Old Salt Fishing Foundation Inc

Nonprofit profile at a glance

EIN
200961806
IRS 990 coverage
2014–2022
Forms available
Form 990 2022
Location
Madeira Beach, FL, USA
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Historical Societies, Related Historical Activities

Official website

Reported finances

Revenue
$1,138,290
Expenses
$1,080,572
Assets
$101,785
Liabilities
$750

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • THOMAS VERDENSKY (PRESIDENT)
  • DAN CASEY (VICE PRESIDENT)

People named in this filing

  • ALAN MCLEOD (BOARD MEMBER)
  • AMY VERDENSKY (BOARD MEMBER)
  • GRAY BURTCHAELL (BOARD MEMBER)

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 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

See schedule o

What it reported doing in 2022

Through our fishing tournaments we were able to support various local charity organizations. See schedule i, part iii.

Operating model

Revenue model
Other-operating. 61% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 93% 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. A relatively small share of voting board members are independent and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 81
  • Transparency & Controls: 100
  • Accountability: 30
  • Sustainability: 43
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 89.4%; rating input score 89
  • Program expense ratio: 94.2%; rating input score 94
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 4th percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: 5.1%; rating input score 50; 50th percentile among comparable filings
  • Total-asset coverage ratio: 0.09; rating input score 4; 4th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 74; 74th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 82; 82nd percentile among comparable filings

Growth

  • Program expense growth: -2.3% per year; rating input score 0; 15th percentile among comparable filings
  • Revenue growth: -2.2% per year; rating input score 0; 11th percentile among comparable filings
  • Asset growth: 3.3% per year; rating input score 100; 32nd percentile among comparable filings

Details

  • Where the money goes: 89.4% of revenue deployed · 94.2% of spending went to programs
  • Governance: 0 of 8 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $1M in reported program spending
  • Leadership: top reported pay $0 · 8 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 7 filed schedules · includes major donors and grants
  • Filing history: 9 filing years from 2014 to 2022
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 4 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 — Accountability: Independent voting board scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 4/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • Review — Sustainability: Operating margin scored 50/100.