Mycollege Foundation

Nonprofit profile at a glance

EIN
453594036
IRS 990 coverage
2012–2013
Forms available
Form 990 2013
Location
Denver, CO, USA
Phone
3038004502
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Nonmonetary Support N.E.C.

Reported finances

Revenue
$365,282
Expenses
$2,595,584
Assets
$353,008
Liabilities
$23,530

Source: IRS Form 990. Selected filing: tax year 2013. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • SRIKANT VASAN (PRESIDENT, CEO, TREASURER)

Highest reported compensation

  • VERNON SMITH (CHIEF ACADEMIC OFFICER): $253,351 total reported compensation
  • ANN MARIE O'CONNOR (VP PRODUCT MANAGEMENT): $189,134 total reported compensation
  • SRIKANT VASAN (PRESIDENT, CEO, TREASURER): $169,038 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2013. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Mycollege foundation aims to expand access to high quality but affordable college education in america.

What it reported doing in 2013

Mycollege foundation expands access to high quality but affordable college education in america.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
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

SUPPORTED - 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 and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 91
  • Transparency & Controls: 74
  • Accountability: 57
  • Sustainability: 8
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 91.4%; rating input score 91
  • Fundraising efficiency: $10.85 raised per $1 spent on fundraising; rating input score 44; 44th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • 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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 66.7%; rating input score 67; 17th percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 44
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • 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: -610.6%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 0.14; rating input score 8; 8th percentile among comparable filings
  • Liabilities to assets ratio: 0.07; rating input score 41; 41st percentile among comparable filings
  • Officer compensation ratio: 35.7%; rating input score 7; 7th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -167.2% per year; rating input score 0; 0th percentile among comparable filings
  • Asset growth: -153.4% per year; rating input score 0; 0th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 91.4% of spending went to programs
  • Governance: 2 of 3 board members independent · 4 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $2.4M in reported program spending
  • Leadership: top reported pay $253K · 7 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $105K reported
  • Consistency: 29 of 29 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 2 filing years from 2012 to 2013
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Moderate — Accountability: Governance controls: 4 of 8 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 44/100.
  • High — Sustainability: Operating margin scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 8/100.
  • High — Sustainability: Officer compensation ratio scored 7/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 41/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.