The Joy Fund Foundation

Nonprofit profile at a glance

EIN
237050096
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Norfolk, VA, USA
Phone
7575024019
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$140,262
Expenses
$243,648
Assets
$145,243
Liabilities
$0

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

Leadership & pay

10 people listed

Executive titles in this filing

  • Mark Quan (President)
  • Alan Levenstein (Vice President)

People named in this filing

  • Mark Quan (President)
  • Alan Levenstein (Vice President)
  • Bernard Shumate (Treasurer)

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

The foundation sponsors a year round fundraising campaign to provide toys to needy children

What it reported doing in 2024

Contributions are solicited through through newspaper, radio, and televsion appeals. The foundation has established a relationship with Salvation Army whereby the toys are distributed through referals obtained from churches, schools, and welfare agencies. The Salvation Army orders and distributes the toys to those in need. This relationship began in July 31, 2003 fiscal year.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 90% 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. Some filing-based governance responses are negative or unanswered and the filing does not identify recipients for some grant dollars.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 73
  • Accountability: 70
  • Sustainability: 27
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 98.6%; rating input score 99
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 9th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 39.1%; rating input score 39; 40th 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: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -73.7%; rating input score 3; 3rd percentile among comparable filings
  • Total-asset coverage ratio: 0.6; rating input score 28; 28th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: -4.4% per year; rating input score 0; 18th percentile among comparable filings
  • Revenue growth: -6.2% per year; rating input score 0; 9th percentile among comparable filings
  • Asset growth: -2.5% per year; rating input score 0; 16th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 98.6% of spending went to programs
  • Governance: 11 of 11 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $240K in reported program spending
  • Leadership: top reported pay $0 · 10 people listed
  • Consistency: 16 of 17 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes major donors and grants
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 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.

Key Signals

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

  • High — Accountability: Governance controls: 4 of 6 not reported.
  • Moderate — Transparency & Controls: Grant itemization coverage scored 39/100.
  • High — Sustainability: Operating margin scored 3/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 28/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • High — Growth: Asset growth scored 0/100.