WASHINGTON STATE CHARTER SCHOOLS A… - Form 990 Financial Data

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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

CHRIS KORSMO

Phone

2064242780

Tax Period

2023-01-01 to 2023-12-31

WASHINGTON STATE CHARTER SCHOOLS ASSOCIATION, founded in 2013, is a community nonprofit in the Education sector that reported $6.8M in total revenue in fiscal year 2023. Revenue fell 60% from the prior year — a significant decline worth monitoring. Expenses of $13.5M exceeded revenue, resulting in a 99% operating deficit.

Mission

WE ADVOCATE FOR & SUPPORT A THRIVING, INNOVATIVE CHARTER PUBLIC SCHOOL SECTOR THAT UPHOLDS QUALITY VIA STUDENT CENTERED, COMMUNITY-ROOTED SCHOOLS & ASPIRES TO DISRUPT A SYSTEMATICALLY RACIST & INEQUITABLE EDUCATION SYSTEM.

Program Service Accomplishments

Program 1

Expenses: $11,711,243 Revenue: $93,997

THE WASHINGTON STATE CHARTER SCHOOLS ASSOCIATION ADVANCES A HIGH-QUALITY CHARTER PUBLIC SCHOOL SECTOR THROUGH THE RECRUITMENT AND DEVELOPMENT OF CHARTER SCHOOL LEADERS, THE SUPPORT OF THEIR NEW...

THE WASHINGTON STATE CHARTER SCHOOLS ASSOCIATION ADVANCES A HIGH-QUALITY CHARTER PUBLIC SCHOOL SECTOR THROUGH THE RECRUITMENT AND DEVELOPMENT OF CHARTER SCHOOL LEADERS, THE SUPPORT OF THEIR NEW SCHOOLS, THE DEVELOPMENT OF CHARTER SCHOOL KNOWLEDGE AND FAMILIARITY AMONG COMMUNITY MEMBERS, EDUCATORS, PARENTS, SCHOOL STAKEHOLDERS AND THE GENERAL PUBLIC, AND BY SUPPORTING A LEGAL, POLITICAL, AND BUREAUCRATIC ENVIRONMENT THAT FOSTERS CHARTER PUBLIC SCHOOL GROWTH IN WASHINGTON.

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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 (2023)

Revenue Breakdown

Contributions & Grants $6,437,579

Program Service Revenue $93,997

Investment Income $220,237

Other Revenue $0

TOTAL REVENUE $6,751,813

Expense Breakdown

Grants Paid $8,152,057

Salaries & Benefits $2,429,883

Fundraising Expenses $216,879

Program Expenses $11,711,243

Other Expenses $2,876,512

TOTAL EXPENSES $13,458,452

Year-over-Year Comparison

	2023	2022	Change
Revenue	$6,751,813	$16,830,336	-0.6%
Expenses	$13,458,452	$11,149,478	+0.2%
Net Income	$-6,706,639	$5,680,858	-2.2%

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

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

$1,013,184

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
DR JOEL DOMINGO	BOARD CHAIR	2.00	Officer Director	$0	$0	$0
JAMES HEUGAS	VICE CHAIR	2.00	Officer Director	$0	$0	$0
STEVE SMITH	DIRECTOR	2.00	Director	$0	$0	$0
JIM SPADY	DIRECTOR	2.00	Director	$0	$0	$0
CAROLYN CHUONG HOLGATE	TREASURER	2.00	Officer Director	$0	$0	$0
JUAN COTTO	DIRECTOR	2.00	Director	$0	$0	$0
OMAR VASQUEZ	SECRETARY	2.00	Officer Director	$0	$0	$0
ELIZABETH HAID BLOXHAM	CO-PRESIDENT, FINANCE & OPS	38.00	Officer	$283,968	$36,856	$328,327
REKHA BHATT	CO-PRESIDENT, INNOVATIVE SCHOOLS	40.00	Officer	$293,380	$37,982	$333,091
NATALIE HESTER	CO-PRESIDENT, EXTERNAL AFFAIRS	38.00	Officer	$280,550	$36,014	$351,766
BARBARA GILCHRIST	DIRECTOR, PARTNERSHIP AND STAKEHOLDER ENGAGEMENT	40.00	Highest	$133,982	$15,962	$149,944
ADAN JUAREZ CORDOVA	DIRECTOR, TALENT AND CULTURE	40.00	Highest	$131,258	$18,451	$149,709
BELY LUU	DIRECTOR, INNOVATIVE SCHOOLS	40.00	Highest	$135,687	$18,530	$154,217
MARGARET MEYERS	VP COMMUNICATIONS	40.00	Highest	$169,416	$24,996	$194,412
JEANETTE VAUGHN	CSP PROJECT DIR	40.00	Highest	$145,488	$14,585	$160,073

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	No data	No data	No data	No data
2023	$6,751,813	$13,458,452	$11,203,954	$-6,706,639
2022	$16,830,336	$11,149,478	$18,056,641	$5,680,858
2021	$7,768,416	$12,169,882	$13,158,502	$-4,401,466
2020	$20,845,048	$10,099,227	$18,168,562	$10,745,821
2019	$6,093,727	$6,222,170	$6,130,619	$-128,443
2018	$3,420,156	$6,494,523	$6,701,671	$-3,074,367

WASHINGTON STATE CHARTER SCHOOLS ASSOCIATION