Legacy of Grace School Tuition Org
Nonprofit profile at a glance
- EIN
- 205287030
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Oskaloosa, IA, USA
- Phone
- 6417802467
- Rating
- 87
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Scholarships, Student Financial Aid Services, Awards
Reported finances
- Revenue
- $482,984
- Expenses
- $447,687
- Assets
- $556,813
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
7 people listed
Executive titles in this filing
- JOEL GROENENBOOM (President)
People named in this filing
- JOEL GROENENBOOM (President)
- RUSS FYNAARDT (Treasurer)
- CURTIS DE BRUIN (Secretary)
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 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To solicit contributions from the general public in order to provide scholarships to families to assist with tuition costs in grades K-12 of accredited, non-public schools located in the State of Iowa.
What it reported doing in 2024
Legacy of Grace School Tuition Organization, Inc. provided scholarships to eligible students attending nonpublic K-12 schools in the state of Iowa which are accredited under Iowa Code section 256.11 and adheres to the provisions of the federal Civil Rights Act of 1964 and chapter 216. An "Eligible student" is a student who is a member of a household whose total annual income during the calendar year before the student receives a tuition grant does not exceed an amount equal to four times the most recently published federal poverty guidelines in the federal register by the United States department of health and human services.The Organization distributed $423,942 in the form of scholarships. Scholarship distributions were made directly to 7 accredited, non-public schools located in the State of Iowa to provide tuition assistance for students from eligible families as described above.The Organization distributed $11,012 in the form of donations to unrelated, not-for-profit organizations promoting private education in Iowa.
Operating model
- Revenue model
- Donor-supported. 96% of the money available for current operations came from contributions and gifts.
- Distribution model
- Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.
- 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. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.
Rating breakdown
- Financial Efficiency: 93
- Transparency & Controls: 88
- Accountability: 88
- Sustainability: 57
- Growth: 60
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 90.4%; rating input score 90
- Program expense ratio: 97.2%; rating input score 97
- Fundraising efficiency: $906.39 raised per $1 spent on fundraising; rating input score 97; 97th percentile among comparable filings
Transparency & Controls
- Consistency checks: 90.9%; rating input score 91; 13th percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: 99%; rating input score 99; 59th 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: 5 of 7 controls in place; rating input score 71
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- 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: Pass
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 7.3%; rating input score 55; 55th percentile among comparable filings
- Total-asset coverage ratio: 1.24; rating input score 46; 46th percentile among comparable filings
- Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings
Growth
- Program expense growth: -0.2% per year; rating input score 0; 30th percentile among comparable filings
- Revenue growth: 1.4% per year; rating input score 100; 31st percentile among comparable filings
- Asset growth: 2.1% per year; rating input score 100; 34th percentile among comparable filings
Details
- Where the money goes: 90.4% of revenue deployed · 97.2% of spending went to programs
- Governance: 7 of 7 board members independent · 5 of 7 filing controls reported
- Programs: 1 filed program accomplishment · $435K in reported program spending
- Leadership: top reported pay $0 · 7 people listed
- Consistency: 16 of 17 current checks pass · 1 finding to review
- Schedules: 6 filed schedules · includes major donors and grants
- Filing history: 14 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 8 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.
- Review — Accountability: Governance controls: 2 of 7 not reported.
- High — Growth: Program expense growth scored 0/100.
- Review — Sustainability: Operating margin scored 55/100.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- Moderate — Sustainability: Total-asset coverage ratio scored 46/100.