Memory for Memory Inc

Nonprofit profile at a glance

EIN
455206426
IRS 990 coverage
2018–2021
Forms available
Form 990 2021, Form 990-N 2016
Location
West Palm Beach, FL, USA
Phone
5612002862
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Brain Disorders

Official website

Reported finances

Revenue
$635,302
Expenses
$680,558
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2021. Amounts in USD.

Leadership & pay

4 people listed

Executive titles in this filing

  • Karl C Schoeller (CEO/Treasurer/Sec)

Highest reported compensation

  • Karl C Schoeller (CEO/Treasurer/Sec): $124,624 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2021. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Ethically recycle electronics to generate revenue that can be donated to charities and services.

What it reported doing in 2021

Donate revenue to charities and services that are focused on finding a cure for or assisting those impacted by Alzheimer's and or dementia. Donate refurbished computers and electronics to charities for their use in their operations.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 92% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 68
  • Transparency & Controls: 92
  • Accountability: 75
  • Sustainability: 8
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 77.6%; rating input score 78
  • Program expense ratio: 72.1%; rating input score 72
  • Fundraising efficiency: $4.26 raised per $1 spent on fundraising; rating input score 10; 10th percentile among comparable filings

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: 97.8%; rating input score 98; 43rd percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 75%; rating input score 75; 15th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: -7.1%; rating input score 14; 14th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 18.3%; rating input score 16; 16th percentile among comparable filings

Growth

  • Program expense growth: 14.4% per year; rating input score 100; 78th percentile among comparable filings
  • Revenue growth: 12% per year; rating input score 100; 74th percentile among comparable filings
  • Asset growth: -22.3% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 77.6% of revenue deployed · 72.1% of spending went to programs
  • Governance: 3 of 4 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $491K in reported program spending
  • Leadership: top reported pay $125K · 4 people listed
  • Consistency: 29 of 29 current checks pass
  • Schedules: 6 filed schedules · includes grants
  • Filing history: 4 filing years from 2018 to 2021
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 3 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 — Financial Efficiency: Fundraising efficiency scored 10/100.
  • High — Sustainability: Operating margin scored 14/100.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 16/100.