New York City Financial Network Action Consortium Inc
Nonprofit profile at a glance
- EIN
- 113550741
- IRS 990 coverage
- 2009–2013
- Forms available
- Form 990 2013
- Location
- New York, NY, USA
- Phone
- 2122546060
- Rating
- 84
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Urban, Community Economic Development
Reported finances
- Revenue
- $587,303
- Expenses
- $592,934
- Assets
- $489,294
- Liabilities
- $12,410
Source: IRS Form 990. Selected filing: tax year 2013. Amounts in USD.
Leadership & pay
7 people listed
Executive titles in this filing
- PETER BRAY (EXECUTIVE DIRECTOR AND BOARD SECRETARY)
Highest reported compensation
- PETER BRAY (EXECUTIVE DIRECTOR AND BOARD SECRETARY): $88,951 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2013. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Nycfnac was established in 1999 to promote access by low-income persons in New York city to affordable, convenient and comprehensive financial services and credit by connecting this population with New York city's leading community development credit unions and strengthening their capacity through nycfnac's operational, financial and technical assistance.
What it reported doing in 2013
Since 2004 nycfnac has been a sponsor of the volunteer income tax assistance (vita) program, which provides low-income taxpayers with free, high quality tax preparation. The program serves as an alternative to the high fees and often predatory services of commercial tax preparation firms. By locating vita sites within the low-income communities served by community development credit unions, the vita program can offer taxpayers the opportunity to safely and quickly receive their tax refund at a credit union through direct deposit. This connection to a financial institution that offers affordable financial services promotes the opportunity for low-income households to save, build financial assets, get access to high-quality credit, gain money management skills, and move into the financial services mainstream. Vita ensures that these households receive all of their eligible tax credits, including the earned income tax credit, which elevates families above the federal poverty line. During the year, the program prepared 12,376 returns for 11,264 individual filers and returned $18.9 million in total refunds on their behalf. The program also provides such ancillary services as screening for public benefits, such as snap (food stamps) and medicaid. Those households found preliminarily eligible for benefits receive follow up intensive screening and enrollment assistance by nycfnac's benefit enrollers.
Operating model
- Revenue model
- Donor-supported. 61% of the money available for current operations came from contributions and gifts.
- Distribution model
- Hybrid. The nonprofit split its reported program spending across 79% for direct work, and 21% for grants.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Revenue has declined or grown slowly and assets have declined or grown slowly.
Rating breakdown
- Financial Efficiency: 91
- Transparency & Controls: 90
- Accountability: 92
- Sustainability: 38
- Growth: 0
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 93.4%; rating input score 93
- Program expense ratio: 92.5%; rating input score 93
- Fundraising efficiency: $42.03 raised per $1 spent on fundraising; rating input score 78; 78th percentile among comparable filings
Transparency & Controls
- Consistency checks: 92.9%; rating input score 93; 15th percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: 99%; rating input score 99; 42nd percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 85.7%; rating input score 86; 19th percentile among comparable filings
- Governance controls: 8 of 8 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: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -1%; rating input score 33; 33rd percentile among comparable filings
- Total-asset coverage ratio: 0.83; rating input score 41; 41st percentile among comparable filings
- Liabilities to assets ratio: 0.03; rating input score 72; 72nd percentile among comparable filings
- Officer compensation ratio: 15%; rating input score 20; 20th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: -22.2% per year; rating input score 0; 4th percentile among comparable filings
- Asset growth: -6.6% per year; rating input score 0; 16th percentile among comparable filings
Details
- Where the money goes: 93.4% of revenue deployed · 92.5% of spending went to programs
- Governance: 6 of 7 board members independent · 8 of 8 filing controls reported
- Programs: 2 filed program accomplishments · $549K in reported program spending
- Leadership: top reported pay $89K · 7 people listed
- Consistency: 28 of 29 current checks pass · 1 finding to review
- Schedules: 5 filed schedules · includes major donors and grants
- Filing history: 5 filing years from 2009 to 2013
- Contacts: How to reach this organization
- Money network: 3 filed money-flow records
- Related organizations: 2 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.
Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.
- High — Growth: Revenue growth scored 0/100.
- High — Growth: Asset growth scored 0/100.
- Moderate — Sustainability: Operating margin scored 33/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 41/100.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- High — Sustainability: Officer compensation ratio scored 20/100.
- High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.