Veterans Watchmaker Initiative Inc

Nonprofit profile at a glance

EIN
452654601
IRS 990 coverage
2017–2024
Forms available
Form 990 2024, Form 990-EZ 2016, Form 990-N 2012
Location
Little Creek, DE, USA
Phone
3023787088
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Vocational, Technical Schools

Reported finances

Revenue
$1,000,307
Expenses
$435,648
Assets
$2,814,000
Liabilities
$0

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

Leadership & pay

12 people listed

People named in this filing

  • SAMUEL CANNAN (CHAIRMAN OF THE BOARD)
  • MICHAEL BENAVENTE (BOARD MEMBER)
  • JOE BORELLA (BOARD MEMBER)

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 focus of the veterans watchmaker initiative is to provide united states aremed forces veterans, especially disabled veterans, with the skill set of watch repair and a career path in a high-paying vocation that is in high demand due to its shortage of workers.

What it reported doing in 2024

The charity plans to implement free basic and advanced training courses in the field of watch-making to veterans, a skill in high demand due to the shortage of qualified job applicants, as cited in trade publications. Upon completion, the individual will be eligible for employment in the field of watchmaking.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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 total spending goes to programs and the filed numbers largely add up. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 66
  • Transparency & Controls: 86
  • Accountability: 82
  • Sustainability: 90
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 42.3%; rating input score 42
  • Program expense ratio: 97.1%; rating input score 97
  • Fundraising efficiency: $290.36 raised per $1 spent on fundraising; rating input score 94; 94th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 19th 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: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • 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: 56.4%; rating input score 94; 94th percentile among comparable filings
  • Total-asset coverage ratio: 6.46; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 17.1% per year; rating input score 100; 78th percentile among comparable filings
  • Revenue growth: 18.4% per year; rating input score 100; 84th percentile among comparable filings
  • Asset growth: 23.7% per year; rating input score 100; 86th percentile among comparable filings

Details

  • Where the money goes: 42.3% of revenue deployed · 97.1% of spending went to programs
  • Governance: 12 of 12 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $423K in reported program spending
  • Leadership: top reported pay $0 · 12 people listed
  • Consistency: 26 of 27 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 7 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 42/100.
  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.