The Rachel Covey 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

2013

Legal Domicile

Principal Officer

Nicole Holgreen

Phone

8017093339

Tax Period

2024-01-01 to 2024-12-31

The Rachel Covey Foundation, founded in 2013, is a community nonprofit in the Health Care sector that reported $1.4M in total revenue in fiscal year 2024. Expenses of $1.3M left a modest 7% surplus.

Mission

To inspire hope, confidence, and resilience in girls and women through horses and habits.

Program Service Accomplishments

Program 1

Expenses: $935,329 Revenue: $347,685

Bridle Up Hope is designed to provide a transformational experience for girls and women at a time when life has never been harder on them. They face relentless pressure to live up to impossible...

Bridle Up Hope is designed to provide a transformational experience for girls and women at a time when life has never been harder on them. They face relentless pressure to live up to impossible expectationsto have the perfect body, be skinny, be pretty, be popular, get perfect grades, be athletic, and so forthwhich often leads to low self-worth, anxiety, depression, and related challenges.Our unique Equine-Assisted Learning (EAL) curriculum teaches girls and women to recognize their inherent worth and potential, and to approach life with correct paradigms of themselves and others. The program combines equestrian training, life skills development, service at the barn, and self-renewal activities, with principles from The 7 Habits of Highly Effective People integrated throughout.

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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 (2024)

Revenue Breakdown

Contributions & Grants $961,552

Program Service Revenue $347,685

Investment Income $5,113

Other Revenue $126,618

TOTAL REVENUE $1,440,968

Expense Breakdown

Grants Paid $105,200

Salaries & Benefits $532,313

Fundraising Expenses $134,802

Program Expenses $935,329

Other Expenses $567,793

TOTAL EXPENSES $1,337,306

Year-over-Year Comparison

	2024	2023	Change
Revenue	$1,440,968	$1,404,952	+0.0%
Expenses	$1,337,306	$1,272,753	+0.1%
Net Income	$103,662	$132,199	-0.2%

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

Volunteers

300

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

$124,942

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
Sean Covey	Chair	1.00	Director	$0	$0	$0
Rebecca Covey	Board Member	1.00	Director	$0	$0	$0
Andrea Clarke	Board Member	1.00	Director	$0	$0	$0
Karen Keller	Board Member	1.00	Director	$0	$0	$0
Boyd Craig	Board Member	1.00	Director	$0	$0	$0
Travis Hansen	Board Member	1.00	Director	$0	$0	$0
Sean Michael Covey	Board Member	1.00	Director	$0	$0	$0
Nicole Holgreen	Executive Director	40.00	Officer	$124,942	$0	$124,942

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
2024	$1,440,968	$1,337,306	$9,314,473	$103,662
2023	$1,404,952	$1,272,753	$9,177,372	$132,199
2022	$838,259	$1,071,802	$9,041,851	$-233,543
2021	$5,260,162	$937,620	$9,292,199	$4,322,542
2020	$866,679	$1,132,926	$6,917,918	$-266,247
2019	$1,354,838	$885,311	$6,955,548	$469,527
2018	$2,118,783	$594,770	$6,371,214	$1,524,013