The Honeywell Foundation Inc
Nonprofit profile at a glance
- EIN
- 350390706
- IRS 990 coverage
- 2013–2024
- Forms available
- Form 990 2024, Form 990-T 2024
- Location
- Wabash, IN, USA
- Phone
- 2605631102
- Rating
- 86
- Verdict
- STRONG
- Rating confidence
- Standard
- Sector
- Federated Giving Programs
Reported finances
- Revenue
- $20,098,645
- Expenses
- $13,881,695
- Assets
- $114,751,738
- Liabilities
- $2,445,823
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
18 people listed
Executive titles in this filing
- Tod Minnich (President/CEO)
Highest reported compensation
- Tod Minnich (President/CEO): $380,437 total reported compensation
- Kyle Dubois (Chief Operating Officer): $223,456 total reported compensation
- Cathy Gatchel (Chief Development Officer): $207,858 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 honeywell foundation is a public charity dedicated to providing arts, education, and entertainment for all.
What it reported doing in 2024
The foundation owns and operates the honeywell center, an arts and entertainment facility that includes a 1,500-seat theater, an art gallery, roller skating rink, meeting rooms and a restaurant facility in downtown wabash, Indiana. The foundation also owns and operates eagles theatre, which features movies, live entertainment music/theater education offerings, meeting rooms and catering services; honeywell house, a cultural center that incorporates concerts, community lectures, fine art and dining; charley creek gardens, an urban garden dedicated to the appreciation of plants and horticulture; the dr. James ford historic home, a house museum set in the mid-1800's; the 13-24 drive in, a regional drive in movie theater; and the clarkson house, a restored home available for overnight stays, as well as daytime rental for private gatherings. Primary activities of the foundation include providing diverse and enriching programs and arts in education initiatives for youth. The foundation's primary sources of revenue and support are from contributions, ticket sales, food service and earnings from investments.
Operating model
- Revenue model
- Other-operating. 67% 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
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: 81
- Transparency & Controls: 88
- Accountability: 91
- Sustainability: 82
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 94.2%; rating input score 94
- Program expense ratio: 80.7%; rating input score 81
- Fundraising efficiency: $3.9 raised per $1 spent on fundraising; rating input score 15; 15th 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: Missing
- Other Form 990s reviewed: Pass
- Written employment contract: Missing
- Compensation survey or study: Pass
- 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: 92.3%; rating input score 92; 25th 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: Pass
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 30.9%; rating input score 89; 89th percentile among comparable filings
- Total-asset coverage ratio: 8.27; rating input score 90; 90th percentile among comparable filings
- Liabilities to assets ratio: 0.02; rating input score 89; 89th percentile among comparable filings
- Officer compensation ratio: 8.8%; rating input score 25; 25th percentile among comparable filings
Growth
- Program expense growth: 9.2% per year; rating input score 100; 67th percentile among comparable filings
- Revenue growth: 2.7% per year; rating input score 100; 23rd percentile among comparable filings
- Asset growth: 7.7% per year; rating input score 100; 53rd percentile among comparable filings
Details
- Where the money goes: 94.2% of revenue deployed · 80.7% of spending went to programs
- Governance: 12 of 13 board members independent · 8 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $11.2M in reported program spending
- Leadership: top reported pay $380K · 18 people listed · 3 of 6 pay-setting controls reported
- Highest-paid contractors: 3 contractors listed · $803K reported
- Consistency: 37 of 37 current checks pass
- Schedules: 9 filed schedules · includes major donors, grants, executive pay, and related organizations
- Filing history: 12 filing years from 2013 to 2024
- Contacts: How to reach this organization
- Money network: 7 filed money-flow records
- Related organizations: 3 filed related-organization links
- 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.
- High — Financial Efficiency: Fundraising efficiency scored 15/100.
- Review — Accountability: Governance controls: Form 990 shared with the board not reported.
- High — Sustainability: Officer compensation ratio scored 25/100.