Waterside School Inc

Nonprofit profile at a glance

EIN
061609222
IRS 990 coverage
2014–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Stamford, CT, USA
Phone
2039758579
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Primary, Elementary Schools

Official website

Reported finances

Revenue
$10,592,836
Expenses
$10,742,314
Assets
$78,119,884
Liabilities
$630,251

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

Leadership & pay

32 people listed

Executive titles in this filing

  • JOSEPH POWERS (EXECUTIVE DIRECTOR (THRU 6/30/25))

Highest reported compensation

  • JOSEPH POWERS (EXECUTIVE DIRECTOR (THRU 6/30/25)): $402,044 total reported compensation
  • DUNCAN EDWARDS (FORMER OFFICER, CONSULTANT): $233,000 total reported compensation
  • JAMEL KEELS (DIRECTOR OF DEVELOPMENT): $199,617 total reported compensation

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

Overview

Mission

To provide a superb, well-rounded early year educational foundation for motivated, disadvantaged children, starting with pre-kindergarten through fifth grade.

What it reported doing in 2024

To provide an educational program to children in grades pre-kindergarten through fifth grade.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Hybrid. The nonprofit split its reported program spending across 52% for direct work, and 48% for grants.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. The filing reports few safeguards for money sent abroad and fundraising costs are high for each dollar raised.

Rating breakdown

  • Financial Efficiency: 78
  • Transparency & Controls: 71
  • Accountability: 98
  • Sustainability: 50
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 85.5%; rating input score 85
  • Program expense ratio: 78%; rating input score 78
  • Fundraising efficiency: $10.83 raised per $1 spent on fundraising; rating input score 40; 40th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 17th percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Scored; rating input score 0
  • Grant itemization coverage: 97.1%; rating input score 97; 27th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 96%; rating input score 96; 30th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -1.4%; rating input score 25; 25th percentile among comparable filings
  • Total-asset coverage ratio: 7.27; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 93; 93rd percentile among comparable filings
  • Officer compensation ratio: 12.5%; rating input score 13; 13th percentile among comparable filings

Growth

  • Program expense growth: 12.3% per year; rating input score 100; 78th percentile among comparable filings
  • Revenue growth: 4.6% per year; rating input score 100; 40th percentile among comparable filings
  • Asset growth: 7.2% per year; rating input score 100; 50th percentile among comparable filings

Details

  • Where the money goes: 85.5% of revenue deployed · 78% of spending went to programs
  • Governance: 24 of 25 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $8.4M in reported program spending
  • Leadership: top reported pay $402K · 32 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $522K reported
  • Consistency: 35 of 36 current checks pass · 1 finding to review
  • Schedules: 10 filed schedules · includes major donors, foreign activity, grants, and executive pay
  • Filing history: 11 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Money network: 20 filed money-flow records
  • Related organizations: 12 filed related-organization links
  • 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 — Transparency & Controls: Foreign activity oversight scored 0/100.
  • Moderate — Financial Efficiency: Fundraising efficiency scored 40/100.
  • High — Sustainability: Operating margin scored 25/100.
  • High — Sustainability: Officer compensation ratio scored 13/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.