Okturtles Foundation

Nonprofit profile at a glance

EIN
471188610
IRS 990 coverage
2024–2024
Forms available
Form 990 2024, Form 990-EZ 2023, Form 990-N 2020
Location
Miami, FL, USA
Rating
79
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Education N.E.C.

Official website

Reported finances

Revenue
$284,886
Expenses
$284,886
Assets
$31,123
Liabilities
$0

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

Leadership & pay

3 people listed

Executive titles in this filing

  • Greg Slepak (President, Director)

People named in this filing

  • Greg Slepak (President, Director)
  • Andrea Devers (Secretary, Director)
  • Simon Grondin (Director)

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 mission of the okTurtles Foundation is to support beneficial decentralization technologies.

What it reported doing in 2024

Research and development on the "Group Income" project: a tool for creating communities and providing these communities with a financial safety net in a decentralized and end-to-end encrypted manner, including a user-friendly, end-to-end encrypted chat experience that will support the growth and prosperity of communities that rely on it. Providing educational material regarding social safety nets, social cohesion, new technology, fraud, privacy, and data security.

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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

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 fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 79
  • Accountability: 76
  • Sustainability: 38
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 93.3%; rating input score 93
  • Program expense ratio: 93.3%; rating input score 93
  • Fundraising efficiency: $14.83 raised per $1 spent on fundraising; rating input score 50; 50th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 83.3%; rating input score 83; 2nd 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; 63rd percentile among comparable filings
  • Governance controls: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: 0%; rating input score 39; 39th percentile among comparable filings
  • Total-asset coverage ratio: 0.11; rating input score 7; 7th 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: Limited
  • Revenue growth: 25.3% per year; rating input score 100; 91st percentile among comparable filings
  • Asset growth: 67.1% per year; rating input score 100; 98th percentile among comparable filings

Details

  • Where the money goes: 93.3% of revenue deployed · 93.3% of spending went to programs
  • Governance: 3 of 3 board members independent · 3 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $266K in reported program spending
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 16 of 18 current checks pass · 2 findings to review
  • Schedules: 5 filed schedules · includes major donors
  • Contacts: How to reach this organization
  • 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.

  • Moderate — Accountability: Governance controls: 3 of 6 not reported.
  • Review — Financial Efficiency: Fundraising efficiency scored 50/100.
  • Moderate — Sustainability: Operating margin scored 39/100.
  • High — Sustainability: Total-asset coverage ratio scored 7/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Transparency & Controls: Schedule G fundraiser detail did not reconcile in the filed values.