Kanuga Endowment Inc

Nonprofit profile at a glance

EIN
581976605
IRS 990 coverage
2010–2020
Forms available
Form 990 2020
Location
Hendersonville, NC, USA
Phone
8286929136
Rating
83
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$539,404
Expenses
$5,090,578
Assets
$5,265,031
Liabilities
$11,640

Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • MICHAEL SULLIVAN (PRESIDENT)

Highest reported compensation

  • MICHAEL SULLIVAN (PRESIDENT): $253,320 total reported compensation
  • DEREK STAPLETON (SECRETARY/TREASURER (JAN - AUG)): $123,786 total reported compensation
  • MIRIAM WALSH (SECRETARY/TREASURER (SEP - DEC)): $101,022 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide financial stability and security of kanuga conferences, inc., the preservation and improvement of its property, the development of its programs, and to insure adequate scholarship resources for its participants.

What it reported doing in 2020

Soliciting, managing, and investing contributions to kanuga to provide for the financial stability and security of kanuga conferences, inc. Helped fund programs for kanuga conferences in 2020 in the amount of $372,000. Contributed funds supported the following: outreach efforts, youth programs, library upkeep, guest period chaplains, maintainance of kanuga facilities and grounds, program scholarships and the ongoing development of kanugaconferences.board restricted endowment contributions in the amount of $4,685,123 were released from restriction for debt service for property improvements. Approved 2020 support of kanuga conferences, inc.operationsprogram: adult programs 98,370youth programs 55,900camp kanuga 12,240camp bob 32,080activities 1,460property 130,420debt service for property improvements 4,685,123board of directors 8,550scholarships 15,430advancement 13,550outreach 4,000total use of funds: 5,057,123

Operating model

Revenue model
Investment-supported. 94% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 86
  • Accountability: 81
  • Sustainability: 28
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 99.3%; rating input score 99
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 74th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 83.3%; rating input score 83; 18th 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: Fail
    • 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: -843.7%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 1.03; rating input score 38; 38th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 83; 83rd percentile among comparable filings
  • Officer compensation ratio: 3.1%; rating input score 62; 62nd percentile among comparable filings

Growth

  • Program expense growth: 42.6% per year; rating input score 100; 95th percentile among comparable filings
  • Revenue growth: 8.2% per year; rating input score 100; 67th percentile among comparable filings
  • Asset growth: -0.6% per year; rating input score 0; 20th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 99.3% of spending went to programs
  • Governance: 5 of 6 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $5.1M in reported program spending
  • Leadership: top reported pay $253K · 8 people listed · 4 of 6 pay-setting controls reported
  • Consistency: 17 of 17 current checks pass
  • Schedules: 6 filed schedules · includes grants and executive pay
  • Filing history: 11 filing years from 2010 to 2020
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 2 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 — Sustainability: Operating margin scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 38/100.