On the Waterfront Inc

Nonprofit profile at a glance

EIN
363318285
IRS 990 coverage
2009–2010
Forms available
Form 990 2010
Location
Rockford, IL, USA
Phone
8159644388
Rating confidence
Limited
Sector
Fairs

Official website

Reported finances

Revenue
$1,194,530
Expenses
$1,284,247
Assets
$177,034
Liabilities
$399,498

Source: IRS Form 990. Selected filing: tax year 2010. Amounts in USD.

Leadership & pay

8 people listed

Source: IRS Form 990. Selected filing: tax year 2010. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

On the waterfront, inc. Is a nonprofit organization established to promote community advancement through celebration and to support not-for-profit organizations, primarily by producing festivals and events.

What it reported doing in 2010

On the waterfront, inc. Is established to promote community advancement through celebration and to support local not-for-profit entities and businesses and enhance the image of the community, primarily by producing a quality regional street festival. Food booths for the festival, as well as the operation of beverage, button & ticket booths, are operated primarily by organizations that are charitable, educational or otherwise not-for-proft in nature. Since 1986, on the waterfront has provided these fundraising opportunities for present and past not-for-profit partners that have generated over 9 million in revenue for their causes. These revenues are redirected back into the community for much-needed services.

Operating model

Revenue model
Earned-program. 78% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 100
  • Accountability: 82
  • Sustainability: 18
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 60th 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: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -7.5%; rating input score 20; 20th percentile among comparable filings
  • Total-asset coverage ratio: 0.14; rating input score 7; 7th percentile among comparable filings
  • Liabilities to assets ratio: 2.26; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 6.7%; rating input score 51; 51st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -6% per year; rating input score 0; 26th percentile among comparable filings
  • Asset growth: -13.9% per year; rating input score 0; 14th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 6 of 6 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $951K in reported program spending
  • Leadership: top reported pay $74K · 8 people listed
  • Highest-paid contractors: 1 contractor listed
  • Consistency: 28 of 28 current checks pass
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 2 filing years from 2009 to 2010
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.

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.

  • Review — Accountability: Governance controls: 4 of 9 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 20/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 7/100.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.
  • Review — Sustainability: Officer compensation ratio scored 51/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.