Nellie R Sherwood Trust

Nonprofit profile at a glance

EIN
426061621
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Cedar Rapids, IA, USA
Phone
3193697796
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Teachers Retirement Fund Association

Reported finances

Revenue
$6,978
Expenses
$4,026
Assets
$133,665
Liabilities
$2,810

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

Leadership & pay

17 people listed

Executive titles in this filing

  • CASEY GREENE (BOARD MEMBER & MKT PRESIDENT)
  • MICHELLE NIERMANN TO 0823 (FORMER BOARD MEMBER & PRESIDENT/CEO)

Highest reported compensation

  • MICHAEL HEINRICH TO 0323 (FORMER EXEC VP/CFO): $1,054,804 total reported compensation
  • MICHELLE NIERMANN TO 0823 (FORMER BOARD MEMBER & PRESIDENT/CEO): $942,883 total reported compensation
  • CASEY GREENE (BOARD MEMBER & MKT PRESIDENT): $508,950 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 reimburse retired cedar rapids community school district teachers for certain health/wellness expenses not covered/reimbursed by insurance.

What it reported doing in 2024

Nellie r. Sherwood trust reimbursed qualified retired teachers of the cedar rapids community school district for their out-of-pocket hospital-related expenses, as well as qualifying wellness expenses in 2023. The trust provided financial assistance for 9 qualified retired teachers.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 71
  • Transparency & Controls: 68
  • Accountability: 93
  • Sustainability: 69
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 86.1%; rating input score 86
  • Program expense ratio: 69.8%; rating input score 70
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 87.5%; rating input score 88; 26th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 42.3%; rating input score 85; 85th percentile among comparable filings
  • Total-asset coverage ratio: 33.2; rating input score 87; 87th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 25; 25th percentile among comparable filings
  • Officer compensation ratio: 9,348.4%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: -10.3% per year; rating input score 0; 28th percentile among comparable filings
  • Revenue growth: -5.2% per year; rating input score 0; 43rd percentile among comparable filings
  • Asset growth: 0.1% per year; rating input score 100; 41st percentile among comparable filings

Details

  • Where the money goes: 86.1% of revenue deployed · 69.8% of spending went to programs
  • Governance: 14 of 16 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $3K in reported program spending
  • Leadership: top reported pay $1.1M · 17 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 18 of 18 current checks pass
  • Schedules: 6 filed schedules · includes grants and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 79 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.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 25/100.