The Penrod Society LTD

Nonprofit profile at a glance

EIN
356069479
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Indianapolis, IN, USA
Phone
3178144767
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Visual Arts Organizations

Official website

Reported finances

Revenue
$1,043,395
Expenses
$960,625
Assets
$1,365,379
Liabilities
$255,156

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

Leadership & pay

11 people listed

Executive titles in this filing

  • Bryan Strawbridge (President)
  • John Roach (Vice President)

People named in this filing

  • Bryan Strawbridge (President)
  • John Roach (Vice President)
  • Sam Muse (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 organization's mission focuses on the cultivation, encouragement and development of public interest in and support of the arts.

What it reported doing in 2024

The organization sponsors and stages an annual arts fair. The event provides funds to local not-for-profit organizations and helps promote and support the arts in central Indiana.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 71% for direct work, and 29% for 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: 80
  • Transparency & Controls: 72
  • Accountability: 64
  • Sustainability: 56
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 87.6%; rating input score 88
  • Program expense ratio: 92.3%; rating input score 92
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 22nd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 27.8%; rating input score 28; 27th 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: 1 of 7 controls in place; rating input score 14
    • 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: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 7.9%; rating input score 57; 57th percentile among comparable filings
  • Total-asset coverage ratio: 1.42; rating input score 54; 54th percentile among comparable filings
  • Liabilities to assets ratio: 0.19; rating input score 33; 33rd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 5.3% per year; rating input score 100; 44th percentile among comparable filings
  • Revenue growth: 5.5% per year; rating input score 100; 47th percentile among comparable filings
  • Asset growth: 9.6% per year; rating input score 100; 58th percentile among comparable filings

Details

  • Where the money goes: 87.6% of revenue deployed · 92.3% of spending went to programs
  • Governance: 11 of 11 board members independent · 1 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $887K in reported program spending
  • Leadership: top reported pay $0 · 11 people listed
  • Consistency: 21 of 22 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors and grants
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 4 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: 5 of 6 not reported.
  • High — Transparency & Controls: Grant itemization coverage scored 28/100.
  • Review — Sustainability: Operating margin scored 57/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Sustainability: Total-asset coverage ratio scored 54/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 33/100.