Wheaton Academy Foundation

Nonprofit profile at a glance

EIN
460944215
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
West Chicago, IL, USA
Phone
6305627500
Rating
59
Verdict
MIXED
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$531,915
Expenses
$120,228
Assets
$4,839,145
Liabilities
$28,922

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

Leadership & pay

14 people listed

Executive titles in this filing

  • EUGENE FROST (EXECUTIVE DIRECTOR WAF)

Highest reported compensation

  • STEVEN BULT (DIRECTOR): $292,997 total reported compensation
  • STEVE KARLSON (COO/CFO): $261,320 total reported compensation
  • EUGENE FROST (EXECUTIVE DIRECTOR WAF): $98,830 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 hold and manage endowment investments to provide ongoing support to wheaton academy's mission and programs.

What it reported doing in 2024

Benefit and advance the purposes and functions of wheaton academy through grants funding operating expenses, including but not limited to the financial aid program for wheaton academy students demonstrating financials need.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

MIXED - 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: 32
  • Transparency & Controls: 71
  • Accountability: 79
  • Sustainability: 83
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 35.3%; rating input score 35
  • Program expense ratio: 36.6%; rating input score 37
  • Fundraising efficiency: Limited

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; 76th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 78.6%; rating input score 79; 17th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: 77.4%; rating input score 97; 97th percentile among comparable filings
  • Total-asset coverage ratio: 40.25; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 72; 72nd percentile among comparable filings
  • Officer compensation ratio: 119.3%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: 6% per year; rating input score 100; 47th percentile among comparable filings
  • Revenue growth: 20% per year; rating input score 100; 85th percentile among comparable filings
  • Asset growth: 8.6% per year; rating input score 100; 54th percentile among comparable filings

Details

  • Where the money goes: 35.3% of revenue deployed · 36.6% of spending went to programs
  • Governance: 11 of 14 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $44K in reported program spending
  • Leadership: top reported pay $293K · 14 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 18 of 18 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 12 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 3 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 35/100.
  • Moderate — Financial Efficiency: Program expense ratio scored 37/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Officer compensation ratio scored 0/100.