Seafair Foundation

Nonprofit profile at a glance

EIN
261233489
IRS 990 coverage
2011–2019
Forms available
Form 990 2019, Form 990-EZ 2010
Location
Seattle, WA, USA
Phone
2067280123
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Official website

Reported finances

Revenue
$216,023
Expenses
$185,491
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2019. Amounts in USD.

Leadership & pay

8 people listed

Executive titles in this filing

  • RICHARD ANDERSEN (PRESIDENT &)
  • ERIC CORNING (PRESIDENT &)

Highest reported compensation

  • RICHARD ANDERSEN (PRESIDENT &): $44,195 total reported compensation
  • ERIC CORNING (PRESIDENT &): $2,603 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2019. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The seafair foundation, the charitable partner of the seafair festival, empowers future leaders and connects our communities through educational and cultural experiences.

What it reported doing in 2019

The seafair ambassador program nurtures future leaders through a program of education, mentorship, volunteerism, and cultural exposure to create a future of vibrant and prosperous communities in the greater seattle area. The program works to develop a passion for building international relationships through the cultural exchange with students from kobe, japan. Local area students are selected from an application essay on community involvement and personal interviews with members of the seafair board of directors. Selected students represent seafair throughout the year through a variety of unique community participation opportunities. Through volunteerism and participating in festival events, ambassadors learn just how "global- and "local" their own community is. They also have the opportunity to host an international student from seattle's sister city, kobe, japan for a week and are awarded an exchange trip to kobe where they get a chance to fully immerse themselves in another culture.

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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Fundraising costs are high for each dollar raised and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 62
  • Transparency & Controls: 92
  • Accountability: 90
  • Sustainability: 35
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 66%; rating input score 66
  • Program expense ratio: 65.5%; rating input score 65
  • Fundraising efficiency: $7.11 raised per $1 spent on fundraising; rating input score 31; 31st percentile among comparable filings

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: 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: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: 14.1%; rating input score 70; 70th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 25.2%; rating input score 15; 15th percentile among comparable filings

Growth

  • Program expense growth: -5% per year; rating input score 0; 23rd percentile among comparable filings
  • Revenue growth: 1.1% per year; rating input score 100; 39th percentile among comparable filings
  • Asset growth: -4.5% per year; rating input score 0; 16th percentile among comparable filings

Details

  • Where the money goes: 66% of revenue deployed · 65.5% of spending went to programs
  • Governance: 6 of 6 board members independent · 6 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $121K in reported program spending
  • Leadership: top reported pay $44K · 8 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 9 filing years from 2011 to 2019
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 31/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 15/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.