Platform for Social Impact Inc

Nonprofit profile at a glance

EIN
660963647
IRS 990 coverage
2022–2024
Forms available
Form 990 2024, Form 990-N 2021
Location
Carolina, PR, USA
Phone
7872684504
Rating
52
Verdict
MIXED
Rating confidence
Moderate
Sector
Urban, Community Economic Development

Official website

Reported finances

Revenue
$2,375,069
Expenses
$2,991,469
Assets
$6,470,509
Liabilities
$3,255,770

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

Leadership & pay

7 people listed

Executive titles in this filing

  • EDUARDO CARRERA (CEO)

Highest reported compensation

  • EDUARDO CARRERA (CEO): $221,000 total reported compensation
  • HERIBERTO TORRES (CFO): $181,000 total reported compensation
  • CAMILA RIVERO (COO): $150,000 total reported compensation

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

Overview

Mission

Raise capital to support a diverse portfolio of programs, organizations, and impact-first businesses often let out of traditional markets, generate economic value while benefiting underserved communities and creating opportunities for social mobility.

What it reported doing in 2024

Business development - the business development efforts of platform for social impact, inc. (psi) encompass a wide range of initiatives aimed at expanding the organization's reach and impact. This includes exploring opportunities for strategic partnerships, securing funding from diverse sources, and developing innovative financial instruments. Psi's pursuit of catalytic capital in puerto rico is to demonstrate the existence of an untapped market for impact investment in the region, with the potential to generate the necessary resources to ensure the long-term sustainability of psi's initiatives and economic mobility for families.

Operating model

Revenue model
Grant-funded. 88% of the money available for current operations came from government grants.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

MIXED - Most voting board members are independent and the filed numbers largely add up. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 33
  • Transparency & Controls: 61
  • Accountability: 95
  • Sustainability: 25
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 38.4%; rating input score 38
  • Program expense ratio: 29.5%; rating input score 29
  • Fundraising efficiency: $5.14 raised per $1 spent on fundraising; rating input score 18; 18th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 17th 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: Limited
  • 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: 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: 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: -26%; rating input score 5; 5th percentile among comparable filings
  • Total-asset coverage ratio: 2.16; rating input score 64; 64th percentile among comparable filings
  • Liabilities to assets ratio: 0.5; rating input score 21; 21st percentile among comparable filings
  • Officer compensation ratio: 18.5%; rating input score 14; 14th percentile among comparable filings

Growth

  • Program expense growth: -29.1% per year; rating input score 0; 1st percentile among comparable filings
  • Revenue growth: -70.3% per year; rating input score 0; 0th percentile among comparable filings
  • Asset growth: -22.2% per year; rating input score 0; 1st percentile among comparable filings

Details

  • Where the money goes: 38.4% of revenue deployed · 29.5% of spending went to programs
  • Governance: 4 of 4 board members independent · 8 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $882K in reported program spending
  • Leadership: top reported pay $221K · 7 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $187K reported
  • Consistency: 26 of 27 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: Filed and resolved organization relationships.
  • 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 38/100.
  • High — Financial Efficiency: Program expense ratio scored 29/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Financial Efficiency: Fundraising efficiency scored 18/100.
  • High — Sustainability: Operating margin scored 5/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 14/100.
  • High — Sustainability: Liabilities to assets ratio scored 21/100.