Lake Worth Dollars For Scholars Inc

Nonprofit profile at a glance

EIN
465054610
IRS 990 coverage
2022–2022
Forms available
Form 990 2022
Location
Boynton Beach, FL, USA
Phone
5619013489
Rating
49
Verdict
MIXED
Rating confidence
Moderate

Reported finances

Revenue
$165,506
Expenses
$19,000
Assets
$1,295,168
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

3 people listed

Executive titles in this filing

  • Lady Hereford (President)

People named in this filing

  • Lady Hereford (President)
  • Gail Paglialungo (Secretary)
  • Michael Woods (Treasurer)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The purpose of the chapter shall be to expand access to higher education for students of Lake Worth Community High School, Lake Worth, Florida by promoting the Dollars for Scholars program, developing an operational structure, raising funds for student aid distribution, and distributing awards on a fair and nondiscriminatory basis. The chapter shall operate in a manne consistent with the policies and procedures of Scholarship America.

What it reported doing in 2022

NA

Operating model

Revenue model
Donor-supported. 66% of the money available for current operations came from contributions and gifts.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 3
  • Transparency & Controls: 86
  • Accountability: 88
  • Sustainability: 94
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: $5.79 raised per $1 spent on fundraising; rating input score 24; 24th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 17th 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: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 88.5%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 68.17; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 82; 82nd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 70; 70th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 22 of 22 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 15 of 16 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes major donors
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • 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: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Financial Efficiency: Fundraising efficiency scored 24/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • Review — Transparency & Controls: Schedule G fundraiser detail did not reconcile in the filed values.