The Kit Faragher Foundation

Nonprofit profile at a glance

EIN
810619100
IRS 990 coverage
2018–2024
Forms available
Form 990 2024, Form 990-EZ 2023
Location
Denver, CO, USA
Phone
3033224922
Rating
70
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Reported finances

Revenue
$58,713
Expenses
$57,874
Assets
$502,764
Liabilities
$98,878

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

Leadership & pay

5 people listed

Executive titles in this filing

  • BETH ANN FARAGHER (President & CEO)
  • MARY FARAGHER WATERMAN (Vice President)

People named in this filing

  • BETH ANN FARAGHER (President & CEO)
  • MICHAEL MCCASLAND (Treasurer)
  • WILLIAM E FARAGHER JR (Director)

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

Grant scholarships and educational assistance to Colorado and Ohio students in need of financial assistance for college.

What it reported doing in 2024

In 2024 scholarships totaling $44,313.00 were awarded to students selected by the selection committee as the most deserving applicants. Of that amount $21,813.00 was paid during 2024, as well as an additional amount of $27,500.00 for scholarships awarded in prior years. These grants included assistance stipends in the amount of $500 granted to two students in 2024 and a third grant to another student in the amount of $2,500. In all, educational grant distribtions in 2024 totaled $49,313. All scholarship amounts are paid directly to the colleges selected by the recipients. Assistance stipends are paid to the student awarded the grant. See attached schedule for additional detail.

Operating model

Revenue model
Donor-supported. 68% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% 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 a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 93
  • Accountability: 23
  • Sustainability: 53
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 85.2%; rating input score 85
  • Fundraising efficiency: Limited

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; 80th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 40%; rating input score 40; 19th percentile among comparable filings
  • Governance controls: 0 of 7 controls in place; rating input score 0
    • 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: Fail
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 1.4%; rating input score 57; 57th percentile among comparable filings
  • Total-asset coverage ratio: 8.69; rating input score 60; 60th percentile among comparable filings
  • Liabilities to assets ratio: 0.2; rating input score 15; 15th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 60; 60th percentile among comparable filings

Growth

  • Program expense growth: -3.3% per year; rating input score 0; 41st percentile among comparable filings
  • Revenue growth: -1.2% per year; rating input score 0; 55th percentile among comparable filings
  • Asset growth: 7.1% per year; rating input score 100; 73rd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 85.2% of spending went to programs
  • Governance: 2 of 5 board members independent · 0 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $49K in reported program spending
  • Leadership: top reported pay $0 · 5 people listed
  • Consistency: 18 of 18 current checks pass
  • Schedules: 4 filed schedules · includes grants
  • Filing history: 5 filing years from 2018 to 2024
  • Contacts: How to reach this organization
  • 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: 6 of 6 not reported.
  • Moderate — Accountability: Independent voting board scored 40/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Sustainability: Operating margin scored 57/100.
  • High — Sustainability: Liabilities to assets ratio scored 15/100.