The Foundation Chapter of Theta Chi Fraternity Inc

Nonprofit profile at a glance

EIN
214014559
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Carmel, IN, USA
Phone
3178241881
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$2,625,290
Expenses
$1,868,880
Assets
$20,070,130
Liabilities
$470,984

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

Leadership & pay

9 people listed

Executive titles in this filing

  • VANCE MAULTSBY (PRESIDENT)
  • STEVEN MUDDER (VICE PRESIDENT)

People named in this filing

  • VANCE MAULTSBY (PRESIDENT)
  • STEVEN MUDDER (VICE PRESIDENT)
  • PAUL NORSTREM (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. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To support education and charity by providing study, support, scholarships, grants and other incentives to students by assisting in the efficient use of educational resources.

What it reported doing in 2024

Provides educational scholarships to individual members of the organization for advancement of their educational college degrees and graduate degrees. Grants are provided to the general fraternity for financial support of educational programming at leadership conferences and general educational programs and services.

Operating model

Revenue model
Donor-supported. 75% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 71% of its reported program spending out as grants.
  • 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 a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 51
  • Transparency & Controls: 94
  • Accountability: 88
  • Sustainability: 86
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 57.7%; rating input score 58
  • Program expense ratio: 52%; rating input score 52
  • Fundraising efficiency: $3.29 raised per $1 spent on fundraising; rating input score 10; 10th 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: 100%; rating input score 100; 72nd 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: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 28.8%; rating input score 84; 84th percentile among comparable filings
  • Total-asset coverage ratio: 10.74; rating input score 91; 91st percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 79; 79th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: 7.5% per year; rating input score 100; 53rd percentile among comparable filings
  • Revenue growth: 6.1% per year; rating input score 100; 49th percentile among comparable filings
  • Asset growth: 4.6% per year; rating input score 100; 32nd percentile among comparable filings

Details

  • Where the money goes: 57.7% of revenue deployed · 52% of spending went to programs
  • Governance: 9 of 9 board members independent · 5 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $972K in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Highest-paid contractors: 1 contractor listed · $584K reported
  • Consistency: 27 of 27 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 15 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.

  • Review — Financial Efficiency: Mission deployment rate scored 58/100.
  • Review — Financial Efficiency: Program expense ratio scored 52/100.
  • High — Financial Efficiency: Fundraising efficiency scored 10/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.