Cobalt Foundation FY2020 filing

EIN 84-6050191 Public charity (501(c)(3)) Denver, CO NTEE R61Z
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Revenue & expenses by yearFY2020–FY2024
Revenue
$2.0M
FY2020
Expenses
$1.8M
FY2020

Form 990 for the fiscal year ending December 2020 (IRS tax year 2020).


Secures reproductive autonomy and abortion access by updating policies, structures, and attitudes. For fiscal year 2020 it reported $2.0M in revenue, $1.8M in expenses, and $324K in net assets.Pt I

Founded
1967
Type
Public charity (501(c)(3)) · Civil Rights & Advocacy
Location
Denver, CO
Website
www.cobaltadvocates.org
Filings
5 on file (2020–2020)
Revenue
$2.0MFY2020
Expenses
$1.8M
Net assets
$324K
People
13
You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →
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Figures match the IRS filing checked 8/15/26 · see original: IRS
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Size
$1–10M
What they do
Secures reproductive autonomy and abortion access by updating policies, structures, and attitudes.
Leadership
Karen Middleton · President · $123K
Money in and out
$2.0M revenue, $1.8M expenses
Bottom line
90% program efficiency

What Funders Ask

From IRS filings

Tax-deductible?

good Yes

Per the IRS master file. Details →

Can I give now?

good No revocation on IRS record

Not on the IRS revocation list. Details →

Filing up to date?

good Filed FY2024 (typical filing lag)

Details →

Foundation funders?

good 2 funders, incl. Brett Family Foundation

$10K in the latest grant year. Details →

Spent on programs?

good 90% to programs

Form 990 Part IX, latest filing. Details →

Size and trend

$1–10M

Details →

Where the money goes · FY2020
Total revenue
$2.0M
Pt VIII · Ln 12
Total expenses
$1.8M
Pt IX · Ln 25
Net assets
$324K
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $208K
Where spending went · Part IX cols B–D
Program services $0.90 Management & general $0.06 Fundraising $0.04
Program efficiency
90%
of spending reaches programs
Operating runway
3.5mo
months of highly liquid reserves at operating expense rate
Surplus margin
+10%
revenue over expenses, this year

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Summary of the Filing

Part I · fiscal year 2020 · Form 990
Total assets
$556K
FY2020
Total liabilities
$232K
FY2020
Revenue less expensesPt I · Ln 19$208K
Total assetsPt X · Ln 16$556K
Program-expense ratioPt IX · col B90%
Voting members of governing bodyPt I · Ln 311
Independent voting membersPt I · Ln 411

Identity & Classification

Form 990 Header · IRS Business Master File
Legal name (IRS)Hdr · item CCobalt Foundation
EINHdr · item D84-6050191
Principal addressHdr · item CDenver, CO
WebsiteHdr · item Jwww.cobaltadvocates.org
Year of formationHdr · item L1967
State of legal domicileHdr · item MCO
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFCivil Rights & Advocacy (R61Z)
Ruling yearIRS BMFSep 1967

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a11
Independent voting membersPt VI · Ln 1b11
Conflict-of-interest policyPt VI · Ln 12aYes
Whistleblower policyPt VI · Ln 13Yes
Document retention policyPt VI · Ln 14Yes
CEO/top-official compensation independently reviewedPt VI · Ln 15aYes
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
$123,250Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Karen Middleton’s $160K as President is at the 62nd percentile of top reported officer pay among 797 $1–10M civil rights & advocacy 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.

Compensation history total reportable pay by year · 1 named individual · Part VII

NameFY2024FY2023FY2022FY2020
Karen Middleton$160,005$151,701$133,874$123,250

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Mission & Programs · Part III

Where the work happens

3 program services account for $652K of program spending, described in the organization's own filed words · FY2020.
01

Community Organizing

Recruitment, training and activation of volunteer networks across colorado. Sponsor program internships and activate volunteers for outreach education and public policy.

$429Kprogram expense
02

Cobalt Abortion Fund

Program designed to provide financial assistance to those who decide to have abortions.

$192Kprogram expense
03

Public Education

Create and manage educational materials and provide TRAINING/SEMINARS regarding issues specific to reproductive rights.

$30Kprogram expense

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Statement of Revenue

Part VIII
Contributions & grants$2.0M · 99%
Other revenue$20K · 1%
Contributions & grants99%$2.0M
Other revenue1%$20K
Investment income$55
— government grantsLn 1e$1.5M
Total revenueLn 12$2.0M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.90 Management & general $0.06 Fundraising $0.04
Program services90%$1.6M
Management & general6%$112K
Fundraising4%$69K
Total functional expensesLn 25$1.8M

Balance Sheet

Part X · end of year
CashLn 1$537K
Total assetsLn 16$556K
Total liabilitiesLn 26$232K
Total net assetsLn 32$324K
Months of cash on handcomputed3.5

Financial Metrics

Form 990 · FY2020 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $537K · Operating expenses/yr $1.8M
3.5 months
Where the money goes
Program services
Program services $1.6M · Total expenses $1.8M
90%
Management & General
Management & general $112K · Total expenses $1.8M
6%
Fundraising
Fundraising $69K · Total expenses $1.8M
4%
Cost to raise $1
Fundraising expense $69K · Solicited contributions $532K
$0.13 to raise $1
Where the money comes from
Contribution dependence
Contributions & grants $2.0M · Total revenue $2.0M
99%
Government reliance
Government grants $1.5M · Total revenue $2.0M
73%
Earned-income share
Program service revenue $0 · Total revenue $2.0M
0%
Investment reliance
Investment income $55 · Total revenue $2.0M
<0.01%
Program self-sufficiency
Program service revenue $0 · Total expenses $1.8M
0%
Growth & trend
Revenue growth (YoY)
This year $2.0M · Prior year —
No prior year on file
Net-asset trend (YoY)
End of year $324K · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $2.0M · Expenses $1.8M
+10%
Liabilities-to-Assets
Total liabilities — · Total assets $556K
—
Net-asset ratio
Net assets $324K · Total assets $556K
58%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $556K
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Karen Middleton · Reported title PRESIDENT · Highest reported compensation $123K · Total expenses $1.8M
7%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $809K · Total expenses $1.8M
44%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 90%——
Overhead ratio 6%——
Fundraising cost ratio 3%——
Legal fee ratio 0.5%——
Accounting fee ratio 0.9%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · funders on record
Grants received · FY2025
Total grants receivedfrom 2 funders$10K

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$8.4M revenue · ⤓ 990 PDF
FY2023$3.8M revenue · ⤓ 990 PDF
FY2022$3.7M revenue · ⤓ 990 PDF
FY2021$21.5M revenue · ⤓ 990 PDF
FY2020$2.0M revenue · viewing · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2020IRS
Classification, formation year, addressIRS Business Master File
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