One More Wave Surf Corp

Nonprofit profile at a glance

EIN
473300674
IRS 990 coverage
2015–2023
Forms available
Form 990 2023
Location
San Diego, CA, USA
Phone
6192615095
Rating
60
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Military, Veterans' Organizations

Reported finances

Revenue
$817,320
Expenses
$848,051
Assets
$110,909
Liabilities
$16,572

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

4 people listed

Highest reported compensation

  • ROB GARRETT (KEY EMPLOYEE): $104,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provides surfboards and/or surfing equipment to veterans customized to their injuries, as well as community so they can achieve surf therapy on a daily basis

What it reported doing in 2023

Provide surfboards and/or surfing equipment to veterans customized to their injuries, as well as community so they can achieve surf therapy on a daily basis

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 73% for direct work, and 27% for grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and program spending has grown recently. A relatively small share of voting board members are independent and the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 59
  • Accountability: 10
  • Sustainability: 23
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 96.6%; rating input score 97
  • Program expense ratio: 93.1%; rating input score 93
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 83.3%; rating input score 83; 1st percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 0%; rating input score 0; 12th 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: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -3.8%; rating input score 28; 28th percentile among comparable filings
  • Total-asset coverage ratio: 0.13; rating input score 6; 6th percentile among comparable filings
  • Liabilities to assets ratio: 0.15; rating input score 38; 38th percentile among comparable filings
  • Officer compensation ratio: 12.3%; rating input score 29; 29th percentile among comparable filings

Growth

  • Program expense growth: 21.1% per year; rating input score 100; 83rd percentile among comparable filings
  • Revenue growth: 16.2% per year; rating input score 100; 80th percentile among comparable filings
  • Asset growth: 9.6% per year; rating input score 100; 57th percentile among comparable filings

Details

  • Where the money goes: 96.6% of revenue deployed · 93.1% of spending went to programs
  • Governance: 0 of 3 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $789K in reported program spending
  • Leadership: top reported pay $104K · 4 people listed
  • Consistency: 27 of 29 current checks pass · 2 findings to review
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 9 filing years from 2015 to 2023
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Independent voting board scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Accountability: Governance controls: 5 of 7 not reported.
  • High — Sustainability: Operating margin scored 28/100.
  • High — Sustainability: Total-asset coverage ratio scored 6/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 29/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 38/100.