Charity Review

Issued: June 2018 Expires: June 2019

Charity Seal Holder

Questa Education Foundation

Meets Standards
 
(260) 407-6494 6502 Constitution Drive, Fort Wayne IN 46804 www.questafoundation.org
  1. Conclusions
  2. Purpose
  3. Programs
  4. Governance & Staff
  5. Fund Raising
  6. Tax Status
  7. Financial
Conclusions

Questa Education Foundation meets the 20 Standards for Charity Accountability.

Purpose

Questa Foundation for Education assists young people with financial need attain a college education, graduate with less debt, and become contributing members of northeast Indiana's workforce.

Incorporated: 1946

Programs

Originally established nearly 75 years ago by R. Nelson Snider, principal of South Side High School, and later incorporated as the Fort Wayne Educational Foundation, Questa Foundation continues the tradition of providing affordable student loans and generous scholarships to support students in northeast Indiana as they pursue their college education. In 2007, Questa's board of directors adopted the Questa Scholars Program. The Questa Scholars Program provides up to $20,000 in college loans, over four years, for qualified high school graduates from Allen, DeKalb, Huntington, Kosciusko, and Whitley counties and will forgive up to 50 percent of the loan if a student graduates with a 2.75 cumulative GPA and lives and works in northeast Indiana for at least five years after college. The northeast Indiana region for residency and employment purposes consists of Adams, Allen, DeKalb, Huntington, Kosciusko, LaGrange, Noble, Steuben, Wabash, Wells, and Whitley. The Questa Scholars program is funded by multiple local contributors. The majority of funding for Questa Foundation for Education originated from an endowment by John Milton Rosenthal, Jr. to fund low interest student loans. In 2007, Questa's board of directors agreed to use a significant portion of the Foundation's endowed funding to initiate the Questa Scholars program over a long term. This was done to demonstrate the success of the model to encourage others to join in to support this vital program for our community and region. This unique program requires sustainable multi-year funding. Other funding by local organizations located in northeast Indiana is restricted to specific counties, university institutions and courses of study. In the spirit of total transparency, if you have questions, please feel free to contact us directly at 260.407.6494. Questa Foundation for Education assists young people with financial need to attain a college education, graduate with less debt and become contributing members of northeast Indiana's workforce. The Questa Foundation has evolved its strategies and grown the resources available while maintaining a consistent commitment to the original mission and vision. Currently, the majority of the resources are dedicated towards increasing the access to post secondary education while both reducing the debt and retaining talent in region. This forgivable loan strategy which is also combined with partner institutions of higher education now has over 200 students engaged in two year and four year degree programs across Indiana. The loan portion can forgive up to half of loan amount if the student upon graduation lives and works in northeast Indiana for five years. An additional twenty-five percent is upon graduation paid for by the regional partner institution resulting in potential reduction of between 50%-75% of the loan.

Governance & Staff

CEO: Mr. Marc Levy, Executive Director Compensation:* $124,204

Board Chair: Ms. Raylene Rospond, Community Volunteer

Board Size: 20

* Compensation includes annual salary and, if applicable, benefit plans, expense accounts and other allowances.
Fund Raising

% of Related Contributions on Fundraising: 0.85%

This organization raises funds through grant proposals.

Tax Status

This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.

Financial

The following information is based on Questa Education Foundation's IRS Form 990 for the fiscal year ending Tuesday, June 30, 2015.

Source of Funds
Contributions, Gifts, and Grants $1,240,921
Investment Income $130,679
Other Revenue $251,580
Program Service Revenue $54,165
Change in Beneficial Interest Investment $15,835
Unrealized Gain on Investment $375,708
Total Income: $2,068,888
 
Fusion Chart
 
Program Expenses: $1,272,978
Fundraising Expenses: $10,537
Administrative Expenses: $70,489
Total Expenses: $1,354,004
 
Income in Excess of Expenses: $714,884
 
Beginning Net Assets: $13,173,028
Ending Net Assets: $13,887,912
Total Liabilities: $121,157
Total Assets: $14,009,069


An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the Council of Better Business Bureaus, Inc.

This report is not to be used for fund raising or promotional purposes.

Standards Legend

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Standard 1: Board Oversight


Description:

Organizations shall have a board of directors that provides adequate oversight of the charity's operations and its staff. Indication of adequate oversight includes, but is not limited to, regularly scheduled appraisals of the CEO's performance, evidence of disbursement controls such as board approval of the budget, fund raising practices, establishment of a conflict of interest policy, and establishment of accounting procedures sufficient to safeguard charity finances.

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Standard 2: Board Size


Description:

Soliciting organizations shall have a board of directors with a minimum of five voting members.

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Standard 3: Board Meetings


Description:

An organization shall have a minimum of three evenly spaced meetings per year of the full governing body with a majority in attendance, with face-to-face participation. A conference call of the full board can substitute for one of the three meetings of the governing body. For all meetings, alternative modes of participation are acceptable for those with physical disabilities.

