Inclusive Prosperity Capital Inc

Nonprofit profile at a glance

EIN
830808658
IRS 990 coverage
2018–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Hartford, CT, USA
Phone
2034335060
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Pollution Abatement and Control Services

Official website

Reported finances

Revenue
$10,811,577
Expenses
$9,824,519
Assets
$39,204,280
Liabilities
$36,929,435

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

Leadership & pay

16 people listed

Executive titles in this filing

  • KERRY O'NEILL (CHIEF EXECUTIVE OFFICER)

Highest reported compensation

  • KERRY O'NEILL (CHIEF EXECUTIVE OFFICER): $388,548 total reported compensation
  • JAMES MCINTYRE (CHIEF STRATEGY OFFICER): $272,817 total reported compensation
  • MUSA COLLIDGE-ASAD (CHIEF INVESTMENT OFFICER): $258,392 total reported compensation

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

Overview

Mission

Ipc's purpose is to lessen the burdens of government and to protect, promote and preserve the natural environment by: 1) developing and supporting programs to finance and stimulate demand for clean energy investment in residential, municipal, small business, and larger commercial projects; 2) promoting the use, availability, efficacy, affordability and quality of clean enrgy, energy efficiency, sustainable, healthy and resilient building systems/structures and infrastructure and the social and economic benefits derived therefrom; 3) educating the public and environmental, social, health and resilient building systems/structures and infrastructure; and 4) promoting the reduction of greenhouse gas emissions, promoting and/or mitigating the adverse effects of climate change, and achieving other positive environmental impacts, including those leading to better health outcomes.

What it reported doing in 2024

Advisory and consulting services - ipc staff provides outsourced program administration and consulting services for clean energy financing programs to governments, nonprofits, lenders and other stakeholders. Ipc staff also provide advice to developers and commercial building owners on how to obtain funding and structure financing for renewable energy and energy efficiency projects. One such program is the smart-e loan program, which provides a low cost, long term loan option to single family homeowners for energy upgrades through a network of local lenders that are given access to a credit enhancement (if required) in exchange for offering the product. The program uses established pre-approved contractors to install these energy upgrades to reduce the building owner's energy burden. Ipc may either administer this program on behalf of a program sponsor or provide certain services, including the standardized programmatic approach, protocols, marketing and technology. Credit enhancements typically comprise interest rate buydowns and loan loss reserves maintained by the sponsor to support lender program loans. Ipc administers this program for the Connecticut green bank, the program sponsor. The program is used to finance over forty qualifying energy improvements at owner-occupied, 1-4 unit residential properties in Connecticut utilizing 10 local lenders (community banks and credit unions) and a network of over 350 eligible contractors.

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 100% 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. Some filing-based governance responses are negative or unanswered and reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 77
  • Transparency & Controls: 71
  • Accountability: 79
  • Sustainability: 56
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 76.2%; rating input score 76
  • Program expense ratio: 83.8%; rating input score 84
  • Fundraising efficiency: $25.24 raised per $1 spent on fundraising; rating input score 62; 62nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 10th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 80%; rating input score 80; 16th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • 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: 9.1%; rating input score 65; 65th percentile among comparable filings
  • Total-asset coverage ratio: 3.99; rating input score 81; 81st percentile among comparable filings
  • Liabilities to assets ratio: 0.94; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 26.3%; rating input score 2; 2nd percentile among comparable filings

Growth

  • Program expense growth: 30% per year; rating input score 100; 95th percentile among comparable filings
  • Revenue growth: 9% per year; rating input score 100; 70th percentile among comparable filings
  • Asset growth: 27.9% per year; rating input score 100; 95th percentile among comparable filings

Details

  • Where the money goes: 76.2% of revenue deployed · 83.8% of spending went to programs
  • Governance: 4 of 5 board members independent · 7 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $8.2M in reported program spending
  • Leadership: top reported pay $389K · 16 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 4 contractors listed · $1.5M reported
  • Consistency: 32 of 33 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 6 filing years from 2018 to 2024
  • Contacts: How to reach this organization
  • Money network: 12 filed money-flow records
  • Related organizations: 15 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Officer compensation ratio scored 2/100.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.