Retail Advancement Fund

Nonprofit profile at a glance

EIN
843933913
IRS 990 coverage
2021–2025
Forms available
Form 990 2025, Form 990-EZ 2020
Location
Richmond, VA, USA
Phone
8046625500
Rating
51
Verdict
MIXED
Rating confidence
Moderate
Sector
Economic Development

Official website

Reported finances

Revenue
$200,000
Expenses
$183,878
Assets
$94,548
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • NANCY THOMAS (PRESIDENT/CEO)

Highest reported compensation

  • NANCY THOMAS (PRESIDENT/CEO): $212,279 total reported compensation
  • DIANA MCMAHON (SECRETARY/TREASURER): $111,917 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To support and expand the charitable activites of the retail merchants association.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

MIXED - Most voting board members are independent. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 43
  • Transparency & Controls: 49
  • Accountability: 86
  • Sustainability: 44
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 46.8%; rating input score 47
  • Program expense ratio: 50.9%; rating input score 51
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 15th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 0%; rating input score 0; 20th 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; 64th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 8.1%; rating input score 53; 53rd percentile among comparable filings
  • Total-asset coverage ratio: 0.51; rating input score 25; 25th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 77; 77th percentile among comparable filings
  • Officer compensation ratio: 14.6%; rating input score 23; 23rd percentile among comparable filings

Growth

  • Program expense growth: -12.1% per year; rating input score 0; 9th percentile among comparable filings
  • Revenue growth: -0.4% per year; rating input score 0; 19th percentile among comparable filings
  • Asset growth: -9.5% per year; rating input score 0; 6th percentile among comparable filings

Details

  • Where the money goes: 46.8% of revenue deployed · 50.9% of spending went to programs
  • Governance: 6 of 6 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $94K in reported program spending
  • Leadership: top reported pay $212K · 6 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 17 of 18 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 5 filing years from 2021 to 2025
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: 2 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 — Financial Efficiency: Mission deployment rate scored 47/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Financial Efficiency: Program expense ratio scored 51/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Sustainability: Operating margin scored 53/100.
  • High — Sustainability: Total-asset coverage ratio scored 25/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 23/100.