Marion a and Ruth K Sherwood Family Fund

Nonprofit profile at a glance

EIN
383645324
IRS 990 coverage
2010–2016
Forms available
Form 990 2016
Location
Grand Haven, MI, USA
Phone
6168426378
Rating
86
Verdict
STRONG
Rating confidence
Moderate
Sector
Fund Raising and Fund Distribution

Official website

Reported finances

Revenue
$142,493
Expenses
$12,800,431
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2016. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • LYNNE SHERWOOD (PRESIDENT - THROUGH 1/16)
  • HOLLY JOHNSON (PRESIDENT - EFFECTIVE 2/16)

Highest reported compensation

  • HOLLY JOHNSON (PRESIDENT - EFFECTIVE 2/16): $148,493 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2016. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The marion a. And ruth k. Sherwood family fund is a supporting organization which will support the purposes and activities of the grand haven area community foundation, inc., a section 501(c)(3) organization which qualifies as a publicly supported organization under sections 509(a)(1) and 170(b)(a)(vi) of the code, and other public charities that are closely related in purpose or function to the community foundation.

What it reported doing in 2016

Receives gifts and administers funds for the purpose set forth in sec 501(c)(3) of the irc so long as such activities support the grand haven area community foundation and such other publicly supported organizations as are closely related in purpose or function to the grand haven area community foundation, inc. In 2016, 57 nonprofit organizations and individuals received assistance from this organization. The organization officially dissolved on november 30, 2016 and distributed all funds to the grand haven area community foundation, a related organization.

Operating model

Revenue model
Investment-supported. 100% 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 total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 100
  • Accountability: 83
  • Sustainability: 5
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 99.5%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 99.9%; rating input score 100; 58th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 80%; rating input score 80; 19th percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • 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: Pass

Sustainability

  • Operating margin: -8,883.2%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0.1%; rating input score 44; 44th percentile among comparable filings

Growth

  • Program expense growth: 108.3% per year; rating input score 100; 99th percentile among comparable filings
  • Revenue growth: 17.5% per year; rating input score 100; 86th percentile among comparable filings
  • Asset growth: -8.3% per year; rating input score 0; 13th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 99.5% of spending went to programs
  • Governance: 4 of 5 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $12.7M in reported program spending
  • Leadership: top reported pay $148K · 6 people listed
  • Consistency: 15 of 15 current checks pass
  • Schedules: 6 filed schedules · includes grants
  • Filing history: 7 filing years from 2010 to 2016
  • Contacts: How to reach this organization
  • Money network: 15 filed money-flow records
  • Related organizations: 17 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.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • Review — Accountability: Governance controls: CEO compensation review process not reported.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Officer compensation ratio scored 44/100.