South Carolina Future Minds Inc

Nonprofit profile at a glance

EIN
571036861
IRS 990-EZ coverage
2019–2020
Forms available
Form 990 2018, Form 990-EZ 2020
Location
Florence, SC, USA
Phone
8037415646
Rating
63
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Nonmonetary Support N.E.C.

Official website

Reported finances

Revenue
$113
Expenses
$52,580
Assets
$0

Source: IRS Form 990-EZ. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

10 people listed

People named in this filing

  • Katelyn Brewer (Board Member)
  • Spann Laffitte (Board Member)
  • Audrey Lane (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-EZ. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

South Carolina Future Minds. Inc. (The "Organization") is a voluntary association of individuals operating collectively to serve, support and strengthen South Carolina public education. The organization promotes excellence in South Carolina public schools through SCFM programs designed to benefit all children. The organization achieves its goal by contributions to schools, school programs and advocacy of quality public education. The organiztion welcomes everyone in the South Carolina public school system, regardless of age, race, sex, ethnicity, ability, or religion.

What it reported doing in 2020

My First Library was started to improve early childhood literacy and the long term positive effects of good reading habits. The program provides 10 new books of a child's choice to read during the summer between kindergarten and first grade, with a focus on schools identified by the South Carolina Department of Education and the South Carolina Education Oversight Committee as high-need. Through My First Library, rising 1st grade students at selected schools are provided with a tote bag and invited to select 10 books from over 100 different titles that are on or slightly above their reading level. At the end of the summer, the students receive a special reward for completing their summer reading log.

Operating model

Revenue model
Cannot be determined from the filing. The filing does not provide enough consistent revenue detail to tell how this nonprofit funds its work.
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 total spending goes to programs and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 66
  • Transparency & Controls: 76
  • Sustainability: 1
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 9.7%; rating input score 10

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 3rd percentile among comparable filings
  • Major donor itemization: Limited

Sustainability

  • Operating margin: -46,431%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 2; 2nd percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 90.7%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: -176.9% per year; rating input score 0; 1st percentile among comparable filings
  • Revenue growth: -10.2% per year; rating input score 0; 33rd percentile among comparable filings
  • Asset growth: -18.2% per year; rating input score 0; 10th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 9.7% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 2 filed program accomplishments · $5K in reported program spending
  • Leadership: top reported pay $0 · 10 people listed
  • Consistency: 5 of 5 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 2 filing years from 2019 to 2020
  • Contacts: How to reach this organization
  • Money network: 3 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.

  • High — Financial Efficiency: Program expense ratio scored 10/100.
  • High — Sustainability: Operating margin scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 2/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 0/100.