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Standard 4: Board Compensation


Description:

Not more than one or 10% (whichever is greater) directly or indirectly compensated person(s) serving as voting member(s) of the board. Compensated members shall not serve as the board's chair or treasurer.

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Standard 5: Conflict of Interest


Description:

No transaction(s) in which any board or staff members have material conflicting interests with the charity resulting from any relationship or business affiliation. Factors that will be considered when concluding whether or not a related party transaction constitutes a conflict of interest and if such a conflict is material, include, but are not limited to: any arm's length procedures established by the charity; the size of the transaction relative to like expenses of the charity; whether the interested party participated in the board vote on the transaction; if competitive bids were sought and whether the transaction is one-time, recurring or ongoing.

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Standard 6: Effectiveness Policy


Description:

Have a board policy of assessing, no less than every two years, the organization's performance and effectiveness and of determining future actions required to achieve its mission.

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Standard 7: Effectiveness Report


Description:

Submit to the organization's governing body, for its approval, a written report that outlines the results of the aforementioned performance and effectiveness assessment and recommendations for future actions.

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Standard 8: Program Expenses


Description:

Spend at least 65% of its total expenses on program activities.

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Standard 9: Fund Raising Expenses


Description:

Spending should be no more than 35% of related contributions on fund raising. Related contributions include donations, legacies, and other gifts received as a result of fund raising efforts.

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Standard 10: Accumulating Funds


Description:

Avoid accumulating funds that could be used for current program activities. To meet this standard, the charity's unrestricted net assets available for use should not be more than three times the size of the past year's expenses or three times the size of the current year's budget, whichever is higher.

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Standard 11: Audit Report


Description:

Make available to all, on request, complete annual financial statements prepared in accordance with generally accepted accounting principles. When total annual gross income exceeds $500,000, these statements should be audited in accordance with generally accepted auditing standards. For charities whose annual gross income is less than $500,000, a review by a certified public accountant is sufficient to meet this standard. For charities whose annual gross income is less than $250,000, an internally produced, complete financial statement is sufficient to meet this standard.

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Standard 12: Detailed Expense Breakdown


Description:

Include in the financial statements a breakdown of expenses (e.g., salaries, travel, postage, etc.) that shows what portion of these expenses was allocated to program, fund raising, and administrative activities. If the charity has more than one major program category, the schedule should provide a breakdown for each category.

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Standard 13: Accurate Expense Reporting


Description:

Accurately report the charity's expenses, including any joint cost allocations, in its financial statements. For example, audited or unaudited statements which inaccurately claim zero fund raising expenses or otherwise understate the amount a charity spends on fund raising, and/or overstate the amount it spends on programs will not meet this standard.

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Standard 14: Budget Plan


Description:

Have a board-approved annual budget for its current fiscal year, outlining projected expenses for major program activities, fund raising, and administration.

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Standard 15: Truthful Materials


Description:

Have solicitations and informational materials, distributed by any means, that are accurate, truthful and not misleading, both in whole and in part. Appeals that omit a clear description of program(s) for which contributions are sought will not meet this standard. A charity should also be able to substantiate that the timing and nature of its expenditures are in accordance with what is stated, expressed, or implied in the charity's solicitations.

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Standard 16: Annual Report


Description:

Have an annual report available to all, on request, that includes: (a) the organization's mission statement, (b) a summary of the past year's program service accomplishments, (c) a roster of the officers and members of the board of directors, (d) financial information that includes (i) total income in the past fiscal year, (ii) expenses in the same program, fund raising and administrative categories as in the financial statements, and (iii) ending net assets.

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Standard 17: Website Disclosures


Description:

Include on any charity websites that solicit contributions, the same information that is recommended for annual reports, as well as the mailing address of the charity and electronic access to its most recent IRS Form 990.

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Standard 18: Donor Privacy


Description:

Address privacy concerns of donors by (a) providing in written appeals, at least annually, a means (e.g., such as a check off box) for both new and continuing donors to inform the charity if they do not want their name and address shared outside the organization, (b) providing a clear, prominent and easily accessible privacy policy on any of its websites that tells visitors (i) what information, if any, is being collected about them by the charity and how this information will be used, (ii) how to contact the charity to review personal information collected and request corrections, (iii) how to inform the charity (e.g., a check off box) that the visitor does not wish his/her personal information to be shared outside the organization, and (iv) what security measures the charity has in place to protect personal information.

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Standard 19: Cause Marketing Disclosures


Description:

Clearly disclose how the charity benefits from the sale of products or services (i.e., cause-related marketing) that state or imply that a charity will benefit from a consumer sale or transaction. Such promotions should disclose, at the point of solicitation: (a) the actual or anticipated portion of the purchase price that will benefit the charity (e.g., 5 cents will be contributed to abc charity for every xyz company product sold), (b) the duration of the campaign (e.g., the month of October), (c) any maximum or guaranteed minimum contribution amount (e.g., up to a maximum of $200,000).

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Standard 20: Complaints


Description:

Respond promptly to and act on complaints brought to its attention by the BBB Wise Giving Alliance and/or local Better Business Bureaus about fund raising practices, privacy policy violations and/or other issues.