Co-Vents Inc
Nonprofit profile at a glance
- EIN
- 850607184
- IRS 990 coverage
- 2020–2020
- Forms available
- Form 990 2020
- Location
- Parker, CO, USA
- Phone
- 2068908842
- Rating
- 67
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Health Support Services
Reported finances
- Revenue
- $215,511
- Expenses
- $182,787
- Assets
- $40,414
- Liabilities
- $7,690
Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.
Leadership & pay
5 people listed
Executive titles in this filing
- Paul Woodring (Chief Executive Officer)
- Michael Raymer (President)
Highest reported compensation
- Paul Woodring (Chief Executive Officer): $16,333 total reported compensation
- Michael Raymer (President): $16,333 total reported compensation
- William Furniss (Chief Operating Officer): $16,333 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2020. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To save the lives of COVID-19 patients by growing the supply of ventilators in the United States.
What it reported doing in 2020
Purchase, Refurbishing, and Distribution of Ventilators: Deployed an experienced team across the country to serve as a channel for acquiring retired ventilators. This team had deep local geographical experience in historical ventilator purchase patterns as both sales and service representatives. They purchased decommissioned ventilators that were shipped to service centers for refurbishing. The certified ventilators were made available to states and health systems to help increase ventilator capacity and save lives.
Operating model
- Revenue model
- Donor-supported. 100% of the money available for current operations came from contributions and gifts.
- 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.
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 total assets are small relative to annual expenses; liquid coverage is unknown.
Rating breakdown
- Financial Efficiency: 49
- Transparency & Controls: 92
- Accountability: 91
- Sustainability: 35
- Growth: NotEnoughData
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 48%; rating input score 48
- Program expense ratio: 65.9%; rating input score 66
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: Limited
- 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; 63rd percentile among comparable filings
- Governance controls: 7 of 9 controls in place; rating input score 78
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: 15.2%; rating input score 61; 61st percentile among comparable filings
- Total-asset coverage ratio: 0.22; rating input score 8; 8th percentile among comparable filings
- Liabilities to assets ratio: 0.19; rating input score 27; 27th percentile among comparable filings
- Officer compensation ratio: 44.7%; rating input score 6; 6th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: Limited
- Asset growth: Limited
Details
- Where the money goes: 48% of revenue deployed · 65.9% of spending went to programs
- Governance: 5 of 5 board members independent · 7 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $121K in reported program spending
- Leadership: top reported pay $16K · 5 people listed
- Consistency: 19 of 19 current checks pass
- Schedules: 4 filed schedules · includes major donors
- Contacts: How to reach this organization
- Money network: 5 filed money-flow records
- 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.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.
- Moderate — Financial Efficiency: Mission deployment rate scored 48/100.
- High — Sustainability: Total-asset coverage ratio scored 8/100.
- Review — Accountability: Governance controls: Independent financial-statement audit not reported.
- High — Sustainability: Officer compensation ratio scored 6/100.
- High — Sustainability: Liabilities to assets ratio scored 27/100.
- High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.