PGA Financial Assistance Fund Inc

Nonprofit profile at a glance

EIN
650443262
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Frisco, TX, USA
Phone
5616248400
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Reported finances

Revenue
$1,117,773
Expenses
$429,508
Assets
$8,845,054
Liabilities
$6,806

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

Leadership & pay

15 people listed

Executive titles in this filing

  • Seth Waugh (CEO)
  • Don Rea (President)
  • Nathan Charnes (Vice President)
  • Derek Sprague (CEO)
  • John Lindert (Past President)

Highest reported compensation

  • Seth Waugh (CEO): $3,904,941 total reported compensation
  • Craig Kessler (COO): $1,378,205 total reported compensation
  • John Easterbrook (CMO): $1,122,345 total reported compensation

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

Overview

Mission

The Organization's primary exempt purpose is to encourage & promote the attainment of higher educational goals by awarding scholarships based on a high level of academic achievement. In addition, the Organization's purpose is to provide temporary financial aid to those in dire financial need usually as a result of an accident or sudden illness.

What it reported doing in 2024

Scholarship Programs - As detailed on Schedule I, numerous individuals were granted scholarships to attend various colleges and universities as a result of their high academic achievements.

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 96% 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 few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 74
  • Accountability: 37
  • Sustainability: 82
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 97.2%; rating input score 97
  • 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; 76th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 0%; rating input score 0; 5th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 61.6%; rating input score 95; 95th percentile among comparable filings
  • Total-asset coverage ratio: 20.59; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 97%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: 1% per year; rating input score 100; 22nd percentile among comparable filings
  • Revenue growth: 9.4% per year; rating input score 100; 64th percentile among comparable filings
  • Asset growth: 5.1% per year; rating input score 100; 39th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 97.2% of spending went to programs
  • Governance: 0 of 4 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $418K in reported program spending
  • Leadership: top reported pay $3.9M · 15 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 18 of 18 current checks pass
  • Schedules: 6 filed schedules · includes grants and executive pay
  • Filing history: 14 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 11 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Officer compensation ratio scored 0/100.