Internal Audit Foundation

Nonprofit profile at a glance

EIN
591859804
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Lake Mary, FL, USA
Phone
4079371300
Rating
51
Verdict
MIXED
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$2,220,859
Expenses
$1,469,614
Assets
$7,452,659
Liabilities
$957,341

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

Leadership & pay

18 people listed

Executive titles in this filing

  • ANTHONY PUGLIESE (IIA President)
  • GLENN HO (SR VICE PRESIDENT)
  • WARREN W STIPPICH (PRESIDENT)
  • YULIA GURMAN (VICE PRESIDENT, CONTENT)

Highest reported compensation

  • ANTHONY PUGLIESE (IIA President): $1,282,798 total reported compensation
  • ANN S COHEN (CFO-EVP, ACCT, FINANCE, & TECH): $689,249 total reported compensation
  • JAVIER FALEATO (EVP GLOBAL STRATEGY): $603,744 total reported compensation

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

Overview

Mission

To shape, expand, and advance knowledge of internal auditing by developing and disseminating timely, relevant information and insights that address the needs of our stakeholders globally. Fueled by the generosity of donors, the internal audit foundation empowers the internal audit profession by developing cutting-edge research and programs. The foundation helps current and future internal auditors stay relevant by building and enhancing their skills and knowledge, ensuring organizations are equipped to create, protect, and sustain long-term value.

What it reported doing in 2024

The foundation provides grants to educational institutions worldwide that participate in the iia's internal audit academic alliance, a program created to strengthen and expand internal audit education in higher education. Through the alliance, schools incorporate an internal auditing curriculum within an undergraduate or graduate degree program endorsed by the iia. The foundation conducts an annual grant cycle each year through which schools may apply for funding to support curriculum development and program growth and marketing.

Operating model

Revenue model
Donor-supported. 92% of the money available for current operations came from contributions and gifts.
Distribution model
Direct operator. The filing allocates 82% 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

MIXED - Most voting board members are independent and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 34
  • Transparency & Controls: 55
  • Accountability: 82
  • Sustainability: 72
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 34.1%; rating input score 34
  • Program expense ratio: 45.9%; rating input score 46
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 7th 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: 1 of 8 controls in place; rating input score 12
    • Claims monitoring procedures: Pass
    • Requires narrative reports: Fail
    • Conducts field audits: Fail
    • May suspend future funding: Fail
    • Requires financial reports: Fail
    • Conducts site visits: Fail
    • Requires grant agreements: Fail
    • May require repayment: Fail
  • Grant itemization coverage: 62.4%; rating input score 62; 17th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 93.3%; rating input score 93; 24th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 33.8%; rating input score 86; 86th percentile among comparable filings
  • Total-asset coverage ratio: 5.07; rating input score 84; 84th percentile among comparable filings
  • Liabilities to assets ratio: 0.13; rating input score 54; 54th percentile among comparable filings
  • Officer compensation ratio: 26.5%; rating input score 7; 7th percentile among comparable filings

Growth

  • Program expense growth: -8% per year; rating input score 0; 3rd percentile among comparable filings
  • Revenue growth: -3.2% per year; rating input score 0; 5th percentile among comparable filings
  • Asset growth: 5.5% per year; rating input score 100; 37th percentile among comparable filings

Details

  • Where the money goes: 34.1% of revenue deployed · 45.9% of spending went to programs
  • Governance: 14 of 15 board members independent · 6 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $675K in reported program spending
  • Leadership: top reported pay $1.3M · 18 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 27 of 29 current checks pass · 2 findings to review
  • Schedules: 8 filed schedules · includes major donors, foreign activity, grants, and executive pay
  • Filing history: 13 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • Related organizations: 7 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.

Key Signals

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

  • Moderate — Financial Efficiency: Mission deployment rate scored 34/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 46/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Transparency & Controls: Foreign activity oversight: 7 of 8 not reported.
  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 7/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Transparency & Controls: Foreign grant itemization did not reconcile in the filed values.
  • Review — Sustainability: Liabilities to assets ratio scored 54/100.