The Lovebolt

Nonprofit profile at a glance

EIN
850545577
IRS 990 coverage
2022–2023
Forms available
Form 990 2023
Location
Charlotte, NC, USA
Phone
7049754415
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Intergroup, Race Relations

Reported finances

Revenue
$21,500
Expenses
$61,353
Assets
$145,712
Liabilities
$4,618

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

Leadership & pay

8 people listed

Highest reported compensation

  • TARA SANCHEZ (PREVIOUS EXE): $37,500 total reported compensation
  • HENRY DAVIS (EXECUTIVE DI): $8,750 total reported compensation

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

Overview

Mission

To use art and shared passions to bring people together across racial and socio-economic barriers.

What it reported doing in 2023

The lovebolt is a social impact organization that uses art and shared passions to bring people together across racial and socio-economic barriers. For years, housing discrimination, redlining, and other forms of systematic oppression have kept us racially divided. The lovebolt project aims to connect us at a human level, deepening our understanding of others and inspiring uplifting change.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
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

STRONG - 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 revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 92
  • Accountability: 69
  • Sustainability: 21
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • 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: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: -185.4%; rating input score 15; 15th percentile among comparable filings
  • Total-asset coverage ratio: 2.37; rating input score 36; 36th percentile among comparable filings
  • Liabilities to assets ratio: 0.03; rating input score 23; 23rd percentile among comparable filings
  • Officer compensation ratio: 75.4%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: 69.5% per year; rating input score 100; 96th percentile among comparable filings
  • Revenue growth: -20.3% per year; rating input score 0; 21st percentile among comparable filings
  • Asset growth: -18.8% per year; rating input score 0; 8th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 6 of 6 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $61K in reported program spending
  • Leadership: top reported pay $38K · 8 people listed
  • Consistency: 17 of 17 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 2 filing years from 2022 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 — Accountability: Governance controls: 5 of 7 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 15/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 36/100.
  • High — Sustainability: Officer compensation ratio scored 4/100.
  • High — Sustainability: Liabilities to assets ratio scored 23/100.