Seachange Capital Partners Inc

What it reported doing in 2024

Seachange supports nonprofits facing complex financial and organizational challenges. We do this with grants, loans, consulting, and research to educate nonprofits, funders, and other stakeholders. Seachange also works to build effective connections between funders and nonprofits on the associated issues.seachange launched in early 2008 with support from the bill & melinda gates foundation, omidyar network, the william and flora hewlett foundation, the surdna foundation, goldman sachs, and a group of individual philanthropists. After an initial focus on education and youth development through the catalyst fund (2008-2016), seachange expanded into sustained collaboration with the seachange-lodestar fund for nonprofit collaboration (2009-present), the New York merger and collaboration fund (nymac, 2012-present), the greater philadelphia nonprofit repositioning fund (nonprofit repositioning fund, 2018-present), and the transformational partnerships fund (2020-present); into credit with the contact fund (2013-present), the seachange special impact fund llc (sif, 2020-present), the New York pooled pri fund (nypri, 2014-present), and New York shelter acquisition and predevelopment fund, llc (nysapf, 2023-present); and into impact investing with the New York impact opportunities fund, llc (2021-present). Nypri, the contact fund, nysapf, and sif are separate legal entities; seachange serves as the managing member of nypri and nysapf, as the sole member of sif, and manages the contact fund pursuant to a management services agreement. Nymac, the seachange-lodestar fund for nonprofit collaboration, the nonprofit repositioning fund, and the transformational partnerships fund are grantmaking programs of seachange that are referred to as funds because each has a distinct set of philanthropic funders to whom certain governance rights have been granted. None of these four grantmaking programs are distinct legal entities. In 2011, seachange began providing analysis and advice (i.e., consulting) in response to requests from nonprofits and funders. Our work will continue to evolve in response to changes in the environment, feedback from the market, and reflection on our accomplishments and challenges. Seachange also regularly releases reports analyzing major issues for the nonprofit sector, as well as opinion pieces in various publications.during 2024, seachange made grants to support 48 sustained collaboration grants: nrf (14), nymac (11), sc-ls (16), tpf (7) compared to 42 total grants funded in 2023. Seachange had a staff of 8 full-time employees in 2024 and 8 in 2023.

Financial Efficiency

• Mission deployment rate: 75.1%; rating input score 75
• Program expense ratio: 83.9%; rating input score 84
• Fundraising efficiency: $86.97 raised per $1 spent on fundraising; rating input score 85; 85th percentile among comparable filings

Transparency & Controls

• Consistency checks: 93.3%; rating input score 93; 17th percentile among comparable filings
• Pay-setting controls: 3 of 6 controls in place; rating input score 50
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Pass
  • Written employment contract: Pass
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 96.7%; rating input score 97; 32nd percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 90.9%; rating input score 91; 21st percentile among comparable filings
• Governance controls: 9 of 9 controls in place; rating input score 100
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • 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: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: 12.5%; rating input score 67; 67th percentile among comparable filings
• Total-asset coverage ratio: 3; rating input score 74; 74th percentile among comparable filings
• Liabilities to assets ratio: 0.16; rating input score 49; 49th percentile among comparable filings
• Officer compensation ratio: 25.8%; rating input score 8; 8th percentile among comparable filings

Growth

• Program expense growth: 6.4% per year; rating input score 100; 48th percentile among comparable filings
• Revenue growth: 5.5% per year; rating input score 100; 45th percentile among comparable filings
• Asset growth: 4.6% per year; rating input score 100; 33rd percentile among comparable filings