The Rug Show Inc

Nonprofit profile at a glance

EIN
455390139
IRS 990 coverage
2016–2020
Forms available
Form 990 2020
Location
Los Angeles, CA, USA
Phone
3236589000
Rating
59
Verdict
MIXED
Rating confidence
Moderate
Sector
Chambers of Commerce & Business Leagues

Official website

Reported finances

Revenue
$52,971
Expenses
$40,254
Assets
$40,523
Liabilities
$1

Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

3 people listed

Executive titles in this filing

  • JACK SIMANTOB (CEO)

People named in this filing

  • JACK SIMANTOB (CEO)
  • AKBAR AZAD (Secretary)
  • EDMOND SIMANTOB (CFO)

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 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To arrange trade shows for area rugs, for its members and the industry.

What it reported doing in 2020

Annually converges all rug retailers and/or wholesalers that are registered members into two separate trade shows featuring rugs and tapestries conducted in march in los angeles (west coast) and september in New York (east coast). The trade shows are open to all participants in the industry and to the general public. The rug show inc organizes these trade shows by renting a grand location/hall and breaks down the area into booths/stalls. Depending on the size of the booth, rug retailers and/or wholesalers pya a booth rental rate per square foot for the subdivided space to showcase their products. To secure a desired booth space location, some members pay way ahead of the scheduled show or months ahead, which could lead to difference in the cash versus accrual accounting.the trade show event normally is conducted for 2 to 4 days. To invite visitors and participants into the event, the rug show inc advertises and promotes in various media and publications.

Operating model

Revenue model
Earned-program. 99% of the money available for current operations came from fees and other program revenue.
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

MIXED - The filed numbers largely add up and a large share of available resources goes toward mission work. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 67
  • Transparency & Controls: 90
  • Accountability: 12
  • Sustainability: 54
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 66.6%; rating input score 67
  • Program expense ratio: 87.6%; rating input score 88
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd 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: 0%; rating input score 0; 8th 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: 24%; rating input score 76; 76th percentile among comparable filings
  • Total-asset coverage ratio: 1.01; rating input score 20; 20th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 43; 43rd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 61; 61st percentile among comparable filings

Growth

  • Program expense growth: -28.4% per year; rating input score 0; 18th percentile among comparable filings
  • Revenue growth: -28.5% per year; rating input score 0; 16th percentile among comparable filings
  • Asset growth: -3% per year; rating input score 0; 28th percentile among comparable filings

Details

  • Where the money goes: 66.6% of revenue deployed · 87.6% of spending went to programs
  • Governance: 0 of 3 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $35K in reported program spending
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 16 of 16 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 4 filing years from 2016 to 2020
  • 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: Independent voting board scored 0/100.
  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 20/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 43/100.