Incharge Education Foundation Inc

Nonprofit profile at a glance

EIN
200152720
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Orlando, FL, USA
Phone
4072917770
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Financial Counseling

Official website

Reported finances

Revenue
$6,237,222
Expenses
$6,337,585
Assets
$8,051,873
Liabilities
$302,928

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

Leadership & pay

15 people listed

Executive titles in this filing

  • LORETTA RONEY (CEO)
  • KAREN CARLSON (PRESIDENT)

Highest reported compensation

  • LORETTA RONEY (CEO): $414,755 total reported compensation
  • KAREN CARLSON (PRESIDENT): $227,026 total reported compensation
  • SEIJI SHIRAISHI (DIR. OF ACCOUNTING AND FINANCE): $204,943 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 foundation operates for the benefit of incharge debt solutions ("ids") by providing financial education programs and materials to individuals participating in credit, bankruptcy and housing counseling programs, as well as marketing and it support for ids programs. The foundation also provides educational products and services to the general public and conducts numerous outreach seminars with ids which are aimed at improving the financial literacy of attendees.

What it reported doing in 2024

Educational program development/support and outreach - the foundation supports ids' mission of providing education for ids financially distressed individuals and families. The foundation fulfills this mission by publishing website articles, newsletters, online courses, interactive tools, and workshops that provide information about money management, personal finance and the responsible use of credit. The foundation, in conjunction with ids, also conducts free financial literacy workshops and homebuyer education classes for the general public. During 2024, 2,023 individuals attended educational workshops and classes. Military money, a financial literacy outreach initiative, provides free financial education and tools such as online articles, ebooks and radio clips to service members, veterans and their families. Military money resources can be found at incharge.org/military-money and militarymoney.com, and include information, inspiration and tools to help service members maximize their personal financial potential. Military website articles were attracted over 254,000 visitors. "military money minutes" are radio clips offering timely one-minute financial tips. The tips are broadcast six times per day on the armed forces radio network and have a reach of a quarter million service members. "military money minutes" are also made available as podcasts on itunes and other websites. In addition, the foundation provides i.t. And marketing support for the credit, bankruptcy and housing counseling programs conducted by ids. I.t. Support consists of hardware infrastructure/maintenance, telephony services, security compliance and software development and related maintenance. Marketing support includes website development and support services and establishment and maintenance of communication channels designed to reach consumers who can most benefit from the counseling programs conducted by ids. To help accomplish its mission, the foundation continually seeks partnerships with other organizations.

Operating model

Revenue model
Earned-program. 97% of the money available for current operations came from fees and other program revenue.
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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 60
  • Accountability: 82
  • Sustainability: 36
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 85.7%; rating input score 86
  • Program expense ratio: 87.8%; rating input score 88
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 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: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: -1.6%; rating input score 28; 28th percentile among comparable filings
  • Total-asset coverage ratio: 1.27; rating input score 45; 45th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 74; 74th percentile among comparable filings
  • Officer compensation ratio: 23.3%; rating input score 9; 9th percentile among comparable filings

Growth

  • Program expense growth: 19.2% per year; rating input score 100; 84th percentile among comparable filings
  • Revenue growth: 6.2% per year; rating input score 100; 49th percentile among comparable filings
  • Asset growth: 0.2% per year; rating input score 100; 13th percentile among comparable filings

Details

  • Where the money goes: 85.7% of revenue deployed · 87.8% of spending went to programs
  • Governance: 4 of 4 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $5.6M in reported program spending
  • Leadership: top reported pay $415K · 15 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $240K reported
  • Consistency: 28 of 28 current checks pass
  • Schedules: 6 filed schedules · includes executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 12 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.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Sustainability: Operating margin scored 28/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 45/100.
  • High — Sustainability: Officer compensation ratio scored 9/100.