Third Wave Foundation

Nonprofit profile at a glance

EIN
133670260
IRS 990 coverage
2012–2014
Forms available
Form 990 2014
Location
Brooklyn, NY, USA
Rating
46
Verdict
MIXED
Rating confidence
Moderate
Sector
Intergroup, Race Relations

Official website

Reported finances

Revenue
$12,753
Expenses
$110,519
Assets
$138,801
Liabilities
$8,000

Source: IRS Form 990. Selected filing: tax year 2014. Amounts in USD.

Leadership & pay

12 people listed

Highest reported compensation

  • Rosalba Messina (Interim ED): $13,825 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2014. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The board members of Third Wave resolved to wind down operations and transfer its remaining assets to a partnering organization. This process was still on going in 2014.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 94
  • Accountability: 84
  • Sustainability: 16
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 25th 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; 64th percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: -766.6%; rating input score 5; 5th percentile among comparable filings
  • Total-asset coverage ratio: 1.26; rating input score 30; 30th percentile among comparable filings
  • Liabilities to assets ratio: 0.06; rating input score 25; 25th percentile among comparable filings
  • Officer compensation ratio: 12.5%; rating input score 17; 17th percentile among comparable filings

Growth

  • Program expense growth: -200% per year; rating input score 0; 2nd percentile among comparable filings
  • Revenue growth: -126.8% per year; rating input score 0; 3rd percentile among comparable filings
  • Asset growth: -69.1% per year; rating input score 0; 3rd percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 11 of 11 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $14K · 12 people listed
  • Consistency: 18 of 18 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 3 filing years from 2012 to 2014
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: Filed and resolved organization relationships.
  • 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 — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Sustainability: Operating margin scored 5/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 30/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 17/100.
  • High — Sustainability: Liabilities to assets ratio scored 25/100.