Pass with Flying Colors Inc
Nonprofit profile at a glance
- EIN
- 271722417
- IRS 990 coverage
- 2011–2020
- Forms available
- Form 990 2020
- Location
- Chicago, IL, USA
- Phone
- 7732027932
- Rating
- 82
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Educational Services and Schools - Other
Reported finances
- Revenue
- $77,971
- Expenses
- $210,365
- Assets
- $0
- Liabilities
- $0
Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.
Leadership & pay
10 people listed
Executive titles in this filing
- KENNY GOLDMAN (PRESIDENT)
- JESSICA PAULSEN (EXECUTIVE DIRECTOR)
Highest reported compensation
- JESSICA PAULSEN (EXECUTIVE DIRECTOR): $69,369 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Pass with flying colors prepares chicago's underserved first-generation students for college and career success.
What it reported doing in 2020
Pass with flying colors, inc. (organization) is a nonprofit organization founded in Illinois in 2010 to prepare chicago's under-served high school students to be successful in college.pass with flying colors served 113 students through an 8-year college success and persistence program. 85% of the organization's scholars identify as low-income and 100% will be the first in their family to attend college. Beginning in 9th grade, the organization selects a cohort of up to 25 committed students through a selective and competitive interview process. Beginning immediately, these cohorts of scholars participate in academic enrichment, leadership development and college readiness programs that develop the social, academic and non-cognitive skills critical to college and career success. The organization's scholars continue to receive individualized support and mentoring during their college years so their college degree becomes a reality. 100% of scholars who have reached high school graduation have matriculated into college to pursue a degree and 95% are on track to graduate. Earning a 4-year college degree will provide greater access to opportunities for economic stability and choices in their adult lives.
Operating model
- Revenue model
- Mixed. Its operating money came from several sources; no one source provided a clear majority.
- Distribution model
- Hybrid. The nonprofit split its reported program spending across 77% for direct work, and 23% for grants.
The verdict
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and fundraising costs are high for each dollar raised.
Rating breakdown
- Financial Efficiency: 88
- Transparency & Controls: 94
- Accountability: 79
- Sustainability: 9
- Growth: 40
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 84.6%; rating input score 85
- Fundraising efficiency: $4.81 raised per $1 spent on fundraising; rating input score 34; 34th percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 62nd 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: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 4 of 8 controls in place; rating input score 50
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: Pass
- 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: -169.8%; rating input score 15; 15th percentile among comparable filings
- Total-asset coverage ratio: 0; rating input score 2; 2nd percentile among comparable filings
- Liabilities to assets ratio: Limited
- Officer compensation ratio: 33%; rating input score 10; 10th percentile among comparable filings
Growth
- Program expense growth: 5.2% per year; rating input score 100; 77th percentile among comparable filings
- Revenue growth: -1.3% per year; rating input score 0; 63rd percentile among comparable filings
- Asset growth: -5% per year; rating input score 0; 22nd percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 84.6% of spending went to programs
- Governance: 9 of 9 board members independent · 4 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $178K in reported program spending
- Leadership: top reported pay $69K · 10 people listed
- Consistency: 22 of 22 current checks pass
- Schedules: 5 filed schedules · includes major donors and grants
- Filing history: 10 filing years from 2011 to 2020
- Contacts: How to reach this organization
- Money network: 4 filed money-flow records
- Related organizations: 3 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.
- Review — Accountability: Governance controls: 3 of 7 not reported.
- Moderate — Financial Efficiency: Fundraising efficiency scored 34/100.
- High — Sustainability: Operating margin scored 15/100.
- High — Growth: Revenue growth scored 0/100.
- High — Sustainability: Total-asset coverage ratio scored 2/100.
- High — Growth: Asset growth scored 0/100.
- High — Sustainability: Officer compensation ratio scored 10/100.