Institutional Limited Partners Association

Nonprofit profile at a glance

EIN
753028947
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Washington, DC, USA
Phone
4169419393
Rating confidence
Limited
Sector
Professional Societies, Associations

Official website

Reported finances

Revenue
$13,919,257
Expenses
$13,501,789
Assets
$19,959,044
Liabilities
$4,279,973

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

Leadership & pay

27 people listed

Executive titles in this filing

  • JENNIFER CARNITHAN (CEO)

Highest reported compensation

  • JENNIFER CARNITHAN (CEO): $583,145 total reported compensation
  • GREGORY DURST (SR. MANAGING DIRECTOR, GLOBAL GROWTH): $388,230 total reported compensation
  • NEAL PRUNIER (MANAGING DIRECTOR, INDUSTRY AFFAIRS): $337,141 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 leading global, member-driven organization dedicated to advancing the interests of private equity limited partners through industry-leading education programs, independent research, best practices, networking opportunities and global collaborations.

What it reported doing in 2024

Membership, dia, industry affairs/standards and research/content - from roundtables with leading general partners to dialogue with decision-makers in national centers of governance, ilpa articulates and amplifies the voice of its members in global discussions on transparency, governance and alignment of interests between gps and lps. Ilpa advocates for lps, to ensure that their perspective and that of their beneficiaries are considered in policy making circles as well as in industry practices. In addition to its advocacy work, ilpa is a well-respected source for best practices, tools and standards that benefit the entire private equity industry. Ilpa guidance is produced in consultation with a wide range of industry stakeholders with the goal of ensuring an alignment of economic interests, fair and adequate governance and appropriate disclosures from gps to lps. Ilpa seeks to empower its members through access to data, research and tools, often developed exclusively for the organization's professionals. Through strong relationships with well-respected private equity industry players, ilpa delivers highly valued, private benchmarking data on industry performance as well as complimentary or discounted third-party access to platforms that provide, for example, custom analytics or industry risk calculations. Ilpa sources its content across the industry. Both commissioned and ilpa-authored research is typically made available exclusively to ilpa members while other pieces of research are curated from external sources and distributed to the membership on a complimentary basis.

Operating model

Revenue model
Earned-program. 93% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 54
  • Accountability: 82
  • Sustainability: 44
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: Scored; rating input score 0
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 66th 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: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 3%; rating input score 46; 46th percentile among comparable filings
  • Total-asset coverage ratio: 1.48; rating input score 50; 50th percentile among comparable filings
  • Liabilities to assets ratio: 0.21; rating input score 57; 57th percentile among comparable filings
  • Officer compensation ratio: 20.6%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: 10.2% per year; rating input score 100; 71st percentile among comparable filings
  • Revenue growth: 9.1% per year; rating input score 100; 70th percentile among comparable filings
  • Asset growth: 3% per year; rating input score 100; 23rd percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 15 of 15 board members independent · 5 of 9 filing controls reported
  • Programs: 3 filed program accomplishments
  • Leadership: top reported pay $583K · 27 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $1.2M reported
  • Consistency: 14 of 14 current checks pass
  • Schedules: 6 filed schedules · includes foreign activity and executive pay
  • Filing history: 9 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 9 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.
  • 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.

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: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • Review — Accountability: Governance controls: 4 of 9 not reported.
  • Moderate — Sustainability: Operating margin scored 46/100.
  • Review — Sustainability: Total-asset coverage ratio scored 50/100.
  • High — Sustainability: Officer compensation ratio scored 4/100.
  • Review — Sustainability: Liabilities to assets ratio scored 57/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.