Iaba Foundation

Nonprofit profile at a glance

EIN
200761668
IRS 990 coverage
2014–2014
Forms available
Form 990 2014, Form 990-EZ 2013
Location
West Hartford, CT, USA
Phone
8609061286
Rating
88
Verdict
STRONG
Rating confidence
Moderate
Sector
Private Grantmaking Foundations

Official website

Reported finances

Revenue
$210,602
Expenses
$219,301
Assets
$140,683
Liabilities
$28,368

Source: IRS Form 990. Selected filing: tax year 2014. Amounts in USD.

Leadership & pay

13 people listed

Executive titles in this filing

  • KAMAL HARRIS (PRESIDENT)
  • TENESIA MCGRUDER FSA MAAA (VICE PRESIDENT)

Highest reported compensation

  • CATHERINE WEAVER (EXECUTIVE DIR.): $84,952 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2014. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Develops educational activities related to actuarial science designed to improve skills of black actuaries in teh community and encourage college students to pursue studies in actuarial science.

What it reported doing in 2014

Annual bootcamp - increasing industry awareness of prospective actuarial students and positioning them for a successful actuarial internship or entry-level opportunity. Providing attendees with exposure to real world actuarial work, resources in preparing for professional exams, the soft skills needed to successfully interview for and land an internship or entry-level position as well as extended support to remain on their chosen career pathway for those who will be returning to academic programs.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 70% for direct work, and 30% for 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 total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 94
  • Accountability: 100
  • Sustainability: 30
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 97.4%; rating input score 97
  • 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: 100%; rating input score 100; 79th 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; 63rd percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • 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: -4.1%; rating input score 30; 30th percentile among comparable filings
  • Total-asset coverage ratio: 0.64; rating input score 33; 33rd percentile among comparable filings
  • Liabilities to assets ratio: 0.2; rating input score 27; 27th percentile among comparable filings
  • Officer compensation ratio: 15.3%; rating input score 27; 27th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 20.9% per year; rating input score 100; 86th percentile among comparable filings
  • Asset growth: 23.7% per year; rating input score 100; 86th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 97.4% of spending went to programs
  • Governance: 12 of 12 board members independent · 8 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $214K in reported program spending
  • Leadership: top reported pay $85K · 13 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 6 filed schedules · includes major donors and grants
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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.

  • Moderate — Sustainability: Operating margin scored 30/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 33/100.
  • High — Sustainability: Liabilities to assets ratio scored 27/100.
  • High — Sustainability: Officer compensation ratio scored 27/100.