Iyrs School of Technology & Trades Inc

Nonprofit profile at a glance

EIN
050470320
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Newport, RI, USA
Phone
4018485777
Rating
81
Verdict
STRONG
Rating confidence
Standard
Sector
Historical Societies, Related Historical Activities

Official website

Reported finances

Revenue
$5,698,292
Expenses
$5,480,527
Assets
$21,288,824
Liabilities
$1,311,144

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

Leadership & pay

35 people listed

Executive titles in this filing

  • KERN MAASS (PRESIDENT/CEO)

Highest reported compensation

  • KERN MAASS (PRESIDENT/CEO): $339,215 total reported compensation
  • MONIQUE COLLINS (CFO & DIRECTOR OF OPERATIONS): $176,327 total reported compensation
  • WILLIAM KENYON (DEAN OF STUDENTS): $111,875 total reported compensation

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

Overview

Mission

Iyrs empowers students through immersive, hands-on innovative learning to realize their full potential.

What it reported doing in 2024

Iyrs offers four, accsc-accredited programs that range in duration from 6 to 20 months. The boatbuilding & restoration program is a comprehensive two-year course focused on traditional wooden boat-building techniques. The marine systems program, lasting 6 months, prepares students to install, repair, and maintain essential marine systems, including electrical, navigation, propulsion, plumbing, and safety systems. The 9-month composites technology program provides training in composites fundamentals, manufacturing methods, tooling development, and repair. The digital modeling & fabrication program, also 9 months, offers technical skill development in modern digital fabrication methods for careers in advanced manufacturing and design.

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 92% 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. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 67
  • Transparency & Controls: 88
  • Accountability: 98
  • Sustainability: 56
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 72.4%; rating input score 72
  • Program expense ratio: 74.5%; rating input score 75
  • Fundraising efficiency: $4.6 raised per $1 spent on fundraising; rating input score 15; 15th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 96.3%; rating input score 96; 26th percentile among comparable filings
  • Governance controls: 9 of 9 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: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 3.8%; rating input score 47; 47th percentile among comparable filings
  • Total-asset coverage ratio: 3.88; rating input score 79; 79th percentile among comparable filings
  • Liabilities to assets ratio: 0.06; rating input score 67; 67th percentile among comparable filings
  • Officer compensation ratio: 11.4%; rating input score 26; 26th percentile among comparable filings

Growth

  • Program expense growth: 5.5% per year; rating input score 100; 42nd percentile among comparable filings
  • Revenue growth: 3.7% per year; rating input score 100; 32nd percentile among comparable filings
  • Asset growth: 4.1% per year; rating input score 100; 30th percentile among comparable filings

Details

  • Where the money goes: 72.4% of revenue deployed · 74.5% of spending went to programs
  • Governance: 26 of 27 board members independent · 9 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $4.1M in reported program spending
  • Leadership: top reported pay $339K · 35 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $752K reported
  • Consistency: 41 of 41 current checks pass
  • Schedules: 9 filed schedules · includes major donors, grants, executive pay, and related organizations
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 3 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.
  • 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.

  • High — Financial Efficiency: Fundraising efficiency scored 15/100.
  • Moderate — Sustainability: Operating margin scored 47/100.
  • High — Sustainability: Officer compensation ratio scored 26/100.