I Love My Island Inc

Nonprofit profile at a glance

EIN
465191767
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Merritt Island, FL, USA
Phone
3215362227
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Human Service Organizations

Reported finances

Revenue
$782,758
Expenses
$762,607
Assets
$196,300
Liabilities
$104,385

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

Leadership & pay

7 people listed

Executive titles in this filing

  • Lou Colombo (President)
  • Julie Colombo (Vice President)

Highest reported compensation

  • Lou Colombo (President): $49,000 total reported compensation
  • Carolyn Pincheck (Treasurer): $24,700 total reported compensation
  • Julie Colombo (Vice President): $10,201 total reported compensation

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

Overview

Mission

To assist the community and support local events and individuals in need.

What it reported doing in 2024

Assisted the local community and families in need.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 97% 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

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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 90
  • Accountability: 68
  • Sustainability: 30
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • 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: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 2 of 9 controls in place; rating input score 22
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 2.6%; rating input score 44; 44th percentile among comparable filings
  • Total-asset coverage ratio: 0.26; rating input score 12; 12th percentile among comparable filings
  • Liabilities to assets ratio: 0.53; rating input score 15; 15th percentile among comparable filings
  • Officer compensation ratio: 11%; rating input score 34; 34th percentile among comparable filings

Growth

  • Program expense growth: 11.3% per year; rating input score 100; 67th percentile among comparable filings
  • Revenue growth: 11.4% per year; rating input score 100; 71st percentile among comparable filings
  • Asset growth: 21.5% per year; rating input score 100; 83rd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 7 of 7 board members independent · 2 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $763K in reported program spending
  • Leadership: top reported pay $49K · 7 people listed
  • Consistency: 29 of 29 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 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.

  • High — Accountability: Governance controls: 6 of 8 not reported.
  • Moderate — Sustainability: Operating margin scored 44/100.
  • High — Sustainability: Total-asset coverage ratio scored 12/100.
  • High — Sustainability: Liabilities to assets ratio scored 15/100.
  • Moderate — Sustainability: Officer compensation ratio scored 34/100.