Wisconsin Covenant Foundation Inc

Nonprofit profile at a glance

EIN
261550326
IRS 990 coverage
2009–2012
Forms available
Form 990 2012
Location
Madison, WI, USA
Phone
6082461410
Rating confidence
Limited
Sector
Scholarships, Student Financial Aid Services, Awards

Official website

Reported finances

Revenue
$84,516
Expenses
$40,964,992
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2012. Amounts in USD.

Leadership & pay

6 people listed

Source: IRS Form 990. Selected filing: tax year 2012. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The Wisconsin covenant foundation, inc. Provided grant assistance to low-income students and others for post-secondary education in Wisconsin in support of the Wisconsin covenant program and similar postsecondary educational access and/or persistence initiatives. The Wisconsin covenant program was memorialized in the Wisconsin covenant memorandum of understanding executed on september 6, 2006 among the Wisconsin governor, the Wisconsin department of public instruction, the Wisconsin technical college system, the university of Wisconsin system and the Wisconsin association of independent colleges and universities. This mission statement was reviewed, acknowledged and approved by the board.

What it reported doing in 2012

The Wisconsin Covenant Foundation, Inc. in an effort to further promote access to higher education, success in higher education and affordability of higher education, as well as to reduce administrative costs in support of the same, provided a grant to Great Lakes Higher Education Guaranty Corporation (GLHEGC). GLHEGC will continue to provide grant assistance to low-income students and non-profit educational institutions in Wisconsin in support of the Wisconsin Covenant Program and similar postsecondary educational access and/or persistence initiatives in place of the work previously done by the Wisconsin Covenant Foundation, Inc.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.

Rating breakdown

  • Financial Efficiency: NotEnoughData
  • Transparency & Controls: 94
  • Accountability: 70
  • Sustainability: 8
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: Limited
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 60th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 79th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 65th percentile among comparable filings
  • Governance controls: 2 of 9 controls in place; rating input score 29
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Limited
    • Other executive compensation review process: Limited
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -48,370.1%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0%; rating input score 63; 63rd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 7.5% per year; rating input score 100; 73rd percentile among comparable filings
  • Asset growth: -43% per year; rating input score 0; 8th percentile among comparable filings

Details

  • Where the money goes: Financial trends and filed revenue, expense, asset, and liability detail
  • Governance: 5 of 5 board members independent · 2 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $40.9M in reported program spending
  • Leadership: top reported pay $0 · 6 people listed
  • Consistency: 17 of 17 current checks pass
  • Schedules: 5 filed schedules · includes major donors and grants
  • Filing history: 3 filing years from 2009 to 2012
  • Money network: 6 filed money-flow records
  • Related organizations: 5 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Governance controls: 4 of 6 not reported.
  • High — Sustainability: Operating margin scored 1/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Total-asset coverage ratio scored 1/100.