Tl Foundation

Nonprofit profile at a glance

EIN
871337572
IRS 990 coverage
2023–2024
Forms available
Form 990 2024, Form 990-N 2022
Location
San Diego, CA, USA
Phone
8584490345
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Economic Development

Official website

Reported finances

Revenue
$127,787
Expenses
$100,067
Assets
$905,298
Liabilities
$-1,250

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

Leadership & pay

8 people listed

People named in this filing

  • MIKE KRENN (DIRECTOR)
  • TIM SCOTT (DIRECTOR)
  • SUREEL SHETH (DIRECTOR)

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 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The specific and primary purpose of this corporation is to support the furtherance of economic development in the greater san diego area particularly in the technology and life science startup community and improve the local economy therein by promoting investment, economic growth and business development; create a sustainable model for economic growth for the san diego region; provide job growth and create a strong economic foundation for the regional community; further the efforts of connect foundation, a California non-profit public benefit corporation; and alleviate some of the governmental burden of san diego and make our community stronger, more productive and sustainable

Operating model

Revenue model
Donor-supported. 86% 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.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 72
  • Transparency & Controls: 92
  • Accountability: 76
  • Sustainability: 69
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 74.5%; rating input score 75
  • Program expense ratio: 89.9%; rating input score 90
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • 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: 3 of 7 controls in place; rating input score 43
    • Conflict-of-interest policy: Pass
    • 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: 21.7%; rating input score 75; 75th percentile among comparable filings
  • Total-asset coverage ratio: 9.05; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: -43.5% per year; rating input score 0; 2nd percentile among comparable filings
  • Revenue growth: -155.5% per year; rating input score 0; 0th percentile among comparable filings
  • Asset growth: 1.4% per year; rating input score 100; 30th percentile among comparable filings

Details

  • Where the money goes: 74.5% of revenue deployed · 89.9% of spending went to programs
  • Governance: 5 of 5 board members independent · 3 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $90K in reported program spending
  • Leadership: top reported pay $0 · 8 people listed
  • Consistency: 17 of 17 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 2 filing years from 2023 to 2024
  • 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.

  • Moderate — Accountability: Governance controls: 3 of 6 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.