Psi Iota Xi Charities Inc

Nonprofit profile at a glance

EIN
351077796
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Muncie, IN, USA
Phone
7652883835
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$72,853
Expenses
$107,681
Assets
$1,144,630
Liabilities
$372

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

Leadership & pay

14 people listed

Executive titles in this filing

  • CAROLYN DEWITT (PRESIDENT)
  • AUDREA KOONTZ (VICE-PRESIDENT)
  • SHARI DIXON (ALPHA PRESIDENT)

Highest reported compensation

  • MARGARET SIKORA (TREASURER): $4,378 total reported compensation

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

Overview

Mission

To accept donations of property and sell the same; with the income to be distributed for philanthropic purposes to local charitable organizations

What it reported doing in 2024

The organization operates the bargain box, a thrift store benefitting the community, which converts to cash, merchandise donated by the public. From the proceeds of the thrift store and the earnings of the unrestricted quasi-endowment fund, the organization provides grants directly to local charities. The organization may also donate excess merchandise to other not-for-profit organizations or clients of the organizations.

Operating model

Revenue model
Donor-supported. 61% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 68% 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. Some filing-based governance responses are negative or unanswered and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 82
  • Accountability: 70
  • Sustainability: 40
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 87%; rating input score 87
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 24th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 78.8%; rating input score 79; 51st percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 92.9%; rating input score 93; 28th percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -47.8%; rating input score 30; 30th percentile among comparable filings
  • Total-asset coverage ratio: 10.63; rating input score 65; 65th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 36; 36th percentile among comparable filings
  • Officer compensation ratio: 4.1%; rating input score 18; 18th percentile among comparable filings

Growth

  • Program expense growth: 0.7% per year; rating input score 100; 53rd percentile among comparable filings
  • Revenue growth: -2.7% per year; rating input score 0; 50th percentile among comparable filings
  • Asset growth: 2.2% per year; rating input score 100; 53rd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 87% of spending went to programs
  • Governance: 13 of 14 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $94K in reported program spending
  • Leadership: top reported pay $4K · 14 people listed
  • Consistency: 26 of 27 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes grants
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Related organizations: 4 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.

  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 30/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 18/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 36/100.