Harvard Private Capital Holdings Inc C/o Harvard Management Company Inc

Nonprofit profile at a glance

EIN
043070519
IRS 990 coverage
2009–2018
Forms available
Form 990 2018
Location
Boston, MA, USA
Phone
6177206682
Rating
38
Verdict
REVIEW
Rating confidence
Moderate
Sector
Management & Technical Assistance

Reported finances

Revenue
$895,092,664
Expenses
$15,268,710
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2018. Amounts in USD.

Leadership & pay

4 people listed

Executive titles in this filing

  • NIRMAL P NARVEKAR (DIRECTOR & PRESIDENT)

Highest reported compensation

  • NIRMAL P NARVEKAR (DIRECTOR & PRESIDENT): $8,559,213 total reported compensation
  • ROBERT A ETTL (DIRECTOR & TREASURER): $4,510,916 total reported compensation
  • KATHRYN I MURTAGH (DIRECTOR & SECRETARY): $1,878,088 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2018. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Harvard private capital holdings, inc. Invests funds for the benefit of president and fellows of harvard college, a related 501(c)(3) supported organization.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
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

REVIEW - The strongest available result is that a large share of total spending goes to programs. A relatively small share of available resources goes toward mission work and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 41
  • Transparency & Controls: 43
  • Accountability: 23
  • Sustainability: 47
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 12.5%; rating input score 13
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: Scored; rating input score 0
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 0%; rating input score 0; 4th percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 98.3%; rating input score 100; 100th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 10%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: -4.4% per year; rating input score 0; 4th percentile among comparable filings
  • Revenue growth: 3.1% per year; rating input score 100; 32nd percentile among comparable filings
  • Asset growth: -9.9% per year; rating input score 0; 2nd percentile among comparable filings

Details

  • Where the money goes: 12.5% of revenue deployed · 100% of spending went to programs
  • Governance: 0 of 3 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $15.3M in reported program spending
  • Leadership: top reported pay $8.6M · 4 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 10 of 10 current checks pass
  • Schedules: 7 filed schedules · includes foreign activity, executive pay, and related organizations
  • Filing history: 10 filing years from 2009 to 2018
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 277 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.

  • High — Financial Efficiency: Mission deployment rate scored 13/100.
  • High — Accountability: Independent voting board scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • Review — Accountability: Governance controls: 4 of 9 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 3/100.