Velvet Foundation

Nonprofit profile at a glance

EIN
262813161
IRS 990-EZ coverage
2010–2011
Forms available
Form 990-EZ 2011
Location
Washington, DC, USA
Phone
2026305428
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Museum, Museum Activities

Reported finances

Revenue
$139,890
Expenses
$53,986
Assets
$176,801

Source: IRS Form 990-EZ. Selected filing: tax year 2011. Amounts in USD.

Leadership & pay

8 people listed

Source: IRS Form 990-EZ. Selected filing: tax year 2011. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The organization has been established to: a)collect, preserve and interpret artifacts and other tangible and intangible objects pertaining to, or associated with, the history and culture in the united states of america of lesbian, gay, bisexual, transgender and other persons of non-traditional sexual orientation or gender identity ("lgbt experience"); b)establish, support, operate and promote one or more museums chronicling the lgbt experience; and c)foster education, research, understanding and dialogue concerning the lgbt experience.

What it reported doing in 2011

PLANNING AND DEVELOPMENT OF A MUSEUM CHRONICLING THE HISTORY AND CULTURE IN THE UNITED STATES OF AMERICA OF LESBIAN, GAY, BISEXUAL, TRANSGENDER AND OTHER PERSONS OF NON-TRADITIONAL SEXUAL ORIENTATION OR GENDER IDENTITY ("LGBT EXPERIENCE"). components includeD: (1) organizing, attending, and following-up on the Envisioning Workshop, (2) conducting content research on ideas generated by workshop participants in order to develop major themes and messages for the Museum; (3) developing a space needs program based on major themes and messages; (4) designing, writing, and producing a Strategic Plan document that articulates the Museum's vision, serve as a consensus-gathering document, and undergird fundraising efforts. THIS INCLUDES IN-KIND SERVICES VALUED AT $5,034 THAT WERE ATTRIBUTABLE TO Accounting Services and facility rental costs IN SUPPORT OF THE ORGANIZATION'S MISSION.

Operating model

Revenue model
Donor-supported. 100% 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 - The filed numbers largely add up and program spending has grown recently. A relatively small share of available resources goes toward mission work and the available information about grant readiness automatic revocation leaves an important question unanswered.

Rating breakdown

  • Financial Efficiency: 50
  • Transparency & Controls: 100
  • Sustainability: 73
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 31.3%; rating input score 31
  • Program expense ratio: 81%; rating input score 81

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 51st percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100

Sustainability

  • Operating margin: 61.4%; rating input score 97; 97th percentile among comparable filings
  • Total-asset coverage ratio: 3.27; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: 1.5% per year; rating input score 100; 43rd percentile among comparable filings
  • Revenue growth: 33.9% per year; rating input score 100; 84th percentile among comparable filings
  • Asset growth: 78.6% per year; rating input score 100; 93rd percentile among comparable filings

Details

  • Where the money goes: 31.3% of revenue deployed · 81% of spending went to programs
  • Governance: Filed governance answers
  • Accomplishments: 1 filed program accomplishment · $44K in reported program spending
  • Leadership: top reported pay $0 · 8 people listed
  • Consistency: 6 of 6 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 2 filing years from 2010 to 2011
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • Moderate — Financial Efficiency: Mission deployment rate scored 31/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.