Civic Intelligence

Iaba Foundation

EIN 20-0761668 • 501(c)3 • West Hartford, CT

Profile

Develops educational activities related to actuarial science designed to improve skills of black actuaries in teh community and encourage college students to pursue studies in actuarial science.

PO Box 270701West Hartford, CT 06127

www.blackactuaries.org

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

83rd percentile

0.20x

Higher debt load relative to assets than 83% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2014

Liabilities / Revenue

84th percentile

0.13x

Higher debt load relative to revenue than 84% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2014

Net Margin

37th percentile

-4.1%

Higher net margin than 37% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2014

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

92nd percentile

93%

Faster asset growth than 92% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2013 to 2014

Revenue Growth

73rd percentile

21%

Faster revenue growth than 73% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2013 to 2014

Assets

Up

$140,683

Up $67,669 (+93%) from 2013

Liabilities

$28,368

No earlier filing loaded for comparison.

Net Assets

Up

$112,315

Up $39,301 (+54%) from 2013

Revenue

Up

$210,602

Up $37,191 (+21%) from 2013

Expenses

Up

$219,301

Up $81,420 (+59%) from 2013

Net Income

Down

-$8,699

Down $44,229 (-124%) from 2013

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$150K$100K$50K$0-$50KAssets 2010: $54,224Liabilities 2010: $1,672Net Assets 2010: $52,5522010Assets 2011: $14,806Liabilities 2011: $17,172Net Assets 2011: -$2,3662011Assets 2012: $37,484Liabilities 2012: $02012Assets 2013: $73,014Net Assets 2013: $73,0142013Assets 2014: $140,683Liabilities 2014: $28,368Net Assets 2014: $112,3152014

Highlighted filing

2014

Assets$140,683
Liabilities$28,368
Net Assets$112,315

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$300K$200K$100K$0-$100KRevenue 2010: $88,511Expenses 2010: $35,579Net Income 2010: $52,9322010Revenue 2011: $54,446Expenses 2011: $81,358Net Income 2011: -$26,9122011Revenue 2012: $122,213Expenses 2012: $104,711Net Income 2012: $17,5022012Revenue 2013: $173,411Expenses 2013: $137,881Net Income 2013: $35,5302013Revenue 2014: $210,602Expenses 2014: $219,301Net Income 2014: -$8,6992014

Highlighted filing

2014

Revenue$210,602
Expenses$219,301
Net Income-$8,699

Filings

Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2014 to Dec 31, 2014
Signed
Jun 3, 2015
Return Version
2014v5.0
Gross Receipts
$210,602
Mission and Program Overview

Mission

Develops educational activities related to actuarial science designed to improve skills of black actuaries in teh community and encourage college students to pursue studies in actuarial science.

Organized to establish and provide financial assistance, mentors, and role models for black high school and college students to pursue studies in actuarial science and to encourage participation of its members in activities of actuarial organizations.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$73,014$100,683▲ $27,669
Accounts Receivable-$40,000-
Total Assets$73,014$140,683▲ $67,669
Liabilities
Other Liabilities$0$23,172▲ $23,172
Accounts Payable and Accrued Expenses$0$5,196▲ $5,196
Total Liabilities$0$28,368▲ $28,368
Net Assets / Fund Balance
Unrestricted Net Assets$73,014$92,315▲ $19,301
Temporarily Rstr Net Assets-$20,000-
Total Net Assets Fund Balance$73,014$112,315▲ $39,301
Total Liabilities and Net Assets / Fund Balance$73,014$140,683▲ $67,669
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Catherine WeaverExecutive DirectorFT$22,965$61,987$84,952
Revenue and Support

Revenue Composition

Contributions and Grants
$209,576
Program Service Revenue
$1,025
Investment Income
$1
Other Revenue
$0
All Other Contributions
$209,576
Change in Net Assets
$-8,699

