Qualitas of Life Foundation

Nonprofit profile at a glance

EIN
061833489
IRS 990 coverage
2015–2024
Forms available
Form 990 2024, Form 990-EZ 2013, Form 990-N 2008
Location
New York, NY, USA
Phone
6468852292
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Financial Counseling

Official website

Reported finances

Revenue
$656,667
Expenses
$640,799
Assets
$443,549
Liabilities
$29,539

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

Leadership & pay

12 people listed

Executive titles in this filing

  • MYRIAM E REBLING (EXECUTIVE DIRECTOR)

Highest reported compensation

  • MYRIAM E REBLING (EXECUTIVE DIRECTOR): $77,308 total reported compensation
  • DEBORA GILDENSON (FINANCE DIRECTOR): $48,035 total reported compensation

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

Overview

Mission

The organization serves hispanic individuals by providing instruction on personal finances and how to access the financial system.

What it reported doing in 2024

The organization helps hispanic individuals and families in providing instruction and educational workshops on personal finances and how to access different financial institutions. Through these workshops, participants are able to use the available resources to improve their personal finances and provide more opportunities for their families. What makes the program unique is the way in which trust-building, self-empowerment and community-building elements have been strategically embedded into the curriculum. The main objective of the organization is for each student to understand their financial situation, establish a clear financial goal and acquire the knowledge and develop the skills and habits required to achieve it.

Operating model

Revenue model
Donor-supported. 87% of the money available for current operations came from contributions and gifts.
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

SUPPORTED - The filed numbers largely add up and most voting board members are independent. Fundraising costs are high for each dollar raised and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 58
  • Transparency & Controls: 86
  • Accountability: 95
  • Sustainability: 37
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 61%; rating input score 61
  • Program expense ratio: 62.4%; rating input score 62
  • Fundraising efficiency: $7.53 raised per $1 spent on fundraising; rating input score 29; 29th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 12th percentile among comparable filings
  • Pay-setting controls: Limited
  • 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: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 2.4%; rating input score 43; 43rd percentile among comparable filings
  • Total-asset coverage ratio: 0.69; rating input score 32; 32nd percentile among comparable filings
  • Liabilities to assets ratio: 0.07; rating input score 48; 48th percentile among comparable filings
  • Officer compensation ratio: 19.6%; rating input score 15; 15th percentile among comparable filings

Growth

  • Program expense growth: 7.2% per year; rating input score 100; 52nd percentile among comparable filings
  • Revenue growth: 9.9% per year; rating input score 100; 66th percentile among comparable filings
  • Asset growth: 10.1% per year; rating input score 100; 59th percentile among comparable filings

Details

  • Where the money goes: 61% of revenue deployed · 62.4% of spending went to programs
  • Governance: 10 of 10 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $400K in reported program spending
  • Leadership: top reported pay $77K · 12 people listed
  • Consistency: 23 of 24 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 9 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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 — Financial Efficiency: Fundraising efficiency scored 29/100.
  • Moderate — Sustainability: Operating margin scored 43/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • Moderate — Sustainability: Total-asset coverage ratio scored 32/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Officer compensation ratio scored 15/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 48/100.