William Bernard Dudley Memorial Scholarship Fund

Nonprofit profile at a glance

EIN
991234742
IRS 990 coverage
2023–2024
Forms available
Form 990 2024
Location
Newark, NJ, USA
Phone
9738247323
Rating
61
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Scholarships, Student Financial Aid Services, Awards

Reported finances

Revenue
$206,220
Expenses
$188,503
Assets
$37,189
Liabilities
$175,726

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

Leadership & pay

3 people listed

Executive titles in this filing

  • CLIFTON SMITH (PRESIDENT)

Highest reported compensation

  • HERBERT HALL (BUSINESS AGENT): $544,199 total reported compensation
  • CLIFTON SMITH (PRESIDENT): $435,977 total reported compensation
  • VICTOR THOMAS (SECRETARY-TREASURER): $370,154 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 support members of international longshoremens association local 1233 and to promote higher education by offsetting tuition costs for families of members.

What it reported doing in 2024

The organization helped 31 members pay higher education costs for their families.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 71% for direct work, and 29% for grants.

The verdict

SUPPORTED - 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: 84
  • Transparency & Controls: 73
  • Accountability: 5
  • Sustainability: 31
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 91.4%; rating input score 91
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • 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: 0%; rating input score 0; 7th percentile among comparable filings
  • Governance controls: 1 of 9 controls in place; rating input score 11
    • 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: Fail
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 8.6%; rating input score 58; 58th percentile among comparable filings
  • Total-asset coverage ratio: 0.2; rating input score 11; 11th percentile among comparable filings
  • Liabilities to assets ratio: 4.73; rating input score 1; 1st percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: -24.5% per year; rating input score 0; 5th percentile among comparable filings
  • Revenue growth: 83.5% per year; rating input score 100; 99th percentile among comparable filings
  • Asset growth: 38.2% per year; rating input score 100; 94th percentile among comparable filings

Details

  • Where the money goes: 91.4% of revenue deployed · 100% of spending went to programs
  • Governance: 0 of 13 board members independent · 1 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $189K in reported program spending
  • Leadership: top reported pay $544K · 3 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 15 of 15 current checks pass
  • Schedules: 6 filed schedules · includes grants and executive pay
  • Filing history: 2 filing years from 2023 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • 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 0/100.
  • High — Accountability: Governance controls: 7 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 11/100.
  • Review — Sustainability: Operating margin scored 58/100.
  • High — Sustainability: Liabilities to assets ratio scored 1/100.