
  • RICHARD KAY (MEMBER)
  • SCAT SCATURRO (MEMBER)

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

To help promote, support, and advance charitable organizations and causes, educate the general public regarding these chartiable organizations and causes, and to make positive impacts on communities, by utilizing the name-image-likeness and notoriety of university of South Carolina studnet-athletes.

What it reported doing in 2024

Garnet trust foundation leveraged the influence and platform of athletes to make a positive impact on local communities. Through hands-on service, our athletes partner with local non-profits to not only raise awareness for critical causes but also to actively contribute to fulfilling their missions. By engaging in direct service, our athletes help amplify the work of these organizations, creating a stronger bond between the community and the resources they provide. At garnet trust foundation, we believe that through collaboration and action, we can empower both athletes and local non-profits to create lasting, meaningful change.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 81% 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.
  • 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 total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 94
  • Accountability: 70
  • Sustainability: 43
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 96.2%; rating input score 96
  • Program expense ratio: 99%; rating input score 99
  • 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: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 2.8%; rating input score 44; 44th percentile among comparable filings
  • Total-asset coverage ratio: 0.02; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 97; 97th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: 27.3% per year; rating input score 100; 91st percentile among comparable filings
  • Revenue growth: 28.5% per year; rating input score 100; 93rd percentile among comparable filings
  • Asset growth: 109.1% per year; rating input score 100; 99th percentile among comparable filings

Details

  • Where the money goes: 96.2% of revenue deployed · 99% of spending went to programs
  • Governance: 10 of 10 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $4.5M in reported program spending
  • Leadership: top reported pay $0 · 10 people listed
  • Consistency: 20 of 20 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 2 filing years from 2023 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 — Accountability: Governance controls: 4 of 6 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • Moderate — Sustainability: Operating margin scored 44/100.