Audited Revenue Reconciliation

Revenue per Audited Statements
$210,602
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$210,602
Total Revenue per Form 990
$210,602
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$128,407
Grants and Similar Amounts Paid$65,000
Salaries, Compensation, and Employee Benefits$25,894
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Grants to Domestic Individuals$65,000--$65,000
Current Officers, Directors, Trustees, and Key Employees$20,963$3,699-$24,662
Fees for Services Accounting$4,327$764-$5,091
Fees for Services Legal$2,288$404-$2,692
Office Expenses$2,369--$2,369
Payroll Taxes$1,047$185-$1,232
Insurance-$663-$663
Other Expenses$18,622$35-$35
Total Functional Expenses$213,551$5,750$0$219,301

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$219,301
Total Expenses per Audited Statements$219,301
Total Expenses per Form 990$219,301
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Due to Affiliate$23,172
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section B, Line 11

Form 990 is submitted for review and affirmative vote by the iaba foundation's board of directors prior to irs filing.

Form 990, Part VI, Section B, Line 12C

The organization has a written conflict of interest statement, the organization was not made aware of any interests that could give rise to conflicts.

Form 990, Part VI, Section B, Line 15

The board reviews the executive director's compensation each year and determines bonuses and/or pay raises.

Form 990, Part VI, Section C, Line 19

Available upon request and posted on website for easy access.

Filing and Contact Details

Filer

Filer Name
Iaba Foundation
EIN
20-0761668
Phone
8609061286
Address
PO BOX 270701, WEST HARTFORD, CT 06127

Signing Officer

Name
Jonathan Applewhite
Title
Treasurer
Phone
8609061286
Signed
2015-06-03
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Jonathan Applewhite
Formed
2004
Legal Domicile
Il
Voting Board Members
12
Independent Board Members
12
Employees
1
Volunteers
120

Preparer

Firm
Pue Chick Leibowitz & Blezard LLC
Address
76 SOUTH FRONTAGE ROAD, VERNON, CT 06066
Preparer
Michael J Welch CPA
Phone
8608711722
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 1:

The organization changed its accounting method from the cash basis to accrual basis to conform to generally accepted accounting principles.

FORM 990, PART XII, LINE 2C:

The organization has not changed it's oversight process or selection process for the audit of its financial statements during the year.

Financial Statement Notes

PART X, LINE 2:

Management of iaba evaluates all significant tax positions as required by the accrual basis of accounting. As of december 31, 2014, management of iaba does not believe that it has taken any tax positions that would require the recording of any tax liability nor does it believe that there are any unrealized tax benefits that would either increase or decrease within the next twelve months. Iaba's income tax returns are subject to examination by the appropriate taxing jurisdictions. As of december 31, 2014, iaba's federal and state tax returns generally remain open for audit for three years from the due date.

