Nate McMillan Foundation

Nonprofit profile at a glance

EIN
933021571
IRS 990 coverage
2024–2025
Forms available
Form 990 2025, Form 990-EZ 2023
Location
Raleigh, NC, USA
Phone
9194220345
Rating
53
Verdict
MIXED
Rating confidence
Moderate
Sector
Youth Development Programs

Reported finances

Revenue
$291,487
Expenses
$288,856
Assets
$38,744
Liabilities
$7,121

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • Derrick Waters (President and Director)
  • Wanda Thomas (Executive Director)

Highest reported compensation

  • Wanda Thomas (Executive Director): $85,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Our mission is to empower young men who have experienced fatherlessness by providing mentorship programs that equip them with tools values and the mindset to lead positive lives of purpose and impact.

What it reported doing in 2025

Weve held 1 mentoring camp with over 150 participants. Weve completed an 8-week zoom session with mentees focused on career development. Weve completed a 12-week math tutorial program. Weve engaged with over 23 community partners. Weve maintained over a 50% retention rate of participants. Weve exposed participants to public speaking. We had over 25 mentoring events financial literacy classes and career development services. Weve had a successful basketball camp for mentees and the community as a part of the community service projects. Weve connected with moms and established a regular meeting cadence. Weve hosted several events and classes that encouraged the participants to lead and thrive. Weve hosted a regular zoom meeting with participants bi-monthly. Weve had several successful fundraisers each year. Weve traveled to Lenovo for career building and technology. We were recognized by Wake County Human Services for our work with the social and emotional competence of children. Weve served over 180 boys. Approximately 2,500 partners donors boys and moms touched since inception.

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 96% 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

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 a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 21
  • Transparency & Controls: 92
  • Accountability: 69
  • Sustainability: 24
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 22.2%; rating input score 22
  • Program expense ratio: 22.4%; rating input score 22
  • Fundraising efficiency: $3.01 raised per $1 spent on fundraising; rating input score 13; 13th 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: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 0.9%; rating input score 38; 38th percentile among comparable filings
  • Total-asset coverage ratio: 0.13; rating input score 9; 9th percentile among comparable filings
  • Liabilities to assets ratio: 0.18; rating input score 17; 17th percentile among comparable filings
  • Officer compensation ratio: 29.4%; rating input score 11; 11th percentile among comparable filings

Growth

  • Program expense growth: -34.6% per year; rating input score 0; 3rd percentile among comparable filings
  • Revenue growth: 47.9% per year; rating input score 100; 97th percentile among comparable filings
  • Asset growth: -37.9% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 22.2% of revenue deployed · 22.4% of spending went to programs
  • Governance: 6 of 6 board members independent · 2 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $65K in reported program spending
  • Leadership: top reported pay $85K · 7 people listed
  • Consistency: 43 of 43 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 2 filing years from 2024 to 2025
  • Contacts: How to reach this organization
  • Money network: 2 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.

  • High — Financial Efficiency: Mission deployment rate scored 22/100.
  • High — Financial Efficiency: Program expense ratio scored 22/100.
  • High — Accountability: Governance controls: 5 of 7 not reported.
  • High — Financial Efficiency: Fundraising efficiency scored 13/100.
  • High — Growth: Program expense growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 38/100.
  • High — Sustainability: Total-asset coverage ratio scored 9/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 11/100.
  • High — Sustainability: Liabilities to assets ratio scored 17/100.