Warehouse 505

Nonprofit profile at a glance

EIN
432089526
IRS 990 coverage
2020–2023
Forms available
Form 990 2023
Location
Albuquerque, NM, USA
Phone
5052962738
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Youth Development Programs

Official website

Reported finances

Revenue
$577,634
Expenses
$675,103
Assets
$264,236
Liabilities
$506,519

Source: IRS Form 990. Selected filing: tax year 2023. Amounts in USD.

Leadership & pay

9 people listed

Executive titles in this filing

  • JESSICA HERNANDEZ (PRESIDENT)

Highest reported compensation

  • THIERRY GONZALEZ (EXECUTIVE DI): $67,620 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2023. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Warehouse 505 (formerly New Mexico xtreme sports assn.) invests in albuquerque's youth by providing a place to learn and develop skills under mentorship within the creative arts and individual sports.

What it reported doing in 2023

Warehouse 505 is a non-profit, social enterprise and venue that invests in albuquerque's youth by providing a place to learn and develop skills under mentorship within the creative arts and individual sports. Established in 2009 as warehouse 508, we have worked towards futhering connections between youth and the community and fostering employment experiences and opportunities. Warehouse 505 offers a variety of after-school programming in the visual and performing arts for youth ages 12-30. Working under talented mentors and artists within the city, youth will learn and develop skills that they can take with them for future employment, which warehouse 505 works to help foster. Previous classes we have offered include mural arts, photography, music, acting, movie making, sewing, digial drawing, dj, and so much more through creative arts, warehouse 505 provides: -- a safe and secure facility for youth, their families and the community, including individuals, organizations and businesses to engage, interact and operate. -- offers creative arts, individual sports and leadership classes and workshops for youth ages 13-20. -- develops employment opportunities for youth. -- maintains an accessible performance space.

Operating model

Revenue model
Grant-funded. 80% of the money available for current operations came from government grants.
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

STRONG - 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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 91
  • Transparency & Controls: 92
  • Accountability: 77
  • Sustainability: 15
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 85.7%; rating input score 86
  • Fundraising efficiency: $22.28 raised per $1 spent on fundraising; rating input score 62; 62nd percentile among comparable filings

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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 87.5%; rating input score 88; 21st percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -16.9%; rating input score 12; 12th percentile among comparable filings
  • Total-asset coverage ratio: 0.39; rating input score 18; 18th percentile among comparable filings
  • Liabilities to assets ratio: 1.92; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 10%; rating input score 36; 36th percentile among comparable filings

Growth

  • Program expense growth: 24% per year; rating input score 100; 86th percentile among comparable filings
  • Revenue growth: 23.5% per year; rating input score 100; 88th percentile among comparable filings
  • Asset growth: 41.4% per year; rating input score 100; 94th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 85.7% of spending went to programs
  • Governance: 7 of 8 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $578K in reported program spending
  • Leadership: top reported pay $68K · 9 people listed
  • Consistency: 25 of 25 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 3 filing years from 2020 to 2023
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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.

  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Sustainability: Operating margin scored 12/100.
  • High — Sustainability: Total-asset coverage ratio scored 18/100.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.
  • Moderate — Sustainability: Officer compensation ratio scored 36/100.