Horatio Alger Endowment Fund

Nonprofit profile at a glance

EIN
272480291
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Alexandria, VA, USA
Phone
7036849444
Rating
88
Verdict
STRONG
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$13,748,030
Expenses
$16,122,465
Assets
$345,148,740
Liabilities
$132,969

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

Leadership & pay

13 people listed

Executive titles in this filing

  • JAMES SENEFF (PRESIDENT)
  • TERRENCE J GIROUX (EXECUTIVE DIRECTOR)
  • LESLEY ALBANESE BEG 042024 (CHIEF EXECUTIVE OFFICER)

Highest reported compensation

  • TERRENCE J GIROUX (EXECUTIVE DIRECTOR): $2,264,177 total reported compensation
  • CONSTANTINE G KATSARASKIS (CHIEF OPERATING OFFICER): $622,898 total reported compensation
  • LESLEY ALBANESE BEG 042024 (CHIEF EXECUTIVE OFFICER): $452,270 total reported compensation

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

Overview

Mission

The purpose of the fund is to promote educational and charitable purposes, and in particular to receive, hold, invest and distribute funds to the horatio alger association of distinguished americans, inc. (the "association") for the benefit of the association's existing and future programs.

What it reported doing in 2024

National scholars' visibility: through dedicated ambassadors and special events, the association endeavors to establish connections with educational professionals (school principals, guidance counselors, teachers and other nonprofit organizations) for the purpose of identifying students best matching the association's special criteria for its scholarship programs. These activities also serve as public service announcements highlighting the association's mission that success is available to those dedicated to the principles of integrity, hard work, perseverance and compassion for others.

Operating model

Revenue model
Investment-supported. 66% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 83% of its reported program spending out as grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 95
  • Transparency & Controls: 83
  • Accountability: 100
  • Sustainability: 45
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 99.7%; rating input score 100
  • Program expense ratio: 87.5%; rating input score 88
  • Fundraising efficiency: $402.01 raised per $1 spent on fundraising; rating input score 94; 94th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • 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; 66th percentile among comparable filings
  • Governance controls: 9 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: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -17.3%; rating input score 6; 6th percentile among comparable filings
  • Total-asset coverage ratio: 21.41; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 97; 97th percentile among comparable filings
  • Officer compensation ratio: 11.1%; rating input score 16; 16th percentile among comparable filings

Growth

  • Program expense growth: 6.6% per year; rating input score 100; 53rd percentile among comparable filings
  • Revenue growth: -5.2% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: 7.7% per year; rating input score 100; 53rd percentile among comparable filings

Details

  • Where the money goes: 99.7% of revenue deployed · 87.5% of spending went to programs
  • Governance: 9 of 9 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $14.1M in reported program spending
  • Leadership: top reported pay $2.3M · 13 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $229K reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 3 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 — Sustainability: Operating margin scored 6/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 16/100.