Institute of Textile Technology
Nonprofit profile at a glance
- EIN
- 540505914
- IRS 990 coverage
- 2010–2013
- Forms available
- Form 990 2013
- Location
- Raleigh, NC, USA
- Phone
- 9195137583
- Rating
- 71
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- University or Technological Institute
Reported finances
- Revenue
- $134,004
- Expenses
- $357,331
- Assets
- $2,368,424
- Liabilities
- $50,221
Source: IRS Form 990. Selected filing: tax year 2013. Amounts in USD.
Leadership & pay
11 people listed
Executive titles in this filing
- W GILBERT O'NEAL (PRESIDENT AND CEO)
Highest reported compensation
- W GILBERT O'NEAL (PRESIDENT AND CEO): $191,257 total reported compensation
- PATRICE HILL (DIRECTOR OF ADMIN & FINANC): $75,854 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2013. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The institute of textile technology shall establish and maintain an educational institution at the graduate level for instruction of students and for research in literary and scientific branches of learning. The institute shall specialize in scientific instruction, research, and information service in those disciplines that apply to the materials, processes, and technologies for the manufacture of textiles, their distribution, and use.
What it reported doing in 2013
The institute of textile technology shall establish and maintain an educational scholarship program at the undergraduate and graduate level for funding of students and for research in literary and scientific branches of learning. The institute shall specialize in scientific instruction, research, and information service in those disciplines that apply to the material, processes, and technologies for the manufacture of textiles, their distribution, and use. The institute has established many goals and objectives that will prepare students for leadership careers in the ever-changing textile industry. These goals and objectives have allowed many itt graduates to achieve various leadership positions in the u.s. Textile industry.
Operating model
- Revenue model
- Investment-supported. 94% of the money available for current operations came from recurring investment income.
- Distribution model
- Hybrid. The nonprofit split its reported program spending across 64% for direct work, and 36% for grants.
The verdict
SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of total spending goes to programs and assets have declined or grown slowly.
Rating breakdown
- Financial Efficiency: 74
- Transparency & Controls: 69
- Accountability: 95
- Sustainability: 32
- Growth: 0
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 55.8%; rating input score 56
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 93.8%; rating input score 94; 25th percentile among comparable filings
- Pay-setting controls: 1 of 6 controls in place; rating input score 17
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 93.6%; rating input score 94; 50th percentile among comparable filings
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 8 of 9 controls in place; rating input score 89
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- 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: Fail
Sustainability
- Operating margin: -166.7%; rating input score 1; 1st percentile among comparable filings
- Total-asset coverage ratio: 6.63; rating input score 84; 84th percentile among comparable filings
- Liabilities to assets ratio: 0.02; rating input score 53; 53rd percentile among comparable filings
- Officer compensation ratio: 74.8%; rating input score 1; 1st percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: Limited
- Asset growth: -21.7% per year; rating input score 0; 8th percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 55.8% of spending went to programs
- Governance: 9 of 9 board members independent · 8 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $200K in reported program spending
- Leadership: top reported pay $191K · 11 people listed · 1 of 6 pay-setting controls reported
- Consistency: 23 of 24 current checks pass · 1 finding to review
- Schedules: 5 filed schedules · includes grants and executive pay
- Filing history: 4 filing years from 2010 to 2013
- Contacts: How to reach this organization
- Money network: 2 filed money-flow records
- 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: Program expense ratio scored 56/100.
- High — Growth: Asset growth scored 0/100.
- High — Sustainability: Operating margin scored 1/100.
- Review — Accountability: Governance controls: Independent financial-statement audit not reported.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- High — Sustainability: Officer compensation ratio scored 1/100.
- Review — Sustainability: Liabilities to assets ratio scored 53/100.