Roman Catholic Archdiocese of Nassau Foundation Inc (Rcan Foundation)

Nonprofit profile at a glance

EIN
113798061
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Coral Gables, FL, USA
Phone
2423564114
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Philanthropy, Voluntarism, and Grantmaking Foundations N.E.C.
Affiliation
Christianity

Reported finances

Revenue
$1,668,708
Expenses
$1,680,517
Assets
$11,217,877
Liabilities
$43,551

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

Leadership & pay

5 people listed

Executive titles in this filing

  • KENNETH SCHWANGER (VICE PRESIDENT)
  • MOST REV PATRICK C PINDER (PRESIDENT)

Highest reported compensation

  • MOST REV PATRICK C PINDER (PRESIDENT): $123,243 total reported compensation
  • MS SHANTA COLEBROOKE (CHIEF FINANCIAL OFFICER): $86,726 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 primary objective of the organization is to foster religious and spiritual services and act as a foreign mission society for the archdiocese of nassau, bahamas including but not limited to providing spiritual, physical, social and psychological needs of the people of the bahamas, and to manage, operate, and generally do everything and anything necessary, expedient or incidental to the maintaining of catholic religious activities in the bahamas.

What it reported doing in 2024

The organization's primary exempt purpose is to support the roman catholic archdiocese of nassau, bahamas through fundraising and holding funds to support the church's mission. The organization maintains three funds to achieve its aim: 1. Building fund - support building projects, 2. Endowment fund - provide income for archdiocesan operations, 3. Insurance fund - provide partial insurance coverage for all parishes, schools, institutions, and agencies comprising the archdiocese of nassau.

Operating model

Revenue model
Donor-supported. 64% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 98% of its reported program spending out as grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 79
  • Accountability: 82
  • Sustainability: 56
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 90.2%; rating input score 90
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: 0 of 8 controls in place; rating input score 0
    • Claims monitoring procedures: Limited
    • Requires narrative reports: Limited
    • Conducts field audits: Limited
    • May suspend future funding: Limited
    • Requires financial reports: Limited
    • Conducts site visits: Limited
    • Requires grant agreements: Limited
    • May require repayment: Limited
  • Grant itemization coverage: 100%; rating input score 100; 76th 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; 63rd percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -0.7%; rating input score 33; 33rd percentile among comparable filings
  • Total-asset coverage ratio: 6.68; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 75; 75th percentile among comparable filings
  • Officer compensation ratio: 7.5%; rating input score 45; 45th percentile among comparable filings

Growth

  • Program expense growth: 4.9% per year; rating input score 100; 42nd percentile among comparable filings
  • Revenue growth: 2.1% per year; rating input score 100; 25th percentile among comparable filings
  • Asset growth: 1.9% per year; rating input score 100; 25th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 90.2% of spending went to programs
  • Governance: 4 of 4 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.5M in reported program spending
  • Leadership: top reported pay $123K · 5 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 7 filed schedules · includes major donors, foreign activity, and grants
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • 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 — Transparency & Controls: Foreign activity oversight scored 0/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • Moderate — Sustainability: Operating margin scored 33/100.
  • Moderate — Sustainability: Officer compensation ratio scored 45/100.