Phillips Eye Institute Foundation

Nonprofit profile at a glance

EIN
411613017
IRS 990 coverage
2010–2019
Forms available
Form 990 2019
Location
Minneapolis, MN, USA
Phone
6122620660
Rating
77
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Medical Research N.E.C.

Official website

Reported finances

Revenue
$575,124
Expenses
$872,186
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2019. Amounts in USD.

Leadership & pay

15 people listed

Highest reported compensation

  • RICHARD MAGNUSON (CFO): $1,101,962 total reported compensation
  • DANIEL CONRAD (DIRECTOR/PRES. PEI): $730,538 total reported compensation
  • LAUREEN HENNEN (EXEC. DIR. PEI FOUNDATION): $197,174 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2019. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of phillips eye institute foundation (peif) is to further the commitment of phillips eye institute (pei) to eye care excellence, education, research and community involvement while honoring the legacy of mount sinai hospital.

What it reported doing in 2019

Early youth eyecare (eye) community initiativethe early youth eyecare (e.y.e.) community initiative provides regular vision screenings and follow-up treatment services to minneapolis and st. Paul public school children. Many of these children are not insured or underinsured and this is their only access to vision care. Approximately 80% of childhood learning is visually based and academic success is greatly influenced by their ability to see.this program will continue in the successor organization abbott northwestern hospital foundation.

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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

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 fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 71
  • Accountability: 90
  • Sustainability: 2
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 90%; rating input score 90
  • Fundraising efficiency: $7.68 raised per $1 spent on fundraising; rating input score 31; 31st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd 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: 99.8%; rating input score 100; 47th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 81.8%; rating input score 82; 17th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -51.7%; rating input score 3; 3rd percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 0; 0th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 28.8%; rating input score 7; 7th percentile among comparable filings

Growth

  • Program expense growth: 4.9% per year; rating input score 100; 52nd percentile among comparable filings
  • Revenue growth: -2.1% per year; rating input score 0; 15th percentile among comparable filings
  • Asset growth: -0.9% per year; rating input score 0; 22nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 90% of spending went to programs
  • Governance: 9 of 11 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $785K in reported program spending
  • Leadership: top reported pay $1.1M · 15 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 23 of 23 current checks pass
  • Schedules: 9 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 10 filing years from 2010 to 2019
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • Related organizations: 32 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.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 31/100.
  • High — Sustainability: Operating margin scored 3/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 7/100.