The Athenaeum Foundation Inc

Nonprofit profile at a glance

EIN
351834667
IRS 990 coverage
2014–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Indianapolis, IN, USA
Phone
3176552755
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Public Foundations

Official website

Reported finances

Revenue
$1,827,108
Expenses
$1,698,869
Assets
$4,641,877
Liabilities
$150,514

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

Leadership & pay

20 people listed

Executive titles in this filing

  • CRAIG MINCE (PRESIDENT)

Highest reported compensation

  • CRAIG MINCE (PRESIDENT): $137,406 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To further the charitable, educational, and other exempt purposes of supported organizations by revitalizing the architectural treasure athenaeum building to serve the indianapolis community as a center for the arts, entertainment and physical fitness maintaining its unique historical character.

What it reported doing in 2024

Revitalize and restore a historic athenaeum building to serve as a center for the arts, entertainment and physical fitness. The organization sponsors a number of family and heritage related events and programs throughout the year and provides discounted or free meeting space to many not-for-profit organizations.

Operating model

Revenue model
Other-operating. 75% of the money available for current operations came from other operating revenue.
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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

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 fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 54
  • Transparency & Controls: 92
  • Accountability: 100
  • Sustainability: 59
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 59%; rating input score 59
  • Program expense ratio: 61.7%; rating input score 62
  • Fundraising efficiency: $1.17 raised per $1 spent on fundraising; rating input score 4; 4th percentile among comparable filings

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: 8 of 8 controls in place; rating input score 100
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 7%; rating input score 55; 55th percentile among comparable filings
  • Total-asset coverage ratio: 2.73; rating input score 73; 73rd percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 57; 57th percentile among comparable filings
  • Officer compensation ratio: 8.1%; rating input score 43; 43rd percentile among comparable filings

Growth

  • Program expense growth: -2.1% per year; rating input score 0; 12th percentile among comparable filings
  • Revenue growth: 7.3% per year; rating input score 100; 56th percentile among comparable filings
  • Asset growth: 7.2% per year; rating input score 100; 48th percentile among comparable filings

Details

  • Where the money goes: 59% of revenue deployed · 61.7% of spending went to programs
  • Governance: 19 of 19 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1M in reported program spending
  • Leadership: top reported pay $137K · 20 people listed
  • Consistency: 32 of 32 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

  • Review — Financial Efficiency: Mission deployment rate scored 59/100.
  • High — Financial Efficiency: Fundraising efficiency scored 4/100.
  • High — Growth: Program expense growth scored 0/100.
  • Review — Sustainability: Operating margin scored 55/100.
  • Moderate — Sustainability: Officer compensation ratio scored 43/100.
  • Review — Sustainability: Liabilities to assets ratio scored 57/100.