Open Finance Consortium Inc
Nonprofit profile at a glance
- EIN
- 994543838
- IRS 990 coverage
- 2024–2024
- Forms available
- Form 990 2024
- Location
- Covina, CA, USA
- Phone
- 4152343349
- Rating confidence
- Limited
- Sector
- Chambers of Commerce & Business Leagues
Reported finances
- Revenue
- $352,720
- Expenses
- $228,027
- Assets
- $224,980
- Liabilities
- $100,287
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
3 people listed
Executive titles in this filing
- FRANCOIS HODIERNE (EXECUTIVE DIRECTOR/SECRETARY)
- PIA MANCINI (PRESIDENT)
People named in this filing
- FRANCOIS HODIERNE (EXECUTIVE DIRECTOR/SECRETARY)
- PIA MANCINI (PRESIDENT)
- BENJAMIN NICKOLLS (TRESURER)
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
To support and advance the common business interests of organizations, including fiscal sponsors, collectives, and fiscal hosts, committed to the use of transparent financial ledgers in their operational practices for the purposes of simplifying compliant money transfers and enabling participatory fiscal governance.
What it reported doing in 2024
Open finance consortium dedicated 10% of its time and expenditures to developing and offering an industry certification mechanism that verified adherence to transparent financial ledger standards. This included reviewing applicant financial records and issuing certification letters or badges for verified members. The core activity, comprising 80% of time and expenditures, focused on developing a free, open-source software platform for transparent financial management, operated by a subsidiary and improved through ongoing development cycles, bug fixes, documentation updates, and user support. The organization also conducted education and advocacy to advance industry transparency, including monthly community calls, sharing development insights, and curating a knowledge base to support members. In 2024, open finance consortium, inc. Made significant progress across multiple areas: - a major milestone was the completion of the platform's transition from open collective inc. To the open finance consortium. - the team relocation was successful, ensuring continuity and cohesion. - the strategic direction of the platform (open collective platform) was advanced by transitioning to a new pricing model, developing white labeling capabilities, and expanding membership through onboarding efforts.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- 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.
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: 51
- Accountability: 57
- Sustainability: 61
- Growth: NotEnoughData
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: Limited
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 85.7%; rating input score 86; 3rd percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Scored; rating input score 0
- Grant itemization coverage: Scored; rating input score 0
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 66.7%; rating input score 67; 18th 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: 35.4%; rating input score 85; 85th percentile among comparable filings
- Total-asset coverage ratio: 0.99; rating input score 40; 40th percentile among comparable filings
- Liabilities to assets ratio: 0.45; rating input score 12; 12th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: Limited
- Asset growth: Limited
Details
- Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
- Governance: 2 of 3 board members independent · 3 of 7 filing controls reported
- Programs: 1 filed program accomplishment
- Leadership: top reported pay $0 · 3 people listed
- Consistency: 9 of 10 current checks pass · 1 finding to review
- Schedules: 7 filed schedules · includes major donors and foreign activity
- Contacts: How to reach this organization
- Related organizations: 1 filed related-organization link
- 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 — Transparency & Controls: Foreign activity oversight scored 0/100.
- High — Transparency & Controls: Grant itemization coverage scored 0/100.
- Moderate — Accountability: Governance controls: 3 of 6 not reported.
- Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
- Moderate — Sustainability: Total-asset coverage ratio scored 40/100.
- High — Sustainability: Liabilities to assets ratio scored 12/100.