Lisot Sailing Foundation Inc

Nonprofit profile at a glance

EIN
812660652
IRS 990 coverage
2016–2024
Forms available
Form 990 2024
Location
Darien, CT, USA
Phone
2035691199
Rating
82
Verdict
STRONG
Rating confidence
Moderate

Official website

Reported finances

Revenue
$610,163
Expenses
$539,667
Assets
$157,744
Liabilities
$0

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

Leadership & pay

4 people listed

Executive titles in this filing

  • MICHAEL RUDNICK (PRESIDENT)

People named in this filing

  • MICHAEL RUDNICK (PRESIDENT)
  • JACK COWLES (TREASURER)
  • DOUG WEFER (DIRECTOR)

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

The corporation promotes, encourages, organizes and conducts sailboat racing activities for healthful, wholesome, and character-building sport of sailing for youth.

What it reported doing in 2024

The corporation promotes, encourages, organizes and conducts sailboat racing activities for healthful, wholesome, and character-building sport of sailing for youth: to disseminate information about the sport of sailboat racing; to assist in developing youth sailboat racing abilities to enable them to compete in local, regional, national, and international competition; to assist in setting and achieving goals in the sport of sailboat racing.

Operating model

Revenue model
Earned-program. 87% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filed totals do not add up and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 81
  • Accountability: 88
  • Sustainability: 54
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87.2%; rating input score 87
  • Program expense ratio: 98.6%; rating input score 99
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 5th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 11.6%; rating input score 64; 64th percentile among comparable filings
  • Total-asset coverage ratio: 0.29; rating input score 14; 14th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 7.5% per year; rating input score 100; 54th percentile among comparable filings
  • Revenue growth: 7.9% per year; rating input score 100; 58th percentile among comparable filings
  • Asset growth: 13.9% per year; rating input score 100; 70th percentile among comparable filings

Details

  • Where the money goes: 87.2% of revenue deployed · 98.6% of spending went to programs
  • Governance: 4 of 4 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $532K in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 19 of 20 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules
  • Filing history: 7 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • 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.

  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Total-asset coverage ratio scored 14/100.