Mississippi Farm Bureau Foundation for Agriculture Inc
Nonprofit profile at a glance
- EIN
- 333390512
- IRS 990 coverage
- 2024–2024
- Forms available
- Form 990 2024
- Location
- Jackson, MS, USA
- Phone
- 6019774205
- Rating
- 54
- Verdict
- MIXED
- Rating confidence
- Moderate
- Sector
- Agricultural Programs
Reported finances
- Revenue
- $220,447
- Expenses
- $44,403
- Assets
- $211,044
- Liabilities
- $35,000
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
11 people listed
Executive titles in this filing
- MIKE MCCORMICK (PRESIDENT)
- JEFF EASTERLING (VICE PRESIDENT)
Highest reported compensation
- MIKE MCCORMICK (PRESIDENT): $341,369 total reported compensation
- KENT BLOODWORTH (SECRETARY): $305,913 total reported compensation
- KALEB DEESE (TREASURER): $234,384 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To advance agriculture through investments in educating the next generation of farmers and ranchers, providing scholarships for the furtherance of education, informing the public on the importance of agriculture, providing agricultural resources to those in need, and all other means of promoting agriculture as an integral part of society.
What it reported doing in 2024
The Mississippi farm bureau foundation for agriculture made meaningful progress this year in advancing its mission to support agriculture across the state thru literacy, scholarships, education, and raising awareness to hunger. Through the farmers feeding the hungry initiative, the foundation helped raise awareness of food insecurity while mobilizing volunteers to support local food pantries and families in need. The foundation also expanded its focus on education by developing new scholarship opportunities to help Mississippi students pursue higher education. In addition, dedicated funds were invested to strengthen the federation's ag in the classroom program by providing agriculture-focused books to every public school library statewide. Together, these efforts reflect the foundation's continued commitment to serving Mississippi's families today while investing in the next generation.
Operating model
- Revenue model
- Donor-supported. 99% of the money available for current operations came from contributions and gifts.
- Distribution model
- Grant intermediary. The nonprofit sent 99% of its reported program spending out as grants.
The verdict
MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.
Rating breakdown
- Financial Efficiency: 41
- Transparency & Controls: 71
- Accountability: 66
- Sustainability: 72
- Growth: NotEnoughData
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 19.4%; rating input score 19
- Program expense ratio: 91.4%; rating input score 91
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Missing
- Foreign activity oversight: Limited
- Grant itemization coverage: 100%; rating input score 100; 80th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 72.7%; rating input score 73; 19th percentile among comparable filings
- Governance controls: 5 of 9 controls in place; rating input score 56
- 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: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 79.9%; rating input score 98; 98th percentile among comparable filings
- Total-asset coverage ratio: 4.75; rating input score 78; 78th percentile among comparable filings
- Liabilities to assets ratio: 0.17; rating input score 21; 21st percentile among comparable filings
- Officer compensation ratio: 429.1%; rating input score 0; 0th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: Limited
- Asset growth: Limited
Details
- Where the money goes: 19.4% of revenue deployed · 91.4% of spending went to programs
- Governance: 8 of 11 board members independent · 5 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $41K in reported program spending
- Leadership: top reported pay $341K · 11 people listed · 0 of 6 pay-setting controls reported
- Consistency: 17 of 17 current checks pass
- Schedules: 5 filed schedules · includes major donors, grants, and executive pay
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- Related organizations: 1 filed related-organization link
- 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: Mission deployment rate scored 19/100.
- High — Transparency & Controls: Pay-setting controls scored 0/100.
- Review — Accountability: Governance controls: 3 of 8 not reported.
- High — Sustainability: Officer compensation ratio scored 0/100.
- High — Sustainability: Liabilities to assets ratio scored 21/100.