Indiana Virtual Education Foundation Inc

Nonprofit profile at a glance

EIN
475004440
IRS 990 coverage
2015–2017
Forms available
Form 990 2017
Location
Indianapolis, IN, USA
Phone
3175815355
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$30,812,607
Expenses
$32,960,886
Assets
$3,383,910
Liabilities
$4,692,881

Source: IRS Form 990. Selected filing: tax year 2017. Amounts in USD.

Leadership & pay

5 people listed

People named in this filing

  • LOU MOONSHOWER (CHAIRMAN)
  • FRED ELLIS (TREASURER)
  • SAM MANGHELLI (DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2017. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide a free online public charter school education to students in the state of Indiana including students who have not experienced success in the traditional brick and mortar system.

What it reported doing in 2017

Online public school offering public education to Indiana students grades 6-12 at no cost in a 100% virtual environment. For the 2017/18 school year, 98 students earned their Indiana core-40 high school diploma. Without the school these students would not have completed the required high school courses to earn their diploma. As of november 2018, Indiana virtual school has 988 full time students enrolled. The school uses custom designed student & management information systems which are critical to information management and timely response for students, parents, and other agencies.

Operating model

Revenue model
Grant-funded. 100% of the money available for current operations came from government grants.
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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. The required major-donor schedule is missing or incomplete and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 99
  • Transparency & Controls: 75
  • Accountability: 76
  • Sustainability: 17
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 97.8%; rating input score 98
  • Fundraising efficiency: $9,381.68 raised per $1 spent on fundraising; rating input score 99; 99th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: No; rating input score 0
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 68th percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -7%; rating input score 10; 10th percentile among comparable filings
  • Total-asset coverage ratio: 0.1; rating input score 2; 2nd percentile among comparable filings
  • Liabilities to assets ratio: 1.39; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 97; 97th percentile among comparable filings

Growth

  • Program expense growth: 73.9% per year; rating input score 100; 99th percentile among comparable filings
  • Revenue growth: 65.5% per year; rating input score 100; 99th percentile among comparable filings
  • Asset growth: 71.6% per year; rating input score 100; 99th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 97.8% of spending went to programs
  • Governance: 5 of 5 board members independent · 3 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $32.2M in reported program spending
  • Leadership: top reported pay $0 · 5 people listed
  • Consistency: 21 of 21 current checks pass
  • Schedules: 3 filed schedules · includes major donors
  • Filing history: 3 filing years from 2015 to 2017
  • Contacts: How to reach this organization
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Transparency & Controls: Major donor itemization scored 0/100.
  • Moderate — Accountability: Governance controls: 3 of 6 not reported.
  • High — Sustainability: Operating margin scored 10/100.
  • High — Sustainability: Total-asset coverage ratio scored 2/100.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.