Resident Association of Covenant Woods

Nonprofit profile at a glance

EIN
542058307
IRS 990 coverage
2024–2024
Forms available
Form 990 2024, Form 990-EZ 2023
Location
Mechanicsville, VA, USA
Phone
8045698002
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Community Service Clubs

Reported finances

Revenue
$244,517
Expenses
$237,051
Assets
$14,007
Liabilities
$0

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

Leadership & pay

15 people listed

People named in this filing

  • ROBERTA INGRASSIA (CHAIR)
  • STEVE BRAY (VICE CHAIR)
  • STEVE THIMMESCH (TREASURER)

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 organization's primary purpose is to provide a liaison between residents of the retirement community and the management and staff of the retirement community.

Operating model

Revenue model
Donor-supported. 100% 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

STRONG - 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 total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 92
  • Accountability: 70
  • Sustainability: 40
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 96.1%; rating input score 96
  • Program expense ratio: 99.1%; rating input score 99
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: 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: 3.1%; rating input score 46; 46th percentile among comparable filings
  • Total-asset coverage ratio: 0.06; rating input score 4; 4th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 7.5% per year; rating input score 100; 64th percentile among comparable filings
  • Asset growth: 4.3% per year; rating input score 100; 44th percentile among comparable filings

Details

  • Where the money goes: 96.1% of revenue deployed · 99.1% of spending went to programs
  • Governance: 15 of 15 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $235K in reported program spending
  • Leadership: top reported pay $0 · 15 people listed
  • Consistency: 10 of 10 current checks pass
  • Schedules: 2 filed schedules · includes major donors
  • Contacts: How to reach this organization
  • 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.
  • High — Sustainability: Total-asset coverage ratio scored 4/100.
  • Moderate — Sustainability: Operating margin scored 46/100.