THE COMET FOUNDATION

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

2017

Legal Domicile

Principal Officer

CHRISTINE HAKES

Phone

7177103300

Tax Period

2020-01-01 to 2020-12-31

THE COMET FOUNDATION, founded in 2017, is a micro nonprofit in the Philanthropy & Grantmaking sector that reported $232 in total revenue in fiscal year 2020. Revenue fell 100% from the prior year — a significant decline worth monitoring.

Mission

THE COMET FOUNDATION WAS ESTABLISHED AS AN ORGANIZATION THAT PROVIDES A PERSONAL LEARNING EXPERIENCE NOT ONLY TO THE INDIVIDUAL STUDENT, BUT TO THE ENTIRE FAMILY. WORKING CLOSELY WITH COMMONWEALTH CHARTER ACADEMY, THE FOUNDATION'S MAIN FOCUS IS TOWARDS STUDENTS WITH SPECIAL NEEDS, SPECIFICALLY, AUSTISM.

Program Service Accomplishments

Program 1

THE COMET FOUNDATION TAKES IT CUE FROM THE PRINCIPLES OF "MASS CUSTOMIZED LEARNING" (MCL) AS DESCRIBED IN INEVITABLE TOO!, AUTHORED BY CHARLES SCHWALM AND BEATRICE MCGARVEY. MCL'S PRINCIPLE IDEA IS TO MOVE AWAY FROM TEACHING TO LEARNING; STUDENTS BECOME LEARNERS, TEACHERS ARE LEARNING FACILITATORS, AND CLASSROOMS ARE LEARNING COMMUNITIES. STUDENTS ARE STEERED TOWARD A PATH WHERE CURRICULUM IS CAREER FOCUSED RATHER THAN COLLEGE FOCUSED. IN ORDER TO SUCCESSFULLY IMPLEMENT THIS STRATEGY, THE COMET FOUNDATION WILL WORK ON RAISING FUNDS, FORMULATING STRATEGIES TO FORM BUSINESS PARTNERSHIPS, CONDUCT CAREER ASSESSMENTS FOR EVERY LEARNER, DETERMINE APPROPRIATE INTERNSHIPS AND/OR JOB EXPERIENCES, AND SUPPORT INNOVATIVE SPECIAL EDUCATION PROGRAMS FOR UNDERSERVED STUDENTS PARTICULARLY THOSE EXPERIENCING THE CHALLENGES OF AUTISM. THE ULTIMATE GOAL OF THE COMET FOUNDATION IS TO EQUIP AUTISTIC STUDENTS WITH THE SKILLS AND KNOWLEDGE TO LEAD SUCCESSFUL LIVES AFTER HIGH SCHOOL. IN ORDER TO ACCOMPLISH THIS GOAL, THE COMET FOUNDATION WILL WORK CLOSELY WITH COMMONWEALTH CHARTER ACADEMY STAFF TO PREPARE STUDENTS FOR SUCCESSFUL CAREERS. WITH THIS PARTNERSHIP, THE COMET FOUNDATION HOPES TO ENRICH THE LIVES OF ITS STUDENTS AND COMMUNITY.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2020)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $0

Investment Income $232

Other Revenue $0

TOTAL REVENUE $232

Expense Breakdown

Grants Paid $0

Salaries & Benefits $0

Fundraising Expenses $0

Other Expenses $0

TOTAL EXPENSES $0

Year-over-Year Comparison

	2020	2019	Change
Revenue	$232	$244,977	-1.0%
Expenses	N/A	N/A	N/A
Net Income	N/A	$244,977	N/A

Key Indicators

✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

N/A

Volunteers

Governance Policies

✗ Conflict of Interest Policy

✗ Whistleblower Policy

✗ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
RALPH DYER	PRESIDENT	1.00	Officer Director	$0	$0	$0
MICHAEL WILSON	VICE PRESIDENT	1.00	Officer Director	$0	$0	$0
SHARON PALLOTA	SECRETARY	1.00	Officer Director	$0	$0	$0
CHRISTINE HAKES	TREASURER	1.00	Officer Director	$0	$0	$0

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2020	$232	No data	$245,209	No data