Rainy Day Foundation Inc

Nonprofit profile at a glance

EIN
522346414
IRS 990 coverage
2009–2009
Forms available
Form 990 2009
Location
Washington, DC, USA
Phone
2022347515
Rating confidence
Limited
Sector
Housing, Shelter N.E.C.

Official website

Reported finances

Revenue
$2,155,300
Expenses
$2,205,683
Assets
$2,213,880
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2009. Amounts in USD.

Leadership & pay

5 people listed

Source: IRS Form 990. Selected filing: tax year 2009. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The rainy day foundation is establised to create and maintain responsible homeownership. Its major focus is to provide tools to educate, counsel, support and financially assist homeowners who experience unforeseen short term financial problems. It also provides emergency support(both educational & financial) to homeowners that experienced financial challenges.

What it reported doing in 2009

Help program stands for homeowner education and loan protection the program provides three main components to; to keep homeowners from becoming delinquent, make homeowners current if they are delinquent, and to create long term financial stability. To date, the help program counseled, educated and financially assisted over 16,000 homeowners and is projected to provide over 6 million in rainy day program fund in next year.

Operating model

Revenue model
Earned-program. 95% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 88
  • Accountability: 64
  • Sustainability: 48
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 88.9%; rating input score 89; 2nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 67th 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; 66th percentile among comparable filings
  • Governance controls: 1 of 8 controls in place; rating input score 14
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Limited
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -2.3%; rating input score 29; 29th percentile among comparable filings
  • Total-asset coverage ratio: 1; rating input score 48; 48th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 99; 99th percentile among comparable filings
  • Officer compensation ratio: 2.7%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 5 of 5 board members independent · 1 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $2M in reported program spending
  • Leadership: top reported pay $59K · 5 people listed
  • Highest-paid contractors: 1 contractor listed
  • Consistency: 25 of 26 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and grants
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.

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: Governance controls: 6 of 7 not reported.
  • High — Sustainability: Operating margin scored 29/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 48/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.