Cover 1 Foundation
Nonprofit profile at a glance
- EIN
- 843878694
- IRS 990-EZ coverage
- 2024–2024
- Forms available
- Form 990-EZ 2024, Form 990-N 2023
- Location
- Richmond, VA, USA
- Phone
- 8043601500
- Rating
- 43
- Verdict
- MIXED
- Rating confidence
- Moderate
- Sector
- Public Foundations
Reported finances
- Revenue
- $86,384
- Expenses
- $72,193
- Assets
- $60,508
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
5 people listed
Executive titles in this filing
- Rob Reid (Director/Vice President)
- Randall Blanchetti (Director/President)
- Steve O'Donnell (Director/ Vice President)
- Bryan Miltenberger (Director/Vice President)
People named in this filing
- Marty Malloy (Director/Treasurer)
- Rob Reid (Director/Vice President)
- Randall Blanchetti (Director/President)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990-EZ. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
The Cover 1 Foundation is a 501 c 3 organization whose purpose is to provide resources and volunteer assistance to underserved organizations and individuals involved in athletics in Central Virginia.
What it reported doing in 2024
We provide two $7,500 scholarships to a girls and boys coach who has shown great dedication and need for their sports team
Operating model
- Revenue model
- Donor-supported. 99% of the money available for current operations came from contributions and gifts.
- Distribution model
- Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.
The verdict
MIXED - The filed numbers largely add up. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 0
- Transparency & Controls: 100
- Sustainability: 52
- Growth: NotEnoughData
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 0%; rating input score 0
- Program expense ratio: 0%; rating input score 0
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 52nd percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
Sustainability
- Operating margin: 16.4%; rating input score 70; 70th percentile among comparable filings
- Total-asset coverage ratio: 0.84; rating input score 42; 42nd percentile among comparable filings
- Liabilities to assets ratio: Limited
- Officer compensation ratio: 0%; rating input score 56; 56th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: Limited
- Asset growth: Limited
Details
- Where the money goes: 0% of revenue deployed · 0% of spending went to programs
- Governance: Filed governance answers
- Accomplishments: 1 filed program accomplishment
- Leadership: top reported pay $0 · 5 people listed
- Consistency: 6 of 7 current checks pass · 1 finding to review
- Schedules: 3 filed schedules
- Contacts: How to reach this organization
- 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.
- High — Financial Efficiency: Mission deployment rate scored 0/100.
- High — Financial Efficiency: Program expense ratio scored 0/100.
- Moderate — Transparency & Controls: Part III transfer expenses within program total did not reconcile in the filed values.
- Moderate — Sustainability: Total-asset coverage ratio scored 42/100.
- Review — Sustainability: Officer compensation ratio scored 56/100.