Salem Art Association Endowment Foundation

Nonprofit profile at a glance

EIN
930718331
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Salem, OR, USA
Phone
5035812228
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$46,179
Expenses
$65,211
Assets
$872,037
Liabilities
$0

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

Leadership & pay

9 people listed

Executive titles in this filing

  • GARY HARDEY (PRESIDENT & BOARD CHAIR)
  • MATTHEW BOULAY (EXECUTIVE DIRECTOR)

Highest reported compensation

  • MATTHEW BOULAY (EXECUTIVE DIRECTOR): $51,412 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 mission of the salem art association endowment foundation (saaef) is to preserve, protect and enhance the foundation's assets in order to promote and further the arts in our community, through the support of the salem art association (saa).

What it reported doing in 2024

Contributions to salem art association 93-0421613, a 501(c)(3) organization; to support the arts in accordance with the by-laws.

Operating model

Revenue model
Investment-supported. 88% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

SUPPORTED - 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 program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 79
  • Transparency & Controls: 93
  • Accountability: 74
  • Sustainability: 43
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 69%; rating input score 69
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 80th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • 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: -41.2%; rating input score 31; 31st percentile among comparable filings
  • Total-asset coverage ratio: 13.37; rating input score 70; 70th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 69; 69th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: -9% per year; rating input score 0; 30th percentile among comparable filings
  • Revenue growth: -4% per year; rating input score 0; 46th percentile among comparable filings
  • Asset growth: -1.5% per year; rating input score 0; 33rd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 69% of spending went to programs
  • Governance: 8 of 8 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $45K in reported program spending
  • Leadership: top reported pay $51K · 9 people listed
  • Consistency: 14 of 14 current checks pass
  • Schedules: 5 filed schedules · includes grants
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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 — Accountability: Governance controls: 4 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 31/100.
  • High — Growth: Asset growth scored 0/100.