Suboptic Foundation

Nonprofit profile at a glance

EIN
861611087
IRS 990 coverage
2023–2024
Forms available
Form 990 2024, Form 990-N 2022
Location
Coral Gables, FL, USA
Phone
9545918120
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Adult, Continuing Education

Reported finances

Revenue
$526,366
Expenses
$527,347
Assets
$1,015,930
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

3 people listed

Executive titles in this filing

  • ERICK W CONTAG (PRESIDENT)

People named in this filing

  • ERICK W CONTAG (PRESIDENT)
  • ELAINE STAFFORD (SECRETARY)
  • JAYNE STOWELL (TRUSTEE)

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 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The foundation's mission is to support the development of the future subsea communications networks workforce, with a focus on areas where broad research and cooperative data-sharing benefit the industry as a whole.

What it reported doing in 2024

Education & research programs: the foundation's educational programs are designed to support the development of the future subsea workforce. The foundation's research programs are centered in areas where broad research and cooperative data-sharing benefit the industry as a whole, including sustainability and resilience. In 2024, the organization also held symposia for students and professionals interested in a career in the submarine cable industry.

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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Revenue has declined or grown slowly and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 75
  • Transparency & Controls: 92
  • Accountability: 88
  • Sustainability: 56
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 84%; rating input score 84
  • Program expense ratio: 83.9%; rating input score 84
  • 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: 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: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -0.2%; rating input score 35; 35th percentile among comparable filings
  • Total-asset coverage ratio: 1.93; rating input score 64; 64th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 151% per year; rating input score 100; 100th percentile among comparable filings
  • Revenue growth: -64.8% per year; rating input score 0; 0th percentile among comparable filings
  • Asset growth: -0.1% per year; rating input score 0; 17th percentile among comparable filings

Details

  • Where the money goes: 84% of revenue deployed · 83.9% of spending went to programs
  • Governance: 3 of 3 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $442K in reported program spending
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 16 of 16 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 2 filing years from 2023 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: Filed and resolved organization relationships.
  • 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 — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 35/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.