Miracleplace Pasco Tampa Initiative Inc

Nonprofit profile at a glance

EIN
465676552
IRS 990 coverage
2014–2022
Forms available
Form 990 2022
Location
Tampa, FL, USA
Phone
8132091000
Rating confidence
Limited
Sector
Single Organization Support

Official website

Reported finances

Revenue
$0
Expenses
$31,625
Assets
$0
Liabilities
$0

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

Leadership & pay

3 people listed

Executive titles in this filing

  • TIM MARKS (PRESIDENT)

Highest reported compensation

  • TIM MARKS (PRESIDENT): $210,264 total reported compensation
  • STACY WAGNER (TREASURER): $154,822 total reported compensation

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

Overview

Mission

To act as a supporting organization of metropolitan ministries, inc., a Florida not-for-profit corporation.

What it reported doing in 2022

Miracleplace pasco-tampa initiative, inc. Supports metropolitan ministries by use of federal and state new markets tax credits for development and renovation of qualified low-income community investments. Miracleplace pasco-tampa initiative, inc. Completed a new markets tax credits transaction in 2015 to provide funds to finance the expansion and development in pasco, Florida of a new transitional housing facility for the homeless and those at risk of becoming homeless." in fiscal 2021 metropolitan ministries succcessfully completed the unwind of the new markets tax credit transaction leading to the creation of miracleplace pasco-tampa initiative, inc. The generous partnership of whitney hancock bank, chase bank, and the Florida community loan fund supported the construction of the residential facility providing shelter and wrap around services to over 50 familes per year and housing counseling programs. The exercise of put options to unwind the transaction resulted in elimination by forgiveness of over $15 million in liability and non-cash net proceeds of $6 million.

Operating model

Revenue model
No positive adjusted resources. The filing reports no positive adjusted operating resources.
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

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: 75
  • Transparency & Controls: 77
  • Accountability: 52
  • Sustainability: 1
  • Growth: 40

Detailed rating inputs

Financial Efficiency

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

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 33.3%; rating input score 33; 19th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: Limited
  • Total-asset coverage ratio: 0; rating input score 2; 2nd percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 114.9%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: -3.4% per year; rating input score 0; 44th percentile among comparable filings
  • Revenue growth: 17.4% per year; rating input score 100; 93rd percentile among comparable filings
  • Asset growth: -10.9% per year; rating input score 0; 12th percentile among comparable filings

Details

  • Where the money goes: 100% of spending went to programs
  • Governance: 1 of 3 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $32K in reported program spending
  • Leadership: top reported pay $210K · 3 people listed · 3 of 6 pay-setting controls reported
  • Consistency: 11 of 11 current checks pass
  • Schedules: 7 filed schedules · includes executive pay
  • Filing history: 9 filing years from 2014 to 2022
  • Contacts: How to reach this organization
  • Related organizations: 2 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.

  • Moderate — Accountability: Independent voting board scored 33/100.
  • High — Sustainability: Total-asset coverage ratio scored 2/100.
  • High — Growth: Program expense growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Officer compensation ratio scored 3/100.
  • High — Growth: Asset growth scored 0/100.