Waterbury Promise Inc

Nonprofit profile at a glance

EIN
874763561
IRS 990 coverage
2021–2024
Forms available
Form 990 2024
Location
Waterbury, CT, USA
Phone
2035746601
Rating
65
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$2,350,758
Expenses
$1,247,624
Assets
$7,185,761
Liabilities
$35,423

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

Leadership & pay

14 people listed

Executive titles in this filing

  • KELONDA MAULL (EXECUTIVE DIRECTOR)

Highest reported compensation

  • KELONDA MAULL (EXECUTIVE DIRECTOR): $163,285 total reported compensation
  • HEDY AYERS (DIRECTOR OF DEVELOPMENT &): $130,956 total reported compensation

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

Overview

Mission

Waterbury promise, inc. Is a Connecticut charitable organization dedicated to increasing college aspirations, reducing financial barriers and inspiring every waterbury student toward post-secondary education and completion. The program's comprehensive college access, success and career readiness model is centered on a generous last-dollar scholarship designed to bridge the financial gap after all individual grants, financial aid, and other scholarships have been applied. Equally important, are the wrap-around support services and resources provided to ensure students persist to graduation, are career ready, and earn a life-changing degree. This holistic model focuses on breaking down all barriers (financial, academic, social-emotional, etc.) to post-secondary education and completion.

Operating model

Revenue model
Grant-funded. 63% of the money available for current operations came from government grants.
Distribution model
Grant intermediary. The nonprofit sent 80% of its reported program spending out as grants.

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 54
  • Transparency & Controls: 71
  • Accountability: 66
  • Sustainability: 87
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 46.1%; rating input score 46
  • Program expense ratio: 71.5%; rating input score 72
  • Fundraising efficiency: $10.58 raised per $1 spent on fundraising; rating input score 39; 39th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 72nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 76.9%; rating input score 77; 13th percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 46.9%; rating input score 91; 91st percentile among comparable filings
  • Total-asset coverage ratio: 5.76; rating input score 85; 85th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 89; 89th percentile among comparable filings
  • Officer compensation ratio: 2%; rating input score 76; 76th percentile among comparable filings

Growth

  • Program expense growth: 63.2% per year; rating input score 100; 98th percentile among comparable filings
  • Revenue growth: 51.5% per year; rating input score 100; 98th percentile among comparable filings
  • Asset growth: 56.2% per year; rating input score 100; 98th percentile among comparable filings

Details

  • Where the money goes: 46.1% of revenue deployed · 71.5% of spending went to programs
  • Governance: 10 of 13 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $892K in reported program spending
  • Leadership: top reported pay $163K · 14 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 6 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 3 filing years from 2021 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 46/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 4 of 8 not reported.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 39/100.