International Folk Art Foundation

Nonprofit profile at a glance

EIN
856000853
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Santa Fe, NM, USA
Phone
5059832612
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Single Organization Support

Reported finances

Revenue
$2,096,715
Expenses
$1,603,984
Assets
$39,735,699
Liabilities
$89,948

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

Leadership & pay

8 people listed

Executive titles in this filing

  • LAUREL SETH (EXECUTIVE DIRECTOR)
  • RANDALL BELL (PRESIDENT)
  • JULIA CATRON (VICE PRESIDENT)

Highest reported compensation

  • LAUREL SETH (EXECUTIVE DIRECTOR): $97,750 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 provide financial assistance to the museum of international folk art and further the understanding of folk art as it relates to the people of the world.

What it reported doing in 2024

Collections conservation, maintenance, processing and record keeping - the museum of international folk art (moifa) collection, including objects owned by the international folk art foundation (ifaf), is the largest folk art collection in the world. Caring for these objects includes regular pest monitoring, keeping detailed records for loans, exhibitions, and new acquisitions, and recently converting all records to digital forms available on the moifa website. There were approximately 60,000 visitors to the website and social media.

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 99% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing does not identify recipients for some grant dollars and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 77
  • Accountability: 100
  • Sustainability: 82
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 93.2%; rating input score 93
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 13th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 47.4%; rating input score 47; 15th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 8 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 23.5%; rating input score 80; 80th percentile among comparable filings
  • Total-asset coverage ratio: 24.77; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 6.1%; rating input score 46; 46th percentile among comparable filings

Growth

  • Program expense growth: 0.5% per year; rating input score 100; 15th percentile among comparable filings
  • Revenue growth: -0.2% per year; rating input score 0; 11th percentile among comparable filings
  • Asset growth: 4.1% per year; rating input score 100; 29th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 93.2% of spending went to programs
  • Governance: 7 of 7 board members independent · 8 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $1.5M in reported program spending
  • Leadership: top reported pay $98K · 8 people listed
  • Consistency: 22 of 23 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 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.

Key Signals

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

  • Moderate — Transparency & Controls: Grant itemization coverage scored 47/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 46/100.