The Iraq Middle Market Development Foundation

Nonprofit profile at a glance

EIN
342015566
IRS 990 coverage
2009–2023
Forms available
Form 990 2023
Location
Washington, DC, USA
Phone
2029863300
Rating confidence
Limited
Sector
International Economic Development

Official website

Reported finances

Revenue
$0
Expenses
$659,751
Assets
$61,349
Liabilities
$3,497,911

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

5 people listed

Highest reported compensation

  • JORGE R VILA (GENERAL MANAGER, (UNTIL 08/2024)): $189,084 total reported compensation
  • MAZEN ABOU-SHABAN (CFO/GENERAL MANAGER, (FROM 08/2024)): $123,671 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Immdf makes development loans at below market interest rates with non-commercial terms to small and medium sized businesses in areas of iraq with low income and high unemployment to create jobs, lessen poverty, and foster economic growth.

What it reported doing in 2023

Capital assistance: immdf made development loans at below market interest rates with non-commercial terms to small and medium sized businesses in areas of iraq.immdf made loans to iraq small and medium size companies that do not have access to the credit under affordable interest rates for projects that generate employment and economic growth.

Operating model

Revenue model
No positive adjusted resources. The filing reports no positive adjusted operating resources.
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.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: 75
  • Transparency & Controls: 50
  • Accountability: 84
  • Sustainability: 3
  • Growth: 0

Detailed rating inputs

Financial Efficiency

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

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: Scored; rating input score 0
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: Limited
  • Total-asset coverage ratio: 0.09; rating input score 8; 8th percentile among comparable filings
  • Liabilities to assets ratio: 57.02; rating input score 0; 0th percentile among comparable filings
  • Officer compensation ratio: 47.4%; rating input score 7; 7th percentile among comparable filings

Growth

  • Program expense growth: -9.1% per year; rating input score 0; 31st percentile among comparable filings
  • Revenue growth: -24.7% per year; rating input score 0; 17th percentile among comparable filings
  • Asset growth: -19.7% per year; rating input score 0; 8th percentile among comparable filings

Details

  • Where the money goes: 100% of spending went to programs
  • Governance: 2 of 2 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $660K in reported program spending
  • Leadership: top reported pay $189K · 5 people listed · 3 of 6 pay-setting controls reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 4 filed schedules · includes foreign activity and executive pay
  • Filing history: 15 filing years from 2009 to 2023
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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 — Transparency & Controls: Foreign activity oversight scored 0/100.
  • High — Transparency & Controls: Grant itemization coverage scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 8/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 7/100.
  • High — Growth: Asset growth scored 0/100.