Wage Parity Trust

Nonprofit profile at a glance

EIN
856819623
IRS 990 coverage
2021–2024
Forms available
Form 990 2024
Location
Brooklyn, NY, USA
Phone
7182570702
Rating
36
Verdict
REVIEW
Rating confidence
Moderate

Reported finances

Revenue
$2,135,345
Expenses
$1,637,184
Assets
$2,687,136
Liabilities
$899,768

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

Leadership & pay

4 people listed

Executive titles in this filing

  • Cheskel Spitzer (CEO)

Highest reported compensation

  • Principal Custody Solutions (Trustee): $15,000 total reported compensation

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

Overview

Mission

The Wage Parity Trust ("Trust") was formed to fund benefits adopted and maintained by the Employer to comply with the Wage Parity Act. The Trust pays medical, dental, vision, prescription drug, life, accidental death & dismemberment, and health reimbursement arrangement benefits to or on behalf of Eligible Employees and their dependents who are covered by the Ultimate Care, Inc. Health and Welfare Plan ("Plan").

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

REVIEW - The filed numbers largely add up. 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: 90
  • Accountability: 24
  • Sustainability: 57
  • Growth: 20

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: 100%; rating input score 100; 63rd 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: 0%; rating input score 0; 3rd 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: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Fail
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 23.3%; rating input score 80; 80th percentile among comparable filings
  • Total-asset coverage ratio: 1.64; rating input score 55; 55th percentile among comparable filings
  • Liabilities to assets ratio: 0.33; rating input score 31; 31st percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: Limited
  • Revenue growth: -12.4% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: 34.1% per year; rating input score 100; 95th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 0 of 3 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $1.6M in reported program spending
  • Leadership: top reported pay $15K · 4 people listed
  • Highest-paid contractors: 2 contractors listed · $995K reported
  • Consistency: 10 of 11 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules
  • Filing history: 4 filing years from 2021 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.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Accountability: Independent voting board scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • Moderate — Transparency & Controls: Functional expense sum did not reconcile in the filed values.
  • Review — Sustainability: Total-asset coverage ratio scored 55/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 31/100.