Cobalt Advocates

Overview

Mission

Cobalt advocates actualizes policies, structures and attitudes that secure unassailable reproductive autonomy and abortion access utilizing the political process and civic engagement.

What it reported doing in 2025

Political work including political endorsements of candidates and work to pass a ballot initiative, amendment 79, in 2025.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

Nonprofit profile at a glance

EIN
840764840
IRS 990 coverage
2010–2025
Forms available
Form 990 2025, Form 990-EZ 2015
Headquarters
Denver, CO, USA
Phone
3033941973
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate

Official website

The verdict

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 48
  • Transparency & Controls: 74
  • Accountability: 90
  • Sustainability: 74
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 31.8%; rating input score 32
  • Program expense ratio: 89.9%; rating input score 90
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Pass
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 65th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 64.6%; rating input score 94; 94th percentile among comparable filings
  • Total-asset coverage ratio: 2.13; rating input score 67; 67th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 87; 87th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: 13% per year; rating input score 100; 65th percentile among comparable filings
  • Revenue growth: 14.6% per year; rating input score 100; 72nd percentile among comparable filings
  • Asset growth: 15% per year; rating input score 100; 68th percentile among comparable filings

Details

  • Where the money goes: 31.8% of revenue deployed · 89.9% of spending went to programs
  • Governance: 20 of 20 board members independent · 6 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $276K in reported program spending
  • Leadership: top reported pay $158K · 19 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 13 of 13 current checks pass
  • Schedules: 5 filed schedules · includes major donors and executive pay
  • Filing history: 13 annual filings from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Leadership & pay

19 people listed

Highest reported compensation

  • KAREN MIDDLETON (PRESIDENT): $157,622 total reported compensation

Source: IRS Form 990. Selected filing: FY2025.