Sharks Swim Team Inc

Nonprofit profile at a glance

EIN
137016733
IRS 990 coverage
2010–2013
Forms available
Form 990 2013, Form 990-EZ 2009
Location
Old Greenwich, CT, USA
Phone
2036981281
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Fund Raising and Fund Distribution

Reported finances

Revenue
$226,064
Expenses
$245,104
Assets
$19,794
Liabilities
$0

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

Leadership & pay

4 people listed

Executive titles in this filing

  • RICHARD LEWIS (PRESIDENT)
  • KURT BITTEL (VICE PRESIDENT)

Highest reported compensation

  • RICHARD LEWIS (PRESIDENT): $84,500 total reported compensation
  • KURT BITTEL (VICE PRESIDENT): $61,600 total reported compensation

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

Overview

Mission

Organized to train amateur swimmers

What it reported doing in 2013

Sharks swim team is organized to train amateur swimmers of all ages.

Operating model

Revenue model
Membership-supported. 100% of the money available for current operations came from membership dues.
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 - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 100
  • Accountability: 45
  • Sustainability: 23
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 96%; rating input score 96
  • 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: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 50%; rating input score 50; 15th percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: -8.4%; rating input score 24; 24th percentile among comparable filings
  • Total-asset coverage ratio: 0.08; rating input score 5; 5th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 86; 86th percentile among comparable filings
  • Officer compensation ratio: 59.6%; rating input score 2; 2nd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -2.7% per year; rating input score 0; 30th percentile among comparable filings
  • Asset growth: -11.9% per year; rating input score 0; 13th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 96% of spending went to programs
  • Governance: 2 of 4 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $235K in reported program spending
  • Leadership: top reported pay $84K · 4 people listed
  • Consistency: 19 of 19 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 4 filing years from 2010 to 2013
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • 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 — Accountability: Independent voting board scored 50/100.
  • Moderate — Accountability: Governance controls: 4 of 7 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 24/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 5/100.
  • High — Sustainability: Officer compensation ratio scored 2/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.