Provident Charities Inc

Nonprofit profile at a glance

EIN
223302238
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
Iselin, NJ, USA
Phone
8622603990
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Fund Raising and Fund Distribution

Reported finances

Revenue
$339,624
Expenses
$342,000
Assets
$195,581
Liabilities
$172,581

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

Leadership & pay

7 people listed

Executive titles in this filing

  • RONALD SCHWARZ (PRESIDENT (THRU 09/24))
  • THOMAS S SHARA (PRESIDENT (START 10/24))

People named in this filing

  • RONALD SCHWARZ (PRESIDENT (THRU 09/24))
  • BRENDAN ECCLESTON (SECRETARY)
  • ADRIANO DUARTE (TREASURER (START 10/24))

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 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The provident bank foundation invests in marginalized communities within provident bank's branch network by collaborating with nonprofit organizations that align with the values we care about. Together, we empower individuals on their paths to economic self-sufficiency by addressing the multifaceted issues that perpetuate the cycle of poverty.

What it reported doing in 2024

Provident charities inc. Primarily conducts two charity golf outings - one to donate proceeds to other 501(c)(3) organizations, and the other to grant scholarships to deserving low to moderate income individuals. In 2024, the provident charities inc's grant program provided 19 grants totaling $342,000 to deserving 501(c)(3) organizations and charitable foundations whose programs focus on improving the well-being of youth and families.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% 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. Some filing-based governance responses are negative or unanswered and the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 69
  • Accountability: 70
  • Sustainability: 34
  • Growth: 80

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: 84.6%; rating input score 85; 2nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 33.6%; rating input score 34; 40th percentile among comparable filings
  • 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: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: -0.7%; rating input score 37; 37th percentile among comparable filings
  • Total-asset coverage ratio: 0.57; rating input score 27; 27th percentile among comparable filings
  • Liabilities to assets ratio: 0.88; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 5% per year; rating input score 100; 54th percentile among comparable filings
  • Revenue growth: 5.3% per year; rating input score 100; 54th percentile among comparable filings
  • Asset growth: -7.1% per year; rating input score 0; 8th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 5 of 5 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $342K in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Consistency: 15 of 17 current checks pass · 2 findings to review
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 8 filed money-flow records
  • Related organizations: 8 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: Governance controls: 4 of 6 not reported.
  • Moderate — Transparency & Controls: Grant itemization coverage scored 34/100.
  • Moderate — Sustainability: Operating margin scored 37/100.
  • High — Sustainability: Total-asset coverage ratio scored 27/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.