Westminster Foundation Iii Inc

Nonprofit profile at a glance

EIN
383842959
IRS 990 coverage
2016–2024
Forms available
Form 990 2024, Form 990-N 2015
Location
Orlando, FL, USA
Phone
4078395050
Rating
36
Verdict
REVIEW
Rating confidence
Moderate
Sector
Senior Citizens' Housing/Retirement Communities
Affiliation
Christianity

Reported finances

Revenue
$342,709
Expenses
$1,447
Assets
$24,377,509
Liabilities
$1,203,431

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

Leadership & pay

19 people listed

Executive titles in this filing

  • TERENCE ROGERS (CEO/PRESIDEN)
  • HENRY T KEITH (CEO/PRESIDEN)

Highest reported compensation

  • TERENCE ROGERS (CEO/PRESIDEN): $1,209,980 total reported compensation
  • HENRY T KEITH (CEO/PRESIDEN): $714,829 total reported compensation
  • GARRY HENNIS (COO/EXECUTIV): $681,135 total reported compensation

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

Overview

Mission

Westminster foundation iii, inc is a non-profit organization separate from westminster retirement communities, inc. And its affiliates, established to provide charitable funds for the support of needy persons, projects and programs at retirement communities and health care facilities owned, operated and managed by westminster retirement communities, inc. And presbyterian retirement communities, inc. All benevolent assistance for residents, investments, and certain related liabilities are maintained by the foundation. All member's of westminster foundation iii, inc.'s board of directors are also the members of the foundation's board of directors.

What it reported doing in 2024

Grants to presbyterian retirement communities, inc., westminster retirement communities, inc. And their affiliates.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

REVIEW - 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 a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 60
  • Accountability: 70
  • Sustainability: 80
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 73.3%; rating input score 73; 19th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 99.6%; rating input score 100; 100th percentile among comparable filings
  • Total-asset coverage ratio: 16,846.93; rating input score 100; 100th percentile among comparable filings
  • Liabilities to assets ratio: 0.05; rating input score 32; 32nd percentile among comparable filings
  • Officer compensation ratio: 8,620.9%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: -31.6% per year; rating input score 0; 3rd percentile among comparable filings
  • Revenue growth: -50.9% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: -1.3% per year; rating input score 0; 20th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 11 of 15 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $1.2M · 19 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 13 of 13 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 9 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 25 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 — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 32/100.