Genesis Financial Management Inc

Nonprofit profile at a glance

EIN
522354330
IRS 990 coverage
2011–2015
Forms available
Form 990 2015
Location
Tampa, FL, USA
Phone
8138665100
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Financial Counseling

Reported finances

Revenue
$568,155
Expenses
$608,309
Assets
$264,403
Liabilities
$318,703

Source: IRS Form 990. Selected filing: tax year 2015. Amounts in USD.

Leadership & pay

3 people listed

Executive titles in this filing

  • PRESTON O DUPPINS JR (PRESIDENT AND CEO)

Highest reported compensation

  • PRESTON O DUPPINS JR (PRESIDENT AND CEO): $138,620 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2015. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Delivering world class credit education and debt management programs to promote sound personal financial management skills to individuals who have overextended their use of credit.

What it reported doing in 2015

Assisting consumers with their personal financial needs and providing educational support for managing short and long-term finances through a debt management plan. The financial education is designed to teach effective money management by focusing on preventative education, financial distress intervention and post debt management financial planning.

Operating model

Revenue model
Donor-supported. 83% of the money available for current operations came from contributions and gifts.
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. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 79
  • Transparency & Controls: 90
  • Accountability: 65
  • Sustainability: 18
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 80%; rating input score 80
  • Program expense ratio: 74.7%; rating input score 75
  • Fundraising efficiency: $107.69 raised per $1 spent on fundraising; rating input score 89; 89th percentile among comparable filings

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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 66.7%; rating input score 67; 12th percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: -7.1%; rating input score 19; 19th percentile among comparable filings
  • Total-asset coverage ratio: 0.43; rating input score 24; 24th percentile among comparable filings
  • Liabilities to assets ratio: 1.21; rating input score 5; 5th percentile among comparable filings
  • Officer compensation ratio: 22.8%; rating input score 10; 10th percentile among comparable filings

Growth

  • Program expense growth: -42% per year; rating input score 0; 2nd percentile among comparable filings
  • Revenue growth: -34.4% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: -19% per year; rating input score 0; 4th percentile among comparable filings

Details

  • Where the money goes: 80% of revenue deployed · 74.7% of spending went to programs
  • Governance: 2 of 3 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $454K in reported program spending
  • Leadership: top reported pay $139K · 3 people listed
  • Consistency: 28 of 28 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 5 filing years from 2011 to 2015
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 19/100.
  • High — Sustainability: Total-asset coverage ratio scored 24/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 5/100.
  • High — Sustainability: Officer compensation ratio scored 10/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.