Gloucester Revolving Loan Fund Inc

Nonprofit profile at a glance

EIN
043247724
IRS 990 coverage
2013–2015
Forms available
Form 990 2015
Location
Gloucester, MA, USA
Phone
9788040382
Rating
54
Verdict
MIXED
Rating confidence
Moderate
Sector
Private Grantmaking Foundations

Reported finances

Revenue
$3,355
Expenses
$6,379
Assets
$140,978
Liabilities
$6,312

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

Leadership & pay

10 people listed

Executive titles in this filing

  • DAVID MARSH (PRESIDENT)
  • DAVID SIDON (VICE PRESIDENT)

People named in this filing

  • DAVID MARSH (PRESIDENT)
  • DAVID SIDON (VICE PRESIDENT)
  • RENEE LIBRO (TREASURER)

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 2015. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Support investment in the city

What it reported doing in 2015

Support investment in the city of gloucester through low- interest loans to industries related to the fishing industry and shore side operations

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 100
  • Accountability: 100
  • Sustainability: 37
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd 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: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Limited
    • Other executive compensation review process: Limited
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -90.1%; rating input score 20; 20th percentile among comparable filings
  • Total-asset coverage ratio: 22.1; rating input score 83; 83rd percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 25; 25th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: Limited
  • Revenue growth: 17.4% per year; rating input score 100; 89th percentile among comparable filings
  • Asset growth: -2% per year; rating input score 0; 40th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 10 of 10 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 10 people listed
  • Consistency: 14 of 14 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 3 filing years from 2013 to 2015
  • Contacts: How to reach this organization
  • 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 — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Sustainability: Operating margin scored 20/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 25/100.