Third Act Initiative Inc

Nonprofit profile at a glance

EIN
880776955
IRS 990 coverage
2022–2024
Forms available
Form 990 2024
Location
Nassau, NY, USA
Phone
3109290276
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$1,559,555
Expenses
$1,530,849
Assets
$282,291
Liabilities
$22,030

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

Leadership & pay

6 people listed

Executive titles in this filing

  • VANESSA ARCARA (PRESIDENT)
  • KAFIA AHMED (CHIEF EXECUTIVE OFFICER)

Highest reported compensation

  • KAFIA AHMED (CHIEF EXECUTIVE OFFICER): $162,500 total reported compensation
  • VANESSA ARCARA (PRESIDENT): $162,119 total reported compensation
  • SIMONE SALVO (CREATIVE DIRECTOR): $107,447 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To build a community of americans over the age of sixty determined to change the world for the better.

What it reported doing in 2024

In 2024, third act mobilized to influence legislation, back climate and democracy champions, and win key races. Our volunteers sent over 500,000 handwritten postcards and letters to voters and elected officials. We organized a national action inspiring 600 letters urging the senate environment & public works committee to ensure clean energy champions filled upcoming vacancies on the Tennessee valley authority board. Late in the year, our northeast working groups ramped up efforts urging ny gov. Hochul to sign the climate superfund bill before year's end. They succeeded in helping push this landmark legislation over the finish line, which will raise $75 billion from oil giants over 25 years to fund climate impact mitigation.

Operating model

Revenue model
Donor-supported. 62% 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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 70
  • Transparency & Controls: 65
  • Accountability: 90
  • Sustainability: 29
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 69.7%; rating input score 70
  • Program expense ratio: 71%; rating input score 71
  • Fundraising efficiency: $26.63 raised per $1 spent on fundraising; rating input score 66; 66th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • 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; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: 1.8%; rating input score 42; 42nd percentile among comparable filings
  • Total-asset coverage ratio: 0.18; rating input score 9; 9th percentile among comparable filings
  • Liabilities to assets ratio: 0.08; rating input score 46; 46th percentile among comparable filings
  • Officer compensation ratio: 28.2%; rating input score 8; 8th percentile among comparable filings

Growth

  • Program expense growth: 37.9% per year; rating input score 100; 93rd percentile among comparable filings
  • Revenue growth: 22.3% per year; rating input score 100; 87th percentile among comparable filings
  • Asset growth: 23.9% per year; rating input score 100; 86th percentile among comparable filings

Details

  • Where the money goes: 69.7% of revenue deployed · 71% of spending went to programs
  • Governance: 3 of 3 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $1.1M in reported program spending
  • Leadership: top reported pay $162K · 6 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 27 of 27 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Sustainability: Operating margin scored 42/100.
  • High — Sustainability: Total-asset coverage ratio scored 9/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Officer compensation ratio scored 8/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 46/100.