Montclair Scholarship Fund

Nonprofit profile at a glance

EIN
226047818
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Montclair, NJ, USA
Rating
89
Verdict
STRONG
Rating confidence
Moderate
Sector
Public Foundations

Official website

Reported finances

Revenue
$497,783
Expenses
$375,377
Assets
$1,489,946
Liabilities
$0

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

Leadership & pay

20 people listed

Executive titles in this filing

  • Leeta Jordan (Co-President)
  • Mimi Wrede (Co-President)

People named in this filing

  • Leeta Jordan (Co-President)
  • Mimi Wrede (Co-President)
  • Gerald A Fasanella (Treasurer)

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 organization awards college scholarships to college-bound High School seniors with financial need.

What it reported doing in 2024

The orgainization awards scholarships for college tuition, books and supplies to college-bound High School seniors with financial need.

Operating model

Revenue model
Donor-supported. 90% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 94
  • Accountability: 88
  • Sustainability: 76
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 83%; rating input score 83
  • Program expense ratio: 94.3%; rating input score 94
  • Fundraising efficiency: $174.22 raised per $1 spent on fundraising; rating input score 90; 90th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • 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: 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: 24.6%; rating input score 78; 78th percentile among comparable filings
  • Total-asset coverage ratio: 3.97; rating input score 75; 75th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 12.7% per year; rating input score 100; 75th percentile among comparable filings
  • Revenue growth: 10.9% per year; rating input score 100; 74th percentile among comparable filings
  • Asset growth: 9.3% per year; rating input score 100; 64th percentile among comparable filings

Details

  • Where the money goes: 83% of revenue deployed · 94.3% of spending went to programs
  • Governance: 17 of 17 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $354K in reported program spending
  • Leadership: top reported pay $0 · 20 people listed
  • Consistency: 17 of 17 current checks pass
  • Schedules: 4 filed schedules · includes major donors and grants
  • Filing history: 11 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • 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.

  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.