Pittman Educational Trust Fbo First Baptist Church of Cleveland Ms

Nonprofit profile at a glance

EIN
570988877
IRS 990 coverage
2018–2018
Forms available
Form 990 2018
Location
Sullivans Island, SC, USA
Phone
8438833496
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Single Organization Support
Affiliation
Christianity

Reported finances

Revenue
$4,908,236
Expenses
$6,204,465
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2018. Amounts in USD.

Leadership & pay

7 people listed

People named in this filing

  • FRED E PITTMAN MD (FOUNDER TRUSTEE)
  • RYAN F WHITLEY (TRUSTEE)
  • PATRICIA D ROWE (TRUSTEE)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2018. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The primary mission of the pittman education trust f/b/o the first baptist church is to provide funding to the church for scholarship support for needy ministerial students and funding for other educational programs of the first baptist church. In addition, in 2016 a majority of the board of trustee approved the use of trust funds to provide scholarship support to needy students at delta state university in cleveland, ms.in 2018, the board approved the dissolution of the trust with the funds being distributed 33% to first baptist church of cleveland, Mississippi and 67% to delta state university foundation. At the end of 2018 all funds on hand had been distributed. However, in 2019 additional funds from a class action settlement were received, therefore the 2018 return is not the final return for the trust.

What it reported doing in 2018

The trust has distributed funds to be used by the church for scholarships for needy ministerial students in ms and for other educational programs of the first baptist church of cleveland, Mississippi. The trust distributed $2,060,363 in 2018 to support these causes and also in dissolution of the trust.in 2016 the trust added the delta state university foundation, inc as a supported organization. The trust distributed $4,061,228 in 2018 to delta state university foundation to be used exclusively to provide scholarship support for needy students to attend delta state university of cleveland, ms and also in dissolution of the trust.

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 99% of its reported program spending out as 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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 93
  • Accountability: 82
  • Sustainability: 13
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

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

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; 71st percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -26.4%; rating input score 4; 4th 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: 0%; rating input score 93; 93rd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 6 of 6 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $6.2M in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Consistency: 14 of 14 current checks pass
  • Schedules: 4 filed schedules · includes grants
  • 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.

  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • High — Sustainability: Operating margin scored 4/100.
  • High — Sustainability: Total-asset coverage ratio scored 0/100.