IQuilt Partnership Inc

Nonprofit profile at a glance

EIN
451744906
IRS 990 coverage
2015–2024
Forms available
Form 990 2024, Form 990-N 2010
Location
Hartford, CT, USA
Phone
8606146077
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Reported finances

Revenue
$543,214
Expenses
$608,192
Assets
$423,368
Liabilities
$44,913

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

Leadership & pay

21 people listed

Executive titles in this filing

  • Bonnie Malley (Past President)

Highest reported compensation

  • Jackie Mandyck (Executive Dir.): $121,158 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 execute the iQuilt Plan, an arts based economic development plan for the city of Hartford, Connecticut. The iQuilt Plan's goals include a more walkable, sustainable, and welcoming downtown; an improved cultural network and a stronger economy and workforce.

What it reported doing in 2024

Design, Implementation, and Community Development: Support and advocate for City of Hartford's implementation of the iQuilt Plan working with government, private land owners, residents, and stakeholders. Worked with stakeholders and urban design firm to continue design and implementation of Bushnell Gardens located on Gold Street and other creative placemaking projects working with local artists. Worked with stakeholders to envision the next iteration of iQuilt known as iQuilt 2.0/Hartford 400. Operated the iQuilt innovation center on central row.

Operating model

Revenue model
Donor-supported. 67% of the money available for current operations came from contributions and gifts.
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. Fundraising costs are high for each dollar raised and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 92
  • Accountability: 95
  • Sustainability: 23
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 91.3%; rating input score 91
  • Program expense ratio: 81.6%; rating input score 82
  • Fundraising efficiency: $14.61 raised per $1 spent on fundraising; rating input score 50; 50th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • 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: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -12%; rating input score 15; 15th percentile among comparable filings
  • Total-asset coverage ratio: 0.7; rating input score 32; 32nd percentile among comparable filings
  • Liabilities to assets ratio: 0.11; rating input score 42; 42nd percentile among comparable filings
  • Officer compensation ratio: 19.9%; rating input score 15; 15th percentile among comparable filings

Growth

  • Program expense growth: 2.9% per year; rating input score 100; 31st percentile among comparable filings
  • Revenue growth: -1.1% per year; rating input score 0; 11th percentile among comparable filings
  • Asset growth: -5% per year; rating input score 0; 7th percentile among comparable filings

Details

  • Where the money goes: 91.3% of revenue deployed · 81.6% of spending went to programs
  • Governance: 21 of 21 board members independent · 7 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $496K in reported program spending
  • Leadership: top reported pay $121K · 21 people listed
  • Highest-paid contractors: 1 contractor listed · $143K reported
  • Consistency: 28 of 28 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 10 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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: Fundraising efficiency scored 50/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 15/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 32/100.
  • High — Sustainability: Officer compensation ratio scored 15/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 42/100.