Wheda Foundation Inc

Nonprofit profile at a glance

EIN
391464540
IRS 990 coverage
2021–2024
Forms available
Form 990 2024
Location
Madison, WI, USA
Phone
6082667884
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Fund Raising and Fund Distribution

Reported finances

Revenue
$2,000,000
Expenses
$2,482,384
Assets
$2,859,262
Liabilities
$2,387,552

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

Leadership & pay

4 people listed

Executive titles in this filing

  • Elmer Moore (President/Director)

People named in this filing

  • Elmer Moore (President/Director)
  • Sherry L Gerondale (Secretary/Treasurer/Director)
  • Kathryn Dunn (Director)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

The WHEDA Foundation Inc and WHEDA make grant funds available annually through a Housing Grants competition. The program's mission is to assist in the state's housing for the special needs population. The WHEDA foundation will also pay fees for some single family borrowers. The WHEDA foundation will also pay for homebuyer education.

What it reported doing in 2024

Persons-in-crisis: 59 grants were awarded to support the development or improvement of shelter and facilities for the homeless, dependent persons in need of protective services and victims of domestic abuse. 28 grants were awarded in the "permanent" category and 31 grants were awarded in the "emergency/transitional" category.

Operating model

Revenue model
Grant-funded. 100% of the money available for current operations came from government grants.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 94
  • Accountability: 53
  • Sustainability: 26
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

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: 99.8%; rating input score 100; 41st percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 50%; rating input score 50; 8th percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -24.1%; rating input score 5; 5th percentile among comparable filings
  • Total-asset coverage ratio: 1.15; rating input score 42; 42nd percentile among comparable filings
  • Liabilities to assets ratio: 0.84; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: 23.1% per year; rating input score 100; 88th percentile among comparable filings
  • Revenue growth: 17.5% per year; rating input score 100; 85th percentile among comparable filings
  • Asset growth: 37.1% per year; rating input score 100; 96th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 2 of 4 board members independent · 4 of 7 filing controls reported
  • Programs: 3 filed program accomplishments · $2.5M in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 14 of 14 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 4 filing years from 2021 to 2024
  • Contacts: How to reach this organization
  • Money network: 60 filed money-flow records
  • Related organizations: 61 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.

  • Review — Accountability: Independent voting board scored 50/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Sustainability: Operating margin scored 5/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 42/100.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.