Seneca Knit Development Corporation

Nonprofit profile at a glance

EIN
161591533
IRS 990 coverage
2010–2016
Forms available
Form 990 2016
Location
Seneca Falls, NY, USA
Phone
3155398875
Rating
64
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Reported finances

Revenue
$6,231
Expenses
$8,731
Assets
$341,256
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2016. Amounts in USD.

Leadership & pay

4 people listed

Executive titles in this filing

  • BRUCE BONAFIGILIA (PRESIDENT)
  • DANIELE BONAFIGLIA WIRTH (VICE PRESIDENT)

People named in this filing

  • BRUCE BONAFIGILIA (PRESIDENT)
  • JIM SINICROPI (BOARD TREASURER)
  • SHAWN GRIFFIN (BOARD SECRETARY)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2016. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To redevelop land used to maintain and preserve historic and economically relevant property located in the community of seneca falls, ny.

What it reported doing in 2016

Development costs to restore, maintain and preserve a historic and economically relevant property located in the community of seneca falls, ny.

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.

The verdict

SUPPORTED - 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: 44
  • Transparency & Controls: 90
  • Accountability: 82
  • Sustainability: 56
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 55.9%; rating input score 56
  • Program expense ratio: 39.9%; rating input score 40
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -40.1%; rating input score 30; 30th percentile among comparable filings
  • Total-asset coverage ratio: 39.09; rating input score 90; 90th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 72; 72nd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 62; 62nd percentile among comparable filings

Growth

  • Program expense growth: -42.2% per year; rating input score 0; 14th percentile among comparable filings
  • Revenue growth: -34.3% per year; rating input score 0; 16th percentile among comparable filings
  • Asset growth: -7.7% per year; rating input score 0; 21st percentile among comparable filings

Details

  • Where the money goes: 55.9% of revenue deployed · 39.9% of spending went to programs
  • Governance: 3 of 3 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $3K in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 14 of 14 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 7 filing years from 2010 to 2016
  • Contacts: How to reach this organization
  • 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.

  • Review — Financial Efficiency: Mission deployment rate scored 56/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 40/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 30/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.