Pennsylvania Institute of Cpas Trustees of the Scholarship Fund

Nonprofit profile at a glance

EIN
236392255
IRS 990 coverage
2010–2016
Forms available
Form 990 2016
Location
Philadelphia, PA, USA
Phone
2154969272
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Official website

Reported finances

Revenue
$155,740
Expenses
$150,500
Assets
$2,508,886
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2016. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • Michael D Colgan CAE (CEO & Executive Director)

Highest reported compensation

  • Michael D Colgan CAE (CEO & Executive Director): $438,103 total reported compensation
  • Jennifer Cryder CPA MBA (VP - Operations & CFO): $186,489 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2016. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Scholarships are awarded to students pursuing a career in the field of accounting.

What it reported doing in 2016

Each year, scholarships are awarded to students majoring in accounting at a Pennsylvania college or university. Scholarship applications are reviewed and judged by SCHOLARSHIP FUND TRUSTEES. Scholarship recipients are chosen based upon intellectual capacity, leadership potential, financial need, and intent to pursue a career in accounting. Through these awards, THE SCHOLARSHIP FUND hopes to ensure that Pennsylvania's future talent enters the CPA profession, remains in Pennsylvania, and ultimately belongs to the PICPA. During the year ended April 30, 2017 58 educational scholarships were awarded to students, totaling $149,500.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Grant intermediary. The nonprofit sent 100% 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. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 71
  • Accountability: 91
  • Sustainability: 62
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 97.7%; rating input score 98
  • Program expense ratio: 99.3%; rating input score 99
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 79th 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: 7 of 9 controls in place; rating input score 78
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 3.4%; rating input score 51; 51st percentile among comparable filings
  • Total-asset coverage ratio: 16.67; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 85; 85th percentile among comparable filings
  • Officer compensation ratio: 83.8%; rating input score 1; 1st percentile among comparable filings

Growth

  • Program expense growth: -19% per year; rating input score 0; 10th percentile among comparable filings
  • Revenue growth: -4.2% per year; rating input score 0; 20th percentile among comparable filings
  • Asset growth: 1.1% per year; rating input score 100; 42nd percentile among comparable filings

Details

  • Where the money goes: 97.7% of revenue deployed · 99.3% of spending went to programs
  • Governance: 5 of 5 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $150K in reported program spending
  • Leadership: top reported pay $438K · 7 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 18 of 18 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 7 filing years from 2010 to 2016
  • Contacts: How to reach this organization
  • Related organizations: 5 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • Review — Sustainability: Operating margin scored 51/100.
  • High — Sustainability: Officer compensation ratio scored 1/100.