Iris Foundation
Nonprofit profile at a glance
- EIN
- 474623746
- IRS 990 coverage
- 2019–2020
- Forms available
- Form 990 2020
- Location
- Chicago, IL, USA
- Phone
- 3128587424
- Rating
- 81
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Engineering and Technology
Reported finances
- Revenue
- $88,000
- Expenses
- $80,312
- Assets
- $8,160
- Liabilities
- $2,000
Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.
Leadership & pay
3 people listed
Executive titles in this filing
- THANANUAN CHARIYA (Vice President)
Highest reported compensation
- PERICLES TOSCAS (Executive Dir.): $79,000 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The iris foundation (the "foundation") exists to support the application, engagement and dissemination of "first principles thinking" in science, education, community, development and civic engagement.the foundation is organized exclusively for charitable, scientific, and educational purposes within the meaning of section 501(c)(3) of the internal revenue code, including the advancement of education, science and social science by conducting labs, case studies, discussion groups, forums, panels, lecturs, and similar programs.the foundation will offer its facilities and resources to individuals and organizations, including students, professors, and universities, initially with a focus on those students, professors, and universities located within Illinois including, without limitaiton, the university of Illinois at champaign-urbana, to support labs and case studies to test concepts and generate data to effectuate social and community benefits. The results of these labs will be available
What it reported doing in 2020
In pursuit of the foundation mission to support "first principles thinking" in science, education, community development and civic engagement, iris foundation develops core organizational tenets and methodology for educational on-boarding and program actualization. The foundation also designs and stabilizes the environment for collaboration, and recruits volunteers for the foundation mission.
Operating model
- Revenue model
- Affiliate-supported. 100% of the money available for current operations came from contributions from related organizations.
- 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. Program spending has declined or grown slowly and total assets are small relative to annual expenses; liquid coverage is unknown.
Rating breakdown
- Financial Efficiency: 76
- Transparency & Controls: 92
- Accountability: 90
- Sustainability: 34
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 82.2%; rating input score 82
- Program expense ratio: 90.1%; rating input score 90
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd 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: 6 of 8 controls in place; rating input score 75
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: NotApplicable
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 8.7%; rating input score 65; 65th percentile among comparable filings
- Total-asset coverage ratio: 0.1; rating input score 6; 6th percentile among comparable filings
- Liabilities to assets ratio: 0.25; rating input score 15; 15th percentile among comparable filings
- Officer compensation ratio: 98.4%; rating input score 3; 3rd percentile among comparable filings
Growth
- Program expense growth: -5.5% per year; rating input score 0; 49th percentile among comparable filings
- Revenue growth: 4.1% per year; rating input score 100; 81st percentile among comparable filings
- Asset growth: 178.1% per year; rating input score 100; 100th percentile among comparable filings
Details
- Where the money goes: 82.2% of revenue deployed · 90.1% of spending went to programs
- Governance: 3 of 3 board members independent · 6 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $72K in reported program spending
- Leadership: top reported pay $79K · 3 people listed
- Consistency: 13 of 13 current checks pass
- Schedules: 5 filed schedules · includes major donors
- Filing history: 2 filing years from 2019 to 2020
- Contacts: How to reach this organization
- Money network: 2 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.
- High — Growth: Program expense growth scored 0/100.
- High — Sustainability: Total-asset coverage ratio scored 6/100.
- Review — Accountability: Governance controls: Independent financial-statement audit not reported.
- High — Sustainability: Officer compensation ratio scored 3/100.
- High — Sustainability: Liabilities to assets ratio scored 15/100.