Waves Inc

Nonprofit profile at a glance

EIN
620920595
IRS 990 coverage
2017–2024
Forms available
Form 990 2024
Location
Franklin, TN, USA
Phone
6157947955
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Developmentally Disabled Centers

Reported finances

Revenue
$4,208,529
Expenses
$4,134,798
Assets
$1,194,558
Liabilities
$331,583

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

Leadership & pay

18 people listed

Executive titles in this filing

  • STACI DAVIS (CEO)
  • MARCIE STEPHENS (PRESIDENT)
  • EMBRY NICHOLS (VICE PRESIDENT)
  • TRISH STILES (IMMEDIATE PAST PRESIDENT)

Highest reported compensation

  • VICKI BYARS (COO): $88,063 total reported compensation
  • STACI DAVIS (CEO): $78,144 total reported compensation

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

Overview

Mission

Assist individuals with developmental disabilities.

What it reported doing in 2024

Adult services: our day services provide activities and structured training programs that support the acquisition, retention, or improvement in communication, daily living skills, and social skills for adults with intellectual and developmental disabilities. Services in this program are facility and/or community-based. Intended outcomes include increased competency in daily living skills and connecting individuals with their community. Adult day services are currently provided in the williamson county community. We operate two adult day centers in franklin and fairview, where these services can be provided in addition to community-based services. 36 adults are currently being supported in this program. Individuals in this program are also encouraged to seek employment with staff support provided for all stages of their employment journey. Volunteering in the community is also encouraged to learn skills and build self-esteem. Examples of volunteer activities include packaging and delivering lunches for meals on wheels, cleaning trails at edwin warner park, assisting with food and clothes sorting at thrift stores, and assisting with mailings or filings for nonprofit organizations. Waves also operates four homes within williamson county with 24/7 staff support. These homes provide residential support for 13 individuals. We also offer a semi-independent living option. This program is designed for individuals who have higher levels of independence and need less assistance with daily tasks. We currently support one individual in this program.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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.
  • 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. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 75
  • Transparency & Controls: 92
  • Accountability: 95
  • Sustainability: 33
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 74.9%; rating input score 75
  • Program expense ratio: 76.4%; rating input score 76
  • Fundraising efficiency: $39.79 raised per $1 spent on fundraising; rating input score 75; 75th 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 1.8%; rating input score 40; 40th percentile among comparable filings
  • Total-asset coverage ratio: 0.29; rating input score 9; 9th percentile among comparable filings
  • Liabilities to assets ratio: 0.28; rating input score 36; 36th percentile among comparable filings
  • Officer compensation ratio: 4%; rating input score 61; 61st percentile among comparable filings

Growth

  • Program expense growth: 0.4% per year; rating input score 100; 15th percentile among comparable filings
  • Revenue growth: 1.8% per year; rating input score 100; 20th percentile among comparable filings
  • Asset growth: 2.2% per year; rating input score 100; 21st percentile among comparable filings

Details

  • Where the money goes: 74.9% of revenue deployed · 76.4% of spending went to programs
  • Governance: 16 of 16 board members independent · 8 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $3.2M in reported program spending
  • Leadership: top reported pay $88K · 18 people listed
  • Consistency: 33 of 33 current checks pass
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 8 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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 — Sustainability: Operating margin scored 40/100.
  • High — Sustainability: Total-asset coverage ratio scored 9/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • Moderate — Sustainability: Liabilities to assets ratio scored 36/100.