Thorek Memorial Foundation

Nonprofit profile at a glance

EIN
366124318
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Chicago, IL, USA
Phone
7739756710
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$815,776
Expenses
$418,867
Assets
$13,732,962
Liabilities
$0

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

Leadership & pay

6 people listed

Executive titles in this filing

  • MARIA PAPPAS (PRESIDENT)

Highest reported compensation

  • EDWARD BUDD (SECRETARY/TREASURER): $666,624 total reported compensation
  • MANJEET CHAWLA MD (DIRECTOR): $141,500 total reported compensation
  • BHAGWAN JAIN MD (DIRECTOR): $35,000 total reported compensation

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

Overview

Mission

Thorek memorial foundation was created to provide service to the community and to promote and foster understanding of various health and wellness concerns affecting the members of the community. The foundation will use its resources to identify healthcare needs, improve population health, and address other needs within the community it serves. The foundation will provide financial support to organizations in the community to assist their operations, activities, and fulfill their missions. Thorek memorial foundation will sponsor various scientific, educational, and charitable endeavors that result from the identification of certain community health issues. Thorek memorial foundation will also support and enrich thorek memorial hospital through various educational activities.

What it reported doing in 2024

Thorek memorial foundation provides grants to educational and charitable endeavors.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

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 some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 72
  • Accountability: 40
  • Sustainability: 89
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 83.6%; rating input score 84
  • Fundraising efficiency: Limited

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: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 50%; rating input score 50; 11th percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: 48.7%; rating input score 92; 92nd percentile among comparable filings
  • Total-asset coverage ratio: 32.79; rating input score 98; 98th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 4.9%; rating input score 53; 53rd percentile among comparable filings

Growth

  • Program expense growth: 5.1% per year; rating input score 100; 43rd percentile among comparable filings
  • Revenue growth: -0.8% per year; rating input score 0; 12th percentile among comparable filings
  • Asset growth: 8% per year; rating input score 100; 52nd percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 83.6% of spending went to programs
  • Governance: 3 of 6 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $350K in reported program spending
  • Leadership: top reported pay $667K · 6 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 17 of 17 current checks pass
  • Schedules: 6 filed schedules · includes grants and executive pay
  • Filing history: 13 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Related organizations: 6 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Accountability: Governance controls: 5 of 7 not reported.
  • Review — Accountability: Independent voting board scored 50/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Sustainability: Officer compensation ratio scored 53/100.