Jobs for Fall River Inc
Nonprofit profile at a glance
- EIN
- 042655817
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Fall River, MA, USA
- Phone
- 5083242620
- Rating
- 64
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
Reported finances
- Revenue
- $1,013,688
- Expenses
- $3,191,833
- Assets
- $7,678,698
- Liabilities
- $2,751,080
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
27 people listed
Executive titles in this filing
- FRANK MARCHIONE (PRESIDENT)
- JAMES M KARAM (VICE PRESIDENT)
- KENNETH FIOLA (EXECUTIVE VICE PRESIDENT)
Highest reported compensation
- KENNETH FIOLA (EXECUTIVE VICE PRESIDENT): $333,566 total reported compensation
- LYNN OLIVEIRA (CHIEF FINANCIAL OFFICER): $144,900 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The organization's mission is to promote prosperity and the general welfare of the citizens of the city of fall river by stimulating economic and industrial growth and expansion in the area to include the city of fall river and the towns of freetown, somerset and westport.
What it reported doing in 2024
Property restoration activities: at its inception, it was to restore and preserve the lincoln park carousel, a philadelphia toboggan company carousel constructed in 1920. The carousel was fully restored and operational in 1985. This local landmark was placed at the city's waterfront next to battleship cove. Effective july 1, 2021, the carousel will be leased and operated by fall river carousel creamery. Revenues derived from its operation are kept and reported by the ummc and applied to their costs of operations.
Operating model
- Revenue model
- Earned-program. 70% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Direct operator. The filing allocates 89% 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
SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of total spending goes to programs and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 46
- Transparency & Controls: 75
- Accountability: 91
- Sustainability: 26
- Growth: 80
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 68.8%; rating input score 69
- Program expense ratio: 21.9%; rating input score 22
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 92.3%; rating input score 92; 16th percentile among comparable filings
- Pay-setting controls: 2 of 6 controls in place; rating input score 33
- Compensation committee: Pass
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 94.1%; rating input score 94; 41st 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: 7 of 9 controls in place; rating input score 78
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- 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: -214.9%; rating input score 0; 0th percentile among comparable filings
- Total-asset coverage ratio: 2.41; rating input score 70; 70th percentile among comparable filings
- Liabilities to assets ratio: 0.36; rating input score 21; 21st percentile among comparable filings
- Officer compensation ratio: 15%; rating input score 23; 23rd percentile among comparable filings
Growth
- Program expense growth: 10.6% per year; rating input score 100; 64th percentile among comparable filings
- Revenue growth: 2.8% per year; rating input score 100; 29th percentile among comparable filings
- Asset growth: -4.2% per year; rating input score 0; 8th percentile among comparable filings
Details
- Where the money goes: 68.8% of revenue deployed · 21.9% of spending went to programs
- Governance: 22 of 22 board members independent · 7 of 9 filing controls reported
- Programs: 4 filed program accomplishments · $700K in reported program spending
- Leadership: top reported pay $334K · 27 people listed · 2 of 6 pay-setting controls reported
- Consistency: 27 of 28 current checks pass · 1 finding to review
- Schedules: 5 filed schedules · includes major donors, grants, and executive pay
- Filing history: 15 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 10 filed money-flow records
- Related organizations: 8 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.
- High — Financial Efficiency: Program expense ratio scored 22/100.
- High — Sustainability: Operating margin scored 0/100.
- Review — Accountability: Governance controls: 2 of 9 not reported.
- High — Growth: Asset growth scored 0/100.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- High — Sustainability: Liabilities to assets ratio scored 21/100.
- High — Sustainability: Officer compensation ratio scored 23/100.