Otha E Herring Scholars Fund I

Nonprofit profile at a glance

EIN
756690165
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Raleigh, NC, USA
Phone
9197162015
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Reported finances

Revenue
$223,074
Expenses
$213,030
Assets
$3,486,555
Liabilities
$0

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

Leadership & pay

7 people listed

Highest reported compensation

  • KEN BUCHANAN (TRUSTEE): $185,000 total reported compensation
  • TIM WOODWARD (TRUSTEE): $111,000 total reported compensation
  • BRIAN BLACKBURN (TRUSTEE): $65,000 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide funding for scholarships for residents of duplin county and the town of mount olive, nc who are full or part-time students of mount olive college

What it reported doing in 2024

Provide scholarships to students who attend mt. Olive college

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 91% of its reported program spending out as grants.

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 some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 93
  • Accountability: 12
  • Sustainability: 63
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 92.4%; rating input score 92
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 80th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 7th percentile among comparable filings
  • Governance controls: 2 of 9 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Limited
    • Other executive compensation review process: Limited
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 4.5%; rating input score 50; 50th percentile among comparable filings
  • Total-asset coverage ratio: 16.37; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 15.2%; rating input score 24; 24th percentile among comparable filings

Growth

  • Program expense growth: -0.7% per year; rating input score 0; 28th percentile among comparable filings
  • Revenue growth: 0.9% per year; rating input score 100; 28th percentile among comparable filings
  • Asset growth: -0.6% per year; rating input score 0; 22nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 92.4% of spending went to programs
  • Governance: 0 of 7 board members independent · 2 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $195K in reported program spending
  • Leadership: top reported pay $185K · 7 people listed
  • Consistency: 13 of 13 current checks pass
  • Schedules: 5 filed schedules · includes grants
  • Filing history: 13 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 2 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 — Accountability: Governance controls: 4 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • Review — Sustainability: Operating margin scored 50/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 24/100.