Sears Methodist Foundation

Nonprofit profile at a glance

EIN
752692545
IRS 990 coverage
2010–2013
Forms available
Form 990 2013
Location
Abilene, TX, USA
Phone
3256915519
Rating
55
Verdict
MIXED
Rating confidence
Moderate
Sector
Protestant
Affiliation
Christianity

Official website

Reported finances

Revenue
$783,146
Expenses
$789,982
Assets
$13,873,118
Liabilities
$545,255

Source: IRS Form 990. Selected filing: tax year 2013. Amounts in USD.

Leadership & pay

22 people listed

Executive titles in this filing

  • Keith Perry (President, CEO and Ex-Officio Trustee)
  • Terry Myers (Senior Vice President & CFO)
  • Gary Anderson (Executive Vice President & COO)
  • Michael Sims (Senior Vice President - Operations)
  • Kenneth Fincher (Senior Vice President and Director of Sears Method)
  • Windell Hawkins (Senior Vice President - Risk Management)

Highest reported compensation

  • Keith Perry (President, CEO and Ex-Officio Trustee): $451,025 total reported compensation
  • Terry Myers (Senior Vice President & CFO): $299,066 total reported compensation
  • Michael Sims (Senior Vice President - Operations): $254,111 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2013. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The mission of Sears is to provide leadership in response to the needs of our aging population. We believe we have a responsibility for studying, analyzing, planning, developing, and implementing quality service to the aging where appropriate needs are found for Health Care and residential living services and can be provided in a Christian environment.

What it reported doing in 2013

Distributions to Supported Organizations - Contributions for the Development & Advancement of the Objectives of the Sears Methodist Retirement System.

Operating model

Revenue model
Donor-supported. 96% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 84% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 25
  • Transparency & Controls: 83
  • Accountability: 90
  • Sustainability: 51
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 28.2%; rating input score 28
  • Program expense ratio: 27.3%; rating input score 27
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 73rd 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 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: -0.9%; rating input score 33; 33rd percentile among comparable filings
  • Total-asset coverage ratio: 17.56; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 67; 67th percentile among comparable filings
  • Officer compensation ratio: 56.8%; rating input score 1; 1st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -26.1% per year; rating input score 0; 3rd percentile among comparable filings
  • Asset growth: -12.1% per year; rating input score 0; 10th percentile among comparable filings

Details

  • Where the money goes: 28.2% of revenue deployed · 27.3% of spending went to programs
  • Governance: 9 of 9 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $215K in reported program spending
  • Leadership: top reported pay $451K · 22 people listed · 3 of 6 pay-setting controls reported
  • Consistency: 27 of 27 current checks pass
  • Schedules: 9 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 4 filing years from 2010 to 2013
  • Contacts: How to reach this organization
  • Money network: 8 filed money-flow records
  • Related organizations: 19 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.

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

  • High — Financial Efficiency: Mission deployment rate scored 28/100.
  • High — Financial Efficiency: Program expense ratio scored 27/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 33/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Officer compensation ratio scored 1/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.