The Educational Foundation of the Kentucky Society of Cpas Inc

Nonprofit profile at a glance

EIN
616037533
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Louisville, KY, USA
Phone
5022665272
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Educational Services and Schools - Other

Reported finances

Revenue
$230,179
Expenses
$99,828
Assets
$2,446,832
Liabilities
$24,315

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

Leadership & pay

10 people listed

Executive titles in this filing

  • DARLENE ZIBART (CEO)

Highest reported compensation

  • DARLENE ZIBART (CEO): $243,265 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 educational foundation of the Kentucky society of certified public accountants (educational foundation), founded in 1961, is a not-for-profit organization dedicated to enhancing the number of college degrees in Kentucky, expanding the pipeline of financial professionals in the business marketplace, improving the financial literacy of Kentucky's youth and revealing to students the boundless career opportunities open to those who pursue an accounting degree.

What it reported doing in 2024

The foundation supports a cpa firm at junior achievement biztown in louisville and in lexington. Ja biztown combines in-class learning with hands on learning at biztown. Through the efforts of the foundation, ja now includes a cpa in each of the other store fronts at biztown. These efforts expose approximately 28,000 5th graders each year to the accounting profession.the foundation provides scholarships to college students who are pursuing a degree in accounting. These scholarships are awarded after a comprehensive application process and review. During the 2024-25 fiscal year, the foundation awarded 34 scholarships for a total of $61,500. The foundation currently has 28 named scholarships which require a $50,000 pledge. Extensive fundraising efforts allow the foundation to support the cpa firm at both the louisville and lexington biztowns and provide the scholarships. We have been successful because of the overwhelming support from the cpa community. Their contributions have allowed the foundation to continue programs at the grade school, high school and college level. We understand that everyone including public practice firms and industry are dealing with the issue of a shortage in talent. Our goal is to create a pipeline of talented cpas. The continued viability and sustainability of many organizatons is dependent upon the development of this pipeline.

Operating model

Revenue model
Donor-supported. 81% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 62% of its reported program spending out as grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Program spending has declined or grown slowly and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 72
  • Transparency & Controls: 79
  • Accountability: 95
  • Sustainability: 77
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 69.6%; rating input score 70
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • 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; 80th percentile among comparable filings
  • 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: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • 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: 56.6%; rating input score 93; 93rd percentile among comparable filings
  • Total-asset coverage ratio: 24.51; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 45; 45th percentile among comparable filings
  • Officer compensation ratio: 243.7%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: -0.3% per year; rating input score 0; 29th percentile among comparable filings
  • Revenue growth: -0.1% per year; rating input score 0; 23rd percentile among comparable filings
  • Asset growth: 7.1% per year; rating input score 100; 56th percentile among comparable filings

Details

  • Where the money goes: 69.6% of revenue deployed · 100% of spending went to programs
  • Governance: 9 of 9 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $100K in reported program spending
  • Leadership: top reported pay $243K · 10 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 20 of 20 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 13 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

Key Signals

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

  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: CEO compensation review process not reported.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 45/100.