Red Wave Swim Team

Nonprofit profile at a glance

EIN
222498619
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Montclair, NJ, USA
Rating
64
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$1,261,931
Expenses
$1,114,914
Assets
$502,124
Liabilities
$0

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

Leadership & pay

3 people listed

Executive titles in this filing

  • Ken O'Reilly (President)
  • Todd Colombo (Vice President)

Highest reported compensation

  • Ken O'Reilly (President): $110,858 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 provide and promote youth swimmers

What it reported doing in 2024

Swim Team consists of approximately 220 swimmers, ages 5-21, with abilities from beginner to world ranked. Also, swim meets are held by the Red Wave Swim Team. The swim meets are sanctioned by the U.S. Swimming Org.

Operating model

Revenue model
Earned-program. 98% of the money available for current operations came from fees and other program revenue.
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 - 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 some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 80
  • Accountability: 0
  • Sustainability: 51
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 86.3%; rating input score 86
  • Program expense ratio: 98.1%; rating input score 98
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 88.9%; rating input score 89; 4th 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; 5th percentile among comparable filings
  • Governance controls: 0 of 8 controls in place; rating input score 0
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 11.7%; rating input score 64; 64th percentile among comparable filings
  • Total-asset coverage ratio: 0.45; rating input score 21; 21st percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 9.9%; rating input score 37; 37th percentile among comparable filings

Growth

  • Program expense growth: 8.2% per year; rating input score 100; 56th percentile among comparable filings
  • Revenue growth: 7.8% per year; rating input score 100; 58th percentile among comparable filings
  • Asset growth: 12.6% per year; rating input score 100; 67th percentile among comparable filings

Details

  • Where the money goes: 86.3% of revenue deployed · 98.1% of spending went to programs
  • Governance: 0 of 3 board members independent · 0 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.1M in reported program spending
  • Leadership: top reported pay $111K · 3 people listed
  • Consistency: 14 of 15 current checks pass · 1 finding to review
  • Schedules: 2 filed schedules
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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: Independent voting board scored 0/100.
  • High — Accountability: Governance controls: 7 of 7 not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Total-asset coverage ratio scored 21/100.
  • Moderate — Sustainability: Officer compensation ratio scored 37/100.