Wave Property Inc

Nonprofit profile at a glance

EIN
954297104
IRS 990 coverage
2012–2020
Forms available
Form 990 2020
Location
Malibu, CA, USA
Phone
3105064000
Rating confidence
Limited
Sector
Single Organization Support

Official website

Reported finances

Revenue
$-40,507
Expenses
$15,634,110
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

6 people listed

Executive titles in this filing

  • CHARLES PIPPIN (VICE CHAIRMAN & PRESIDENT)
  • DANIEL DEWALT (DIRECTOR & VICE PRESIDENT)

Highest reported compensation

  • JAMES GASH (DIRECTOR): $708,676 total reported compensation
  • ANDREW BENTON (FORMER DIRECTOR): $701,524 total reported compensation
  • CHARLES PIPPIN (VICE CHAIRMAN & PRESIDENT): $599,038 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Wave property, inc. Is a supporting organization of pepperdine university.

What it reported doing in 2020

Wave property, inc. Is a supporting organization of pepperdine university and as such, manages assets, earns income, and pays expenses solely for the benefit of pepperdine university.

Operating model

Revenue model
No positive adjusted resources. The filing reports no positive adjusted operating resources.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: 74
  • Transparency & Controls: 68
  • Accountability: 33
  • Sustainability: 3
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: 98.9%; rating input score 99
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd 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; 80th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 25%; rating input score 25; 17th percentile among comparable filings
  • Governance controls: 4 of 9 controls in place; rating input score 44
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -38,696.1%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 2; 2nd percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 3.1%; rating input score 20; 20th percentile among comparable filings

Growth

  • Program expense growth: 59.3% per year; rating input score 100; 97th percentile among comparable filings
  • Revenue growth: -24.9% per year; rating input score 0; 18th percentile among comparable filings
  • Asset growth: -3.6% per year; rating input score 0; 26th percentile among comparable filings

Details

  • Where the money goes: 98.9% of spending went to programs
  • Governance: 1 of 4 board members independent · 4 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $15.5M in reported program spending
  • Leadership: top reported pay $709K · 6 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 17 of 17 current checks pass
  • Schedules: 7 filed schedules · includes grants and executive pay
  • Filing history: 9 filing years from 2012 to 2020
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 5 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 — Accountability: Independent voting board scored 25/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Accountability: Governance controls: 5 of 9 not reported.
  • High — Sustainability: Operating margin scored 1/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 2/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 20/100.