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IRS990/ReportProgramRelatedInvstInd00
IRS990/RevenueAmt0200
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearAmt0209576
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus1YearAmt082075
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus2YearsAmt087593
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus3YearsAmt082198
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/CurrentTaxYearMinus4YearsAmt081400
IRS990ScheduleA/GiftsGrantsContriRcvd170Grp/TotalAmt0542842
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearAmt01
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus1YearAmt05
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus2YearsAmt016
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus3YearsAmt011
IRS990ScheduleA/GrossInvestmentIncome170Grp/CurrentTaxYearMinus4YearsAmt012
IRS990ScheduleA/GrossInvestmentIncome170Grp/TotalAmt045
IRS990ScheduleA/OtherIncome170Grp/CurrentTaxYearMinus1YearAmt088860
IRS990ScheduleA/OtherIncome170Grp/TotalAmt088860
IRS990ScheduleA/PublicOrganization170Ind0X
IRS990ScheduleA/PublicSupportCY170Pct00.85930
IRS990ScheduleA/PublicSupportPY170Pct00.99990
IRS990ScheduleA/PublicSupportTotal170Amt0542842
IRS990ScheduleA/ThirtyThrPctSuprtTestsCY170Ind0X
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearAmt0209576
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus1YearAmt082075
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus2YearsAmt087593
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus3YearsAmt082198
IRS990ScheduleA/TotalCalendarYear170Grp/CurrentTaxYearMinus4YearsAmt081400
IRS990ScheduleA/TotalCalendarYear170Grp/TotalAmt0542842
IRS990ScheduleA/TotalSupportAmt0631747
IRS990ScheduleB/ContributorInformationGrp/ContributorBusinessName/BusinessNameLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorNum0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine10RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/AddressLine20RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/City0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/State0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/ContributorUSAddress/ZIPCode0RESTRICTED
IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
IRS990/ScheduleBRequiredInd01
IRS990ScheduleD/ExpensesNotReportedAmt00
IRS990ScheduleD/ExpensesNotRptFinclStmtAmt00
IRS990ScheduleD/ExpensesSubtotalAmt0219301
IRS990ScheduleD/FootnoteTextInd0X
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt023172
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0DUE TO AFFILIATE
IRS990ScheduleD/RevenueNotReportedAmt00
IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0210602
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0MANAGEMENT OF IABA EVALUATES ALL SIGNIFICANT TAX POSITIONS AS REQUIRED BY THE ACCRUAL BASIS OF ACCOUNTING. AS OF DECEMBER 31, 2014, MANAGEMENT OF IABA DOES NOT BELIEVE THAT IT HAS TAKEN ANY TAX POSITIONS THAT WOULD REQUIRE THE RECORDING OF ANY TAX LIABILITY NOR DOES IT BELIEVE THAT THERE ARE ANY UNREALIZED TAX BENEFITS THAT WOULD EITHER INCREASE OR DECREASE WITHIN THE NEXT TWELVE MONTHS. IABA'S INCOME TAX RETURNS ARE SUBJECT TO EXAMINATION BY THE APPROPRIATE TAXING JURISDICTIONS. AS OF DECEMBER 31, 2014, IABA'S FEDERAL AND STATE TAX RETURNS GENERALLY REMAIN OPEN FOR AUDIT FOR THREE YEARS FROM THE DUE DATE.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
IRS990ScheduleD/TotalBookValueLandBuildingsAmt00
IRS990ScheduleD/TotalExpensesPerForm990Amt0219301
IRS990ScheduleD/TotalLiabilityAmt023172
IRS990ScheduleD/TotalRevenuePerForm990Amt0210602
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0210602
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0219301
IRS990ScheduleI/GrantRecordsMaintainedInd00
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/CashGrantAmt065000
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/GrantTypeTxt0SCHOLARSHIPS (EACH UNDER $5,000)
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/RecipientCnt022
IRS990ScheduleI/GrantsOtherAsstToIndivInUSGrp/ValuationMethodUsedDesc0FMV
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 IS SUBMITTED FOR REVIEW AND AFFIRMATIVE VOTE BY THE IABA FOUNDATION'S BOARD OF DIRECTORS PRIOR TO IRS FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE ORGANIZATION HAS A WRITTEN CONFLICT OF INTEREST STATEMENT, THE ORGANIZATION WAS NOT MADE AWARE OF ANY INTERESTS THAT COULD GIVE RISE TO CONFLICTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2THE BOARD REVIEWS THE EXECUTIVE DIRECTOR'S COMPENSATION EACH YEAR AND DETERMINES BONUSES AND/OR PAY RAISES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3AVAILABLE UPON REQUEST AND POSTED ON WEBSITE FOR EASY ACCESS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE ORGANIZATION CHANGED ITS ACCOUNTING METHOD FROM THE CASH BASIS TO ACCRUAL BASIS TO CONFORM TO GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION HAS NOT CHANGED IT'S OVERSIGHT PROCESS OR SELECTION PROCESS FOR THE AUDIT OF ITS FINANCIAL STATEMENTS DURING THE YEAR.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XII, LINE 1:
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART XII, LINE 2C:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0INTERNATIONAL ASSOCIATION OF BLACK ACTUARIES
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0364305164
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(6)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0IL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0ACTUARIAL SCIENCE EDUCATION
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0PO BOX 369
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0WINDSOR
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0CT
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd006095
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd01
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd01
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd01
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TemporarilyRstrNetAssetsGrp/EOYAmt020000
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt073014
IRS990/TotalAssetsEOYAmt0140683
IRS990/TotalAssetsGrp/BOYAmt073014
IRS990/TotalAssetsGrp/EOYAmt0140683
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt0209576
IRS990/TotalEmployeeCnt01
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt05750
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0213551
IRS990/TotalFunctionalExpensesGrp/TotalAmt0219301

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