The Psaras Foundation

Nonprofit profile at a glance

EIN
571069695
IRS 990 coverage
2010–2011
Forms available
Form 990 2011
Location
Columbia, SC, USA
Phone
8037652464
Rating confidence
Limited
Sector
Public Foundations

Reported finances

Revenue
$2,015
Expenses
$17,443
Assets
$514,285
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2011. Amounts in USD.

Leadership & pay

2 people listed

Source: IRS Form 990. Selected filing: tax year 2011. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Mission was making educational grants within the state of South Carolina and making humanitarian grants. Effective sept 30, 2010 the foundation adopted a plan of dissolution & has been executing that plan since.

What it reported doing in 2011

During the fiscal year ended 6/30/2012 the foundation made a grant of $586 to francis marion unversity foundation, a 501(c)(3) entity. The foundation filed articles of dissolution effective 9/30/2011 and on that date it deposited its remaining assets, $688,432 in escrow to be used to fund expenses of dissolution, claims of creditors and any amounts remaining at 7/1/2014 will be distributed to three 501(c)(3) entities: francis marion university foundation (50%), first steps of sc (30%) and palmetto health foundation (20%).

Operating model

Revenue model
Investment-supported. 71% of the money available for current operations came from recurring investment income.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

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: NotEnoughData
  • Transparency & Controls: 100
  • Accountability: 79
  • Sustainability: 39
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 60th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 65th percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Missing
    • Other executive compensation review process: Limited
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -765.7%; rating input score 5; 5th percentile among comparable filings
  • Total-asset coverage ratio: 29.48; rating input score 87; 87th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 73; 73rd percentile among comparable filings
  • Officer compensation ratio: 7.8%; rating input score 21; 21st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: -27.8% per year; rating input score 0; 34th percentile among comparable filings
  • Asset growth: -3% per year; rating input score 0; 41st percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 1 of 1 board members independent · 4 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $586 in reported program spending
  • Leadership: top reported pay $1K · 2 people listed
  • Consistency: 12 of 12 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 2 filing years from 2010 to 2011
  • Related organizations: 1 filed related-organization link
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.

Key Signals

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

  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • High — Sustainability: Operating margin scored 5/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 21/100.