The Basic Fund

Nonprofit profile at a glance

EIN
943290699
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Oakland, CA, USA
Phone
4159865650
Rating
84
Verdict
STRONG
Rating confidence
Standard
Sector
Scholarships, Student Financial Aid Services, Awards

Official website

Reported finances

Revenue
$12,189,550
Expenses
$9,964,545
Assets
$24,161,414
Liabilities
$306,095

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

Leadership & pay

22 people listed

Executive titles in this filing

  • RACHEL ELGINSMITH (CHIEF EXECUTIVE OFFICER)
  • BRIAN GRIGGS (PRESIDENT)
  • JOHN COUCH (VICE PRESIDENT)

Highest reported compensation

  • LAURA REED (CHIEF ADVANCEMENT OFFICER): $205,800 total reported compensation
  • RACHEL ELGINSMITH (CHIEF EXECUTIVE OFFICER): $199,900 total reported compensation

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

Overview

Mission

The basic fund is a privately funded program whose mission is to advance educational equity for low-income families by helping offset the cost of tuition at private schools in the bay area.

What it reported doing in 2024

The basic fund (the fund) is a privately funded program dedicated to broadening the educational equity by helping low-income families in alameda, contra costa, marin, napa, san francisco, san mateo, santa clara, solano, and sonoma counties afford the cost of tuition at private or parochial schools of their choice. The scholarships are offered to students in pre-kindergarten through eighth grade.

Operating model

Revenue model
Donor-supported. 91% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 89% of its reported program spending out as grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Fundraising costs are high for each dollar raised and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 74
  • Transparency & Controls: 88
  • Accountability: 95
  • Sustainability: 75
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 72.6%; rating input score 73
  • Program expense ratio: 87.4%; rating input score 87
  • Fundraising efficiency: $12.35 raised per $1 spent on fundraising; rating input score 44; 44th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 18.3%; rating input score 80; 80th percentile among comparable filings
  • Total-asset coverage ratio: 2.42; rating input score 68; 68th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 92; 92nd percentile among comparable filings
  • Officer compensation ratio: 4.1%; rating input score 59; 59th percentile among comparable filings

Growth

  • Program expense growth: 7.1% per year; rating input score 100; 57th percentile among comparable filings
  • Revenue growth: 3.9% per year; rating input score 100; 34th percentile among comparable filings
  • Asset growth: 3.2% per year; rating input score 100; 24th percentile among comparable filings

Details

  • Where the money goes: 72.6% of revenue deployed · 87.4% of spending went to programs
  • Governance: 20 of 20 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $8.7M in reported program spending
  • Leadership: top reported pay $206K · 22 people listed · 3 of 6 pay-setting controls reported
  • Consistency: 33 of 33 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Moderate — Financial Efficiency: Fundraising efficiency scored 44/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • Review — Sustainability: Officer compensation ratio scored 59/100.