Project 324

Nonprofit profile at a glance

EIN
272404198
IRS 990 coverage
2013–2014
Forms available
Form 990 2014, Form 990-N 2012
Location
Midlothian, VA, USA
Phone
8043078132
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Arts, Culture, and Humanities N.E.C.

Official website

Reported finances

Revenue
$36,346
Expenses
$36,175
Assets
$11,798
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2014. Amounts in USD.

Leadership & pay

1 person listed

Executive titles in this filing

  • DAVID PETERSON (PRESIDENT)

People named in this filing

  • DAVID PETERSON (PRESIDENT)

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 2014. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Supporting arts initiative throughout the central Virginia region and supporting projects that complement project 324's mission to help the community.

What it reported doing in 2014

The offical charitiy of celebrate Virginia live is project 324. The company donates a percentage of concert proceeds to project 324 to help promote the arts in the fredericksburg community. Project 324 runs several programs at each music festival including stars of tomorrow, we are fxbg photo contest, music farm recycled program. All of these programs help promote the arts.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 93% 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

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 program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 90
  • Accountability: 30
  • Sustainability: 46
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 97.6%; rating input score 98
  • Program expense ratio: 98.2%; rating input score 98
  • 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: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 9th percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 0.5%; rating input score 56; 56th percentile among comparable filings
  • Total-asset coverage ratio: 0.33; rating input score 14; 14th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 73; 73rd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 62; 62nd percentile among comparable filings

Growth

  • Program expense growth: -26.8% per year; rating input score 0; 27th percentile among comparable filings
  • Revenue growth: -59.3% per year; rating input score 0; 10th percentile among comparable filings
  • Asset growth: 1.5% per year; rating input score 100; 59th percentile among comparable filings

Details

  • Where the money goes: 97.6% of revenue deployed · 98.2% of spending went to programs
  • Governance: 0 of 5 board members independent · 5 of 7 filing controls reported
  • Programs: 4 filed program accomplishments · $36K in reported program spending
  • Leadership: top reported pay $0 · 1 people listed
  • Consistency: 14 of 14 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 2 filing years from 2013 to 2014
  • Contacts: How to reach this organization
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Accountability: Independent voting board scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Total-asset coverage ratio scored 14/100.
  • Review — Sustainability: Operating margin scored 56/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.