Cobalt Foundation

Overview

Mission

Cobalt actualizes policies, structures and attitudes that secure unassailable reproductive autonomy and abortion access.

What it reported doing in 2024

Community organizing: recruitment, training and activation of volunteer networks across Colorado. Sponsor program internships and activate volunteers for outreach education and public policy.

Operating model

Revenue model
Donor-supported. 92% of the money available for current operations came from contributions and gifts.
Distribution model
Hybrid. The nonprofit split its reported program spending across 71% for direct work, and 29% for grants.

Nonprofit profile at a glance

EIN
846050191
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Headquarters
Denver, CO, USA
Phone
3033941973
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Reproductive Rights

Official website

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 91
  • Transparency & Controls: 60
  • Accountability: 31
  • Sustainability: 51
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 95.8%; rating input score 96
  • Program expense ratio: 92.2%; rating input score 92
  • Fundraising efficiency: $21.8 raised per $1 spent on fundraising; rating input score 62; 62nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 7th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • 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: 0%; rating input score 0; 3rd 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: -3.9%; rating input score 22; 22nd percentile among comparable filings
  • Total-asset coverage ratio: 2.61; rating input score 70; 70th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 1.9%; rating input score 76; 76th percentile among comparable filings

Growth

  • Program expense growth: 25.8% per year; rating input score 100; 90th percentile among comparable filings
  • Revenue growth: 21.5% per year; rating input score 100; 89th percentile among comparable filings
  • Asset growth: 28.3% per year; rating input score 100; 92nd percentile among comparable filings

Details

  • Where the money goes: 95.8% of revenue deployed · 92.2% of spending went to programs
  • Governance: 0 of 15 board members independent · 6 of 8 filing controls reported
  • Programs: 3 filed program accomplishments · $8.1M in reported program spending
  • Leadership: top reported pay $164K · 16 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 26 of 27 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 13 annual filings from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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

16 people listed

Highest reported compensation

  • KAREN MIDDLETON (PRESIDENT): $163,605 total reported compensation

Source: IRS Form 990. Selected filing: FY2024.