Ignite Capital Inc

Nonprofit profile at a glance

EIN
844893203
IRS 990 coverage
2021–2024
Forms available
Form 990 2024
Location
Baltimore, MD, USA
Phone
4103714722
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$765,308
Expenses
$440,396
Assets
$5,002,991
Liabilities
$4,630,965

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

Leadership & pay

10 people listed

Executive titles in this filing

  • JAY NWACHU (CEO)

Highest reported compensation

  • JAY NWACHU (CEO): $169,009 total reported compensation

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

Overview

Mission

Ignite capital is a social impact fund with the mission to 1) empower and resource baltimore social enterprises in economically distressed communitites, 2)support the overall efforts of these social enterprises to attract future investments in support of their mission and, 3) contribute to ongoing efforts in ensuring baltimore neighborhoods are thriving sustainably.

What it reported doing in 2024

Empower and resource baltimore social enterprises in economically distressed communities.

Operating model

Revenue model
Donor-supported. 96% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 86% 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

SUPPORTED - A large share of total spending goes to programs and the filed numbers largely add up. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 65
  • Transparency & Controls: 62
  • Accountability: 90
  • Sustainability: 77
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 52.4%; rating input score 52
  • Program expense ratio: 87.3%; rating input score 87
  • Fundraising efficiency: $22.17 raised per $1 spent on fundraising; rating input score 61; 61st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 19th 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: Limited
  • Grant itemization coverage: 67.2%; rating input score 67; 32nd 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: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 42.5%; rating input score 90; 90th percentile among comparable filings
  • Total-asset coverage ratio: 11.36; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0.93; rating input score 7; 7th percentile among comparable filings
  • Officer compensation ratio: 5.6%; rating input score 52; 52nd percentile among comparable filings

Growth

  • Program expense growth: 14% per year; rating input score 100; 73rd percentile among comparable filings
  • Revenue growth: 24.9% per year; rating input score 100; 89th percentile among comparable filings
  • Asset growth: 47.2% per year; rating input score 100; 96th percentile among comparable filings

Details

  • Where the money goes: 52.4% of revenue deployed · 87.3% of spending went to programs
  • Governance: 9 of 9 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $384K in reported program spending
  • Leadership: top reported pay $169K · 10 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 24 of 25 current checks pass · 1 finding to review
  • Schedules: 9 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 4 filing years from 2021 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • Related organizations: 8 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.

  • Review — Financial Efficiency: Mission deployment rate scored 52/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 7/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Sustainability: Officer compensation ratio scored 52/100.