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Covington Partners INC FY2023 filing

Tax-deductible

Fort Wright, KY501(c)(3)Since 1999EducationEIN 20-1515753

To reduce barriers to student learning in order to advance education among students

501(c)(3) charity; gifts are tax-deductible.
85¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2023 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $106K a year · 19% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
85%
of spending
Looks good: 85% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
21 mo
of spending, in cash
Looks good: 21.2 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
8
named funders · $1.2M
Looks good: 8 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$185K
21% of total assets
Looks good: liabilities are 21% of assets; 50% or less.
Pt X · Ln 26
Independent board members
22
of 22 voting members
Looks good: 22 of 22 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$763K
+175% vs prior year
Spent
$480K
To programs
85%
Net assets
$716K
By yearFY2020–FY2024
Revenue
$763K
FY2023▲ +175%
Revenue by fiscal year
FY2020$429K
FY2021$225K
FY2022$277K
FY2023$763K
FY2024$1.2M
FY2024$2.2M
Expenses
$480K
FY2023▲ +80%
Expenses by fiscal year
FY2020$254K
FY2021$249K
FY2022$266K
FY2023$480K
FY2024$1.1M
FY2024$1.6M
Net assets
$716K
FY2023▲ +65%
Net assets by fiscal year
FY2020$445K
FY2021$422K
FY2022$433K
FY2023$716K
FY2024$800K
FY2024$1.5M

From the FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Oct 2004.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

85 cents of each dollar spent went to programs.

Program services 85% · $406K Management & general 15% · $74K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

Who runs it and what they're paid

23 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Rachel Cruse
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Neena Volk’s $15K as Chief Operating Officer is at the 3rd percentile of top reported officer pay among 3394 $1–10M education nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

See Covington Partners INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Removes obstacles to learning to improve education for Covington, KY students.

Provided by the organization

This section is blank until Covington Partners INC claims this page.

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3 program services account for $406K of program spending, described in the organization's own filed words · FY2022.
01

Mentoring and community learning center

$320Kprogram expense
02

Other programs including mental & physical health

$51Kprogram expense
03

Family strengthening

$35Kprogram expense

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Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2024
Horizon Community Funds of Northern Kentucky INCFY2024$574K
United Way of Greater CincinnatiFY2024$300K
Fischer Fam Foundation 2008 Charita Ble TrFY2024$250K
Carol Ann and Ralph V Haile JR FoundationFY2024$40K
Charles Stewart Mott FoundationFY2024$25K
Womens Sports FoundationFY2024$10K
Honorable Order of Kentucky Colonels INCFY2024$10K
E Kenneth and Esther Marie Hatton FoundationFY2024$10K
Total grants receivedfrom 8 funders$1.2M
See all 8 funders →

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$763K
Ln 12
Gifts and grantsLn 1h$721K
Other incomeLn 4–11$41K
Investment incomeLn 3$2K
Money outPt IX
$480K
Ln 25
Programscol B$406K
Managementcol C$74K
Owns and owesPt X
$716K
net assets · Ln 32
Cash and savingsLn 1–2$849K
Total assetsLn 16$901K
LiabilitiesLn 26$185K
PeoplePt VI, VII
23
listed · VII A
PaidVII A0
Voting boardVI 1a22
IndependentVI 1b22
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$721K
Investment incomeLn 3$2K
Other incomeLn 4–11$41K
Total revenueLn 12$763K
Assets in detailPt X, end of year
CashLn 1$849K
Cash and savings togetherLn 1–2$849K
Land, buildings, equipmentLn 10c$3K
Total assetsLn 16$901K
LiabilitiesLn 26$185K
Net assetsLn 32$716K
OperationsPt I, VI
EmployeesI 51
VolunteersI 622
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY23End FY23
Cash and savingsLn 1–2$530K$849K
Land, buildings, equipmentLn 10c$2K$3K
Total assetsLn 16$535K$901K
LiabilitiesLn 26$103K$185K
Net assetsLn 32$433K$716K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Accounting feesLn 11c$3K$3K
Other fees for servicesLn 11g$401K$345K$55K
Office expensesLn 13$1K$540$572
TravelLn 17$20K$20K
Conferences, conventions and meetingsLn 19$4K$2K$2K
Depreciation, depletion and amortizationLn 22$649$649
InsuranceLn 23$3K$3K
Other expenses (24a–d)Ln 24$40K$33K$7K
All other expensesLn 24e$9K$7K$3K
Total functional expensesLn 25$480K$406K$74K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 $1.2M$1.1M$84K$800K 990 PDF
FY2023 Viewing $763K$480K$283K$716K 990 PDF
FY2022 $277K$266K$11K$433K 990 PDF
FY2021 $225K$249K−$23K$422K 990 PDF
FY2020 $429K$254K$175K$445K 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2023 990 (4 parts)
Part VIII · Statement of revenue $763,301 across 6 lines filed
VIII-1a Federated campaigns$100,000
VIII-1f All other contributions, gifts and grants$620,507
VIII-1h Total contributions, gifts and grants$720,507
VIII-3 Investment incomeRelated to mission $2,070$2,070
VIII-8 Net income from fundraising eventsExcluded from tax $40,724$40,724
VIII-12 Total revenueRelated to mission $2,070 · Excluded from tax $40,724$763,301
Part IX · Statement of functional expenses $480,225 across 9 lines filed
IX-11c Accounting feesManagement $2,600$2,600
IX-11g Other fees for servicesPrograms $345,252 · Management $55,487$400,739
IX-13 Office expensesPrograms $540 · Management $572$1,112
IX-17 TravelPrograms $19,565$19,565
IX-19 Conferences, conventions and meetingsPrograms $1,560 · Management $1,958$3,518
IX-22 Depreciation, depletion and amortizationManagement $649$649
IX-23 InsuranceManagement $2,612$2,612
IX-24 Other expenses (24a–d)Programs $32,730 · Management $7,420$40,150
IX-24e All other expensesPrograms $6,697 · Management $2,583$9,280
IX-25 Total functional expensesPrograms $406,344 · Management $73,881 · Fundraising $0$480,225
Part X · Balance sheet $900,693 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $530,227$849,123
X-3 Pledges and grants receivable$47,197
X-9 Prepaid expenses and deferred chargesStart of year $3,269$1,282
X-10c Land, buildings and equipment, netStart of year $1,947$3,091
X-16 Total assetsStart of year $535,443$900,693
X-17 Accounts payable and accrued expensesStart of year $52,070$130,958
X-19 Deferred revenueStart of year $48,982$50,624
X-25 Other liabilitiesStart of year $1,500$3,144
X-26 Total liabilitiesStart of year $102,552$184,726
X-27 Net assets without donor restrictionsStart of year $204,141$273,227
X-28 Net assets with donor restrictionsStart of year $228,750$442,740
X-32 Total net assets or fund balancesStart of year $432,891$715,967
X-33 Total liabilities and net assetsStart of year $535,443$900,693
Part XI · Reconciliation of net assets $715,967 net assets at year end
XI-1 Total revenue$763,301
XI-2 Total expenses$480,225
XI-3 Revenue less expenses$283,076
XI-4 Net assets at start of year$432,891
XI-10 Net assets at end of year$715,967

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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