Iiaa Educational Foundation

Nonprofit profile at a glance

EIN
510152307
IRS 990 coverage
2019–2024
Forms available
Form 990 2024, Form 990-EZ 2018
Location
Alexandria, VA, USA
Phone
7036834422
Rating
59
Verdict
MIXED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Official website

Reported finances

Revenue
$1,383,474
Expenses
$612,731
Assets
$1,711,600
Liabilities
$0

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

Leadership & pay

10 people listed

Executive titles in this filing

  • CHARLES SYMINGTON (PRESIDENT & CEO)

Highest reported compensation

  • CHARLES SYMINGTON (PRESIDENT & CEO): $1,153,522 total reported compensation
  • EUGENE S COCKE (TREASURER & CFO): $432,633 total reported compensation
  • SCOTT KNEELAND (GENERAL COUNSEL): $327,796 total reported compensation

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

Overview

Mission

Organized to provide scholarships, charity or other financial assistance to individuals or businesses, and to foster projects for educational research.

What it reported doing in 2024

The focus of the foundation's programs are to provide financial assistance to insurance industry personnel impacted by catastrophic occurrences not covered by their own insurance or other grants and funding sources. For the year ended august 31, 2023, the organization awarded over $600,000 in grants to qualified recipients. The funding for the foundation is derived from donations from iiaba members, other industry organizations and insurance carriers.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

MIXED - The filed numbers largely add up and revenue comfortably covers expenses. 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: 57
  • Transparency & Controls: 66
  • Accountability: 46
  • Sustainability: 77
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 43.8%; rating input score 44
  • Program expense ratio: 99%; rating input score 99
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 8th 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: 91.2%; rating input score 91; 39th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 55.6%; rating input score 56; 12th percentile among comparable filings
  • Governance controls: 3 of 9 controls in place; rating input score 33
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 55.7%; rating input score 94; 94th percentile among comparable filings
  • Total-asset coverage ratio: 2.79; rating input score 73; 73rd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 29.8%; rating input score 7; 7th percentile among comparable filings

Growth

  • Program expense growth: -34.4% per year; rating input score 0; 1st percentile among comparable filings
  • Revenue growth: 12% per year; rating input score 100; 72nd percentile among comparable filings
  • Asset growth: 16.3% per year; rating input score 100; 75th percentile among comparable filings

Details

  • Where the money goes: 43.8% of revenue deployed · 99% of spending went to programs
  • Governance: 5 of 9 board members independent · 3 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $607K in reported program spending
  • Leadership: top reported pay $1.2M · 10 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 13 of 14 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 6 filing years from 2019 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 filed money-flow records
  • Related organizations: 11 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 44/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Accountability: Governance controls: 5 of 8 not reported.
  • Review — Accountability: Independent voting board scored 56/100.
  • High — Growth: Program expense growth scored 0/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 7